How To Write A Business Development Plan

Consider the model of how professional services organizations get new business shown in Figure 1. 3 stages of the marketing funnel The first two stages of the model, Attracting Prospects and Build Engagement, are traditional marketing functions.

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For more information, check out the SWOT analysis section in the how to write a business plan chapter of our guide to starting a business.

Your business development plan is the cornerstone of your growth strategy. Study your target market, your competitors, and your previous progress.

A business development plan is just like the business plan you created when you started your business, but with a focus on growth and how to achieve it.

It’s a long-term plan that outlines strategies for steady and sustainable business growth over the coming years.

SWOT stands for strengths, weaknesses, opportunities and threats.

It is the process that businesses use to review all of the information gathered during the situation analysis to determine how that information impacts the business in positive and negative ways.Generally, a small group will brainstorm each elements of the SWOT analysis, capture the items they come up with and prioritize the items so that they end up with three to five main items in each category.The results of the SWOT analysis serve as an important input to the establishment of goals, objectives, strategies and tactics.As your business grows, take note of your progress and make periodic adjustments to your business development plan to make sure it’s still relevant and meets your current needs. Business growth takes time, so be prepared to put the hard yards in. In today’s world many firms refer to the entire marketing and sales process as business development. It also addresses how you will position and promote your firm and it’s offerings in the competitive marketplace.The result of all this activity should be an increasing awareness of your firm among your target audience — and a stronger flow of qualified leads and opportunities.Figure out what sales and marketing efforts will effectively promote growth and how these efforts will change as you get bigger and better. Make sure your sales and marketing plan is sturdy enough to support your growing business. Strategies indicate how the company will accomplish its objectives by leveraging its strengths and opportunities, and overcoming its weaknesses and threats.Tactics are operational and indicate exactly what the company will do to achieve its strategies. Her work has been published in "Entrepreneur," "Complete Woman" and "Toastmaster," among many other trade and professional publications.


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