Business Development Strategy

Establishing a clear strategy is vital. It’s about creating a structured method that leverages, utilises and aligns the organisation’s assets to achieve “transformational opportunities”. The focus on strategic business development is on a handful of high return events over a year instead of a high level or monthly transactions, hence why / how it has a different focus to Sales.

 

 

What are the various options to survive and grow?

 

    1. Know your end goal and plan how to get there. Take action quickly, make mistakes early and refine the process, product / service along the way. Considerations are:
    2. Product / Service Development:
      1. Increase market presence – sell more to current customers.
      2. Nurture the market – determine the means by which more of your product / service can be sold in “neighbouring market”.
      3. Different Channels – how your product is brought to market, eg via the web.
      4. New product development – a combination of the above.

 

  1. Business Acquisition:
    1. Other companies operating in the same / similar market.
    2. Business’s in your supply chain, ie organisations essentially acting as a supplier to you.
    3. Organisations in your distribution network, ie those businesses who are part of bringing your product / service to market.