So, you have a new business venture that you want to turn into a success. But in order to turn your vision into reality, you need to come up with a strategic business development plan. Any business needs to have a business development plan so that the goals and objectives of the company can be clearly defined.
It is the business development plan that will lay out the road map for the company’s future success. Without such a plan, the company runs the risk that its goals will become impossible to achieve. When creating such a plan, some important factors need to be considered:
As with any form of planning, it is essential to set smart goals that will be met by the end of the implementation. Smart goals are realistic and achievable. Achieving the goal should be the focus of the business development plan.
Decide a Niche
As part of the strategic plan, it is essential to decide on a niche for your business. If you want to become a power washing industry, your plan should focus on five key niche opportunities. Some important aspects to consider when choosing a niche are its size, competitive landscape, industry outlook, and public perception.
The size of the niche is important because it determines how much business development time will be required. The competitive landscape is important because it highlights the strengths and weaknesses of the industry along with the services and products that will be available to customers.
A business development strategy should include a strategy for marketing, building partnerships, and building financial strength. Each of these areas have a distinct focus that will play a significant role in the company’s long-term success. For example, building relationships can profoundly impact your ability to market to new and existing customers.
A critical area of business development strategy is developing and maintaining good working relationships with other industry organizations. Your strategy should indicate your expectations for industry partners.
This includes establishing a process to identify potential customers and establishing standard operating procedures. In addition, your strategy should also detail the types of professional indemnity insurance you require for your employees and any subcontractors.
Address Industry Issues
Finally, another crucial aspect of your strategic plan should address issues specific to your industry. The information included in this section can include a description of the competitive landscape, an assessment of the status and needs of potential clients, an overview of government programs that directly affect your industry, and specific strategies for attracting new customers and improving product or services quality.
A Template for a Competitive Landscape
A template for a competitive landscape should provide an overview of key industry characteristics, such as product or service quality, ease of purchase or installation, the level of technological sophistication, and overall environment.
The final section of the template addresses issues specific to your business development team. This should include an executive summary, a company description, an overview of the key executive team, a mission statement, key management, and leadership skills, strategies for attracting and retaining customers, and strategies for building and managing customer relations.
The executive summary provides a concise statement of who is involved, including key staff members and key mentors. The company description provides a detailed overview of the company’s business model and practices. The overview of the executive team provides information about key personnel, including their background and experience.
The complete Executive Summary should be carefully structured for maximum relevance. The elevator pitch is intended to emphasize the strengths and benefits of the company. It includes a discussion of the strategic goals of the business development strategy.
Mission statement and strategy descriptions
The mission statement and strategy descriptions in the company description provide detailed information about the products and services the company offers. The outline of management and leadership skills describes how these skills can be applied to improve quality and customer service and optimize the organization’s internal processes.