How to Write a Business Development Plan Sample – Example
Are you planning to create a business development plan? How has the year been for you thus far? Have you been able to achieve the revenue goals you set out? Now, why must you give answers to these questions?
It is very important to ask these questions and give answers to them since the answers to these questions would help you to best assess your previous performances and how you will be able to create a strategic business development plan for the future of your business.
- What are the strategies for business development?
- What is the business development process?
- What is an implementation plan for project management?
- What is a strategic growth plan?
‘Business Development’, what exactly is it? The business development could basically be defined as the development of long-term value from relationships, markets, customers, etc for a particular organization.
For the purpose of this article, we will be giving attention to some of the basic elements that characterize a good and winning business development plan.
Step 1: Redefine Your Sales Process to Keep Them Aligned with Your Customers’ Needs
This is the first thing you must do. In order for you to be able to achieve a scalable revenue generation process, you must be able to apply your sales approach in a way that aligns with your customers’ needs as well as the buying process; and you must do so consistently.
You must also be able to recognize each of the milestones for each lead which has to be reached so as to get a particular sales opportunity to a close deal. Once these milestones have been recognized, make sure the needed and necessary actions and objectives are quickly taken so as to get insight into the sales network.
Step 2: Make your Approach to Be Focused
In every successful business development plan, a well-defined target market, as well as buyer personal profiles, are very critical to the success of the business development plan. A focused hotel business development plan will give you the opportunity to be able to qualify and score prospects so as to ensure limited sales and marketing resources are prioritized.
By having a well-defined target market and a buyer profile, you will be able to create content that moves revenue straight to the bottom line. Also, a focused business approach will give you room to be able to create products and services which will specifically suit your target market.
Step 3: Set Your Goals
Your business development plan should be centered on defining high-level goals you have set out to achieve in the course of a year. This is very important for business growth. These goals will be the major determinant whether or not your business year had gone successfully or not.
Some of these goals will include customer retention, customer lifetime value, an introduction of new products/services or delving into new markets, expansion of networking presence in major organizations, etc.
One high-level goal you must not leave out is revenue goals. It is very important that you set a revenue goal and work towards it. For example, your revenue goal may be that you will want to generate annual revenue in the following year which amounts to $10 million.
Step 4: Define Your Marketing Channels
Now, you must have to define your marketing channels which would allow you to create leads for each market segment. The most typical of marketing channels for both technology firms as well as professional services include inbound leads, paid social advertising, paid search advertising, outbound leads, up-sells, cross-sells, networking, channel sales, and referrals.
Having defined your marketing channels, then you must go ahead to develop tactical plans which would be very effective for your marketing channels. How are you going to generate outbound leads, inbound leads? And so on.
Step 5: Figure Out Resource Needs
This is a question you must ask yourself as a business owner. Having come to know how you intend to make your business grow, your focus should be on how you could execute a business development plan. What does this mean? You will have to ask yourself some key questions such as: what are your people needs? What are your technology needs? What are your resource needs?
Would you want to take a do it yourself approach, or a do it for my approach? Also, there are several business development technologies which you will likely make use of as part of your technology needs: inbound marketing/marketing automation software, webinar/web conference software, sales prospecting software, CRM software, graphic design/photo editing/video editing software, dashboard software, website content management system.
Also, how would you staff your sales operation?
Once you have determined the budget and the resources you would require so as to execute your business development plan, you will have to put yourself in a position where you are able to hit your target revenues and be able to allocate resources between your priorities in your business.
Step 6: Share Your Business Development Plan with Stakeholders
As soon as you have created your business development plan which would help you achieve a long-term value, it is now time for you to share your vision, your business development plan with major stakeholders.
It is not just enough to share your business development plan with your management team, but it is also very important to get others (stakeholders) involved too, particularly the critical elements.
Your thoughts are welcome via the comment box.