Business Development Strategies That Work

As a manager, one of the foremost concerns to an organization is developing and exploiting business opportunities that are presented to you and your company. In order to grow, you need good knowledge and best management practices and strategies. It comes to down to whether as a business development manager, you are revolutionary or evolutionary. Any strategy that you undertake, no matter how small or insignificant it may seem will revolutionize your company or will evolve it.

Successful business development takes a multi-disciplinary approach in that it involves financial, advertising and legal skills. It is not enough to reduce activities to a simple template that can be applied to all situations faced by real-world enterprises. Being creative in this regard goes a long way in ensuring that any new and unforeseen challenges contribute to sustainable growth of a company rather than its demise.

There are several areas where business development strategies can help your organization to grow and succeed. Development strategies based on a strategic marketing plan for example will address a changing customer base and market dynamics, help one to understand horizontal and vertical target market opportunities and how to develop the right products, services and solutions to meet the target market needs. This plan should not just be an accident. Most successful business owners will tell you that a carefully planned business strategy was involved. A plan can take either a ‘bottom up’ approach or a ‘top down’ approach. A bottom up approach is where the employees make suggestions and the best are passed up the management while the top down approach is where top managers create the business development strategies and implement them down the chain of command. Another approach is the use of collaborative process where managers and employees work together.

In order for a business development strategy to work, you will need to evaluate its weaknesses, strengths, risks and growth potential. If possible, a strategy consultant may be included. Several factors will need to be taken into consideration, depending on the complexities that come with implementation. These include assigning responsibilities, sufficient resources and establishing a chain of command. A timeline will also need to be developed to evaluate if the desired goals are being achieved. Obviously, no one type of business development strategy is going to work for every business. Find out what works for you and your organization and the benefits of sticking to it.

Finding the Right Business Development Strategy

When planning a project, the rule of thumb is to assess the plan, gather the materials, design the steps, and create a timetable for getting thing done. This series of tasks can certainly be applied to growing your business. It’s a strategy, plain and simple, and it’s too crucial to ignore, deny, or pretend it doesn’t exist. An “I’ll think about that tomorrow” business mindset, in regard to your business development strategy, can signal doom and gloom for your future profits.

While the entrepreneur already has a full “to do list,” she can divide them up into “what to do today,” and “what to think about for tomorrow.” The things to do each day are relatively easy to figure out, it’s essentially working the business, calling the clients, paying the bills, making sure you have inventory ready, etc. The list of “what to think about for tomorrow” will allow you to keep one eye on where you want your business to be. It can also be called your “business plan.”

Why is this so important? Because one or two years from now your business is not going to look like the business you’re running today. For instance, if your business moves from year 1 to year 3, maybe you’ll need a bigger warehouse, or more employees, or the need to outsource your bookkeeping. Living in a state of “what if” is another way to think about it. “What if my customers find another similar product, what else can my business sell?” or “I know that I can branch out next year, but how many new employees might that mean, and what are the advertising avenues for my business to jump on?” Of course you could wait for these scenarios to actually come to be, but then your back is against the wall, you will reach for the quickest solution, and it may not be the wisest choice. Plus it may downright expensive.

If your business can possibly triple in three years and space is the question, then keep informed on the prices of commercial real estate, where the best prices are? If you’re going to need temporary employees, then contact the local temp agency, give them your information, what type jobs may be coming up, and when the need arises, you’ve already started the process. Do you think you’ll need a website with 5 more pages in a few more years, then purchase a website package that allows for growth, and only use what you need, but this way you’re already acquired the extra space for expansion.

It is isn’t as overwhelming as it sounds; it’s a muscle you haven’t used much, but once you’ve gotten into the habit of putting it into play, your business development strategy will become as much of a habit as checking your books each week. Perhaps you can set aside a time of the week that your day to day tasks are complete and you are ready to think towards to the future. Assess where your business is now, do you have a smooth operation? Is inventory being created at a comfortable level, if you have a slight increase in sales, can you accommodate? Is there a new market you can consider venturing into? You may even find that it’s an enjoyable part of your week as you visualize your business’ growth.

Business Development Strategy – The Absolute Best Business Development Strategy Ever Created!

Are you ready to learn the absolute best business development strategy ever created? Attraction marketing is the absolute best business development strategy known to man. Now that you know the answer, I am going to explain to you why.

The main goal of any business is to attract customers. People spend tons of money on advertising to gain exposure for their business, hoping to make some sales. What if I told you that there was a free way to do this and it could be done on complete auto-pilot? Would you believe me?

You are your greatest asset. Attraction marketing brands you as the leader, and brings prospects to you on complete auto-pilot. All you have to do is constantly put out valuable content (information that people need), and people will search for you, they will literally hunt you down.

The reason attraction marketing works, and the reason it is the absolute best business development strategy ever created is because you are not pressuring people to buy a product or join a business. You literally ATTRACT the people to you that are highly motivated, and highly interested about your business.

When you are the first person to introduce someone to something new, something that they can definitely use to make their life better, it is easy to make a sale. The beauty of attraction marketing is the content that you are giving away can be tailored to attract absolutely anyone and everyone. Whether you want to attract the people that are new to this industry, or the people that have been building businesses for years, everyone has something to learn.

Attraction marketing is a lot like good customer service. You help other people, you brand yourself as a leader, and those people will be loyal to you until the end of time. The best part of attraction marketing, and one of the main reasons why it is the best business development strategy out there is because you already own everything you need to get started.

As I said earlier YOU are your greatest asset. You just simply need to invest in yourself. The more valuable the bigger your business will be. So by working on your personal development, by learning all you can about things like success, business building, attraction marketing, etc, you are making yourself so valuable to other people that they will buy anything that you tell them to.

Attraction marketing is that absolute best business development strategy, once you learn how to use it correctly. People are naturally greedy and want to keep what they know to themselves, but once you get over that, and learn to give without expectation you will see drastic results in ANY business.