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Business Development Strategy
A well planned and timely executed business development strategy plays
a crucial role in the success of a firm. Covering various finer elements of
business development strategy, this article discusses the vital role of
business development strategies in growth and expansion of firms.
"A strategy is the pattern or plan that integrates an
organization's major goals, policies, and action sequences into
a cohesive whole. A well-formulated strategy helps to marshal
and allocate an organization's resources into a unique and
viable posture based upon its relative internal competencies
and shortcomings, anticipated changes in the environment, and
contingent moves by intelligent opponents."
Business competition in today's world is fierce and tough. Only
firms and enterprises that are constantly evolving and re-
inventing themselves, both in terms of quality products and
excellent customer service, can survive in the battlefield of
consumer markets. Managers, executives, marketing gurus,
corporate honchos and all cadres of management analyze and
plan moves that can give them maximum profit and consumer
base. Needless to say, a business development strategy can
make a world of difference in the prospects of firm's success.
Let's discuss what should be the strategy for business
development that can garner maximum profit and customer
good will for the firm.
Business Development Strategy #1: Define Your Goals
As a CEO or a leader of a team, you have to be very specific
about what targets you wish to achieve in the coming
years/weeks/months. In some firms, business development
strategy is generally a collaborative process in which the
employees and team leaders work together to come up with
some best business strategies.
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Through employee interaction and department meetings, the
management team decides the business development strategy.
A realistic vision for the firm by keeping all weaknesses,
strengths and risk factors in mind triggers the employees to
work harder and achieve the targets set by the firm. So in
essence, goal setting is the most important stage of strategic
planning. Always evaluate your business development strategy,
against SMARTER, that is an acronym
for, Specific, Measurable, Achievable, Relevant, Timed, Excitin
g, Recorded.
Business Development Strategy #2: Target Right Audience
In the process of business development strategy, a firm has to
allocate certain amount of budget to all departments of the
firm like human resource, accounts, marketing and operations
so that resources are utilized in an effective manner.
Depending on the responsibilities of the department in
carrying out the business strategy, budgets are divided to
respective departments.
For instance, if marketing a product is the main goal of a firm
then principles of market research and various marketing
strategies must be applied by the marketing team to reap rich
dividends of the invested human and money resources.
Targeting the right audience is the most important step in the
process of planning business development strategies. Acquiring
customers and gaining their support creates goodwill for the
company, that is of utmost importance for the firm's success.
Business Development Strategy #3: Give Innovation a Top
Priority
In the words of Sun Tzu, an ancient Chinese military strategist
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and author of legendary classic book, The Art of War, "Do not
repeat the tactics which have gained you one victory, but let
your methods be regulated by the infinite variety of
circumstances". How true and relevant when this statement is
viewed in relation to developing business strategies.
Every firm that has to thrive in the competition must keep an
eye on the changing trends of the market and must have a
flexible approach to change plans and schedules quickly.
Innovative ideas and their successful implementation are
integral parts of every successful business development
strategy.
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