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For more information, check out the SWOT analysis section in the how to write a business plan chapter of our guide to starting a business. Your business development plan is the cornerstone of your growth strategy. Study your target market, your competitors, and your previous progress. She has a Bachelor of Arts in psychology from the University of Wisconsin and a Master of Arts in organizational management from the University of Phoenix.
It will keep you on track and accountable, so make sure it’s clear, specific, and realistic. From there, identify opportunities for growth – whether it’s in creating new products, adding more services, breaking into new markets, a combination of these, or other opportunities.
Consider your options and work out what’s best for your business.
Before you begin writing your business development plan, you need to complete a SWOT analysis to make sure you’re focusing on the right things.
Identify your strengths, weaknesses, opportunities, and threats – these will form the basis of your plan.
In today’s world many firms refer to the entire marketing and sales process as business development. It also addresses how you will position and promote your firm and it’s offerings in the competitive marketplace.
The result of all this activity should be an increasing awareness of your firm among your target audience — and a stronger flow of qualified leads and opportunities.
Business development plans provide guidance to organizations in purpose, including mission, vision and values, as well as product or service, target audience and the strategies they will use to achieve success.
Successful business development plans include a situation analysis, a SWOT analysis and clearly outlined goals, objectives, strategies and tactics.
As your business grows, take note of your progress and make periodic adjustments to your business development plan to make sure it’s still relevant and meets your current needs.
Business growth takes time, so be prepared to put the hard yards in.