Business Strategy Development – “Business leadership, business acumen, and business strategy development—these three areas of expertise are considered non-negotiable: they are essential to success in any C-Suite position.
As a senior manager, you have to lead, manage and oversee many different elements of the business simultaneously and continuously. At times, it can feel like an intelligent version of the arcade game Whac-A-Mole, where problems keep popping up and you have to see them and solve them immediately. Where you spend your time, talent, and attention can be affected by fire drills, meetings, and other factors that aren’t necessarily your priorities. Damn those moles!
Business Strategy Development
A study of 60,000 leaders by the Management Research Group found that a strategic approach to business is ten times more important to a leader’s perceived effectiveness than any other behavior. This strategic approach can be difficult to master as you move up higher levels of responsibility in an organization. While it’s convenient to continue to develop your functional (eg, marketing, finance, etc.) or technical (engineering, R&D, etc.) expertise, it may not always benefit the company or team.
Strategy Plan For Business Development Template
Based on 20 years of providing strategic advice and coaching to executives, I have developed a Strategic Approach framework to help leaders navigate the business and improve their executive performance. There are four areas of management competency that contribute to navigation and development: strategic, leadership, organizational, and communication. Although the structure is simple, each area contains numerous tools, techniques and checklists to help you methodically and comprehensively manage your business.
Although there are many skills that a manager must have in order to successfully run a business, research shows that none of them are as important as their strategic abilities. A 25-year study of 750 failed companies found that the main cause of business failure, 80 percent of the time, is poor strategy. How then does a CEO ensure that strategy development is not a weakness that torpedoes their career and company? By becoming more effective in strategic thinking and planning skills.
Strategic fitness refers to your ability to set direction, allocate resources, and make decisions. To help managers strategically focus their business, the Strategic Approach Framework covers a wide range of topics, including strategy development, business model, competitive landscape, resource reallocation, decision rights, and more. As a guide, these frameworks provide confidence that key areas are not being missed. It also serves as a checklist to ensure you complete the necessary strategic groundwork and is a platform for your executive development. As Harvard Business School professor David Yoffey writes: “After twenty years of research, it is clear that mastery of strategy is not an innate skill. Most great CEOs learn to become better strategic thinkers.
To help leaders identify strengths and areas for improvement, they conduct executive performance appraisals. Here are five examples of statements from the strategic fit section of the assessment. Answer “Agree” or “Disagree” to each statement: Understand business development so you know what your BD department does and how to best use your skills.
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Anyone who works in business development knows that this can be difficult to explain. If someone asks you what you do and you say “business development” or “business development,” you’ll probably get a quizzical look.
So if you don’t have a deep understanding of what business development is, don’t worry—you’re not alone. The best way to understand biz dev is to break it down into clear parts.
Read on to learn about business development in all its facets, including how to create a business development strategy.
Business Development (BD) is a strategy used to find and nurture new prospects to drive business growth.
A Guide To Effective Business Strategy Development
, business development is “creating long-term value for an organization from customers, markets and relationships”. This is a simplistic definition and still presents a hurdle in trying to capture the many liabilities associated with BD. All efforts related to business development are activities that help improve the business. However, it can be argued that this definition describes every action of every employee.
The easiest way to understand BD is to look at it as an umbrella that helps improve all the other departments. Although BD is not sales, it helps to improve sales; it’s not marketing, but it makes marketing better.
When it comes to sales development, the focus is more on researching and identifying potential customers and moving them through the sales process to close the deal.
Business development involves creating new avenues of growth and partnerships that can help open doors to new markets and opportunities.
Business Development Strategy: A High Growth Approach
New business development means that an existing company develops a plan to introduce a new product or service based on a new business model in a relatively unknown market. This is in line with business development as it aims to expand and generate more revenue for the company. It gets its name because it can be a radical and risky approach.
Unlike normal business development, new business development takes the company outside of its comfort zone and tries tactics that the company has not tried before.
Example: A sit-down restaurant that serves exclusively dine-in guests takes on new business expansion when it starts offering delivery or partners with a food delivery service like Grubhub.
BDR works with almost all of your departments as they seek and implement new strategies, goals, perspectives and tactics for your company. Because BDRs work with many people and have a variety of skills, they need to provide specific experience and qualities.
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Given the wide range of responsibilities, it is impossible to list all the activities that fall into business development. However, here are the main tasks that your BD team will likely focus on:
Learn about the most pressing issues facing sales organizations today, what the dawn of conversational CRM means for your technology stack, and how you can become stronger.
All BD strategies start with a plan and goals – start building your business development strategy by following these steps:
Each plan, including the BD plan, requires a concise 30-second pitch. Want to go the extra mile? Create several ad offers and see which ones are most effective. You will be able to present by doing market research.
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An elevator pitch summarizes what your business does, who you serve, and what sets your business apart from the competition. The goal of your elevator pitch is to start a conversation about how you can serve your customers. Here are some best practices to follow when creating your presentation:
The SMART system is an excellent tool for business development. SMART goals are those that are specific, measurable, achievable, relevant and timely. For example, a good SMART goal for a business development strategy might be:
“I will aim to improve the first response time to customer issues by increasing the number of customer service staff from 10 to 15 over the next three quarters.
By following the SMART system, you will keep your goals in line with those of other departments and ensure they are achievable with existing resources.
Business Strategy Marketing Work Development Plan Vector Image
SWOT analysis refers to strengths, weaknesses, opportunities and threats. It is an effective business development tool as it helps identify areas for growth. The best way to use SWOT is to choose a specific aspect of your business to analyze. When conducting a SWOT analysis, keep the following questions in mind:
Example: If you want to launch a new product, you can look at what your company is doing well, what’s going wrong, where it might be lacking, and which other companies are doing better.
Next, define your target audience, which can help you identify who you want to attract as potential new customers. While you want to be specific about who to target, avoid being so specific that you run out of leads. You can do this:
Do your research to determine who your competitors are and what your customers want and need. You need to know your customers’ problems and know how you can solve them.
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Conducting customer surveys can provide valuable information about your audience’s needs. Eighty percent of companies that grow each year use surveys to collect customer experience data. Here are some tips for creating a survey:
To measure the success of your plan, you need to identify measurable data points through which you can document positive (or negative) results. You can do this by using key performance indicators (KPIs).
Depending on what you’re measuring, these KPIs can range from changes in revenue to leads and conversion rates. It is important to choose specific KPIs that complement your plan. Some KPIs for business development include:
Perhaps the most important aspect of your plan is your budget. Your company must be able to afford your plan before it is approved and implemented.
Strategic Thinking And Strategic Planning
The proposed budget should be realistic, but don’t be afraid to do so. After all, if your plan works, you should get that money back. Be sure to include the following items in your business budget:
High quality customer service should come first – it could be the difference between a customer choosing you over a competitor.
Maintain good customer service with existing customers as well