It's a fundamental part of a start-up to have a proper plan to follow and execute to create long-term value for an organisation. This is what a business development plan does. It's a guideline for how your company will develop and ultimately succeed. Here are the essentials.
End goals are very important because they give a clear idea of what you'd like to achieve with your business. Almost all the time it revolves around revenue but it can also be focused on improving performance, efficiency, customer service and many others.
Identifying your target market allows you to produce content that rakes in revenue as well as develop the products needed for this specified niche.
Identifying the best method to market your business is crucial - paid advertisements, referrals, leads, etc. A methodically researched and executed marketing plan, when done right can generate more leads, in return more revenue.
The data never lies. Knowing this, keeping KPIs or data-driven development processes allows for better management of the business. Data gives you a clear view of what is working, what isn't, and what needs to be changed, helping you keep track of your development.
Your sales process should always centre around your clients needs. The process used will be the same across different departments in your company with minor tweaks to fit the scenario in which it is used. But the core remains – how does the customer benefit from acquiring this product.
Determine the budget and resources needed for the development plan to be set in motion. This gives a clear direction as to what needs to be prioritised and what can be put on hold. Resources can be in the form of people, technology, etc.
Make sure everyone is in the loop. Regardless of their role, everyone should be on the same page when it comes to the vision of your company because they are the very people who are going to make it a reality.
Always remember that no matter how perfect your theoretical development plan is there will be bumps along the way. Adapt and practise being flexible to get the best outcome.
Knowing your end goal
Narrow in on your approach
Outline marketing channels that work for your business
Keep track of your business performances
Outline the sale process in line with customer's needs
Know what resources you need
Share your vision with everyone
