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?
- 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:
- Product / Service Development:
- Increase market presence – sell more to current customers.
- Nurture the market – determine the means by which more of your product / service can be sold in “neighbouring market”.
- Different Channels – how your product is brought to market, eg via the web.
- New product development – a combination of the above.
- Business Acquisition:
- Other companies operating in the same / similar market.
- Business’s in your supply chain, ie organisations essentially acting as a supplier to you.
- Organisations in your distribution network, ie those businesses who are part of bringing your product / service to market.