Business Development Planning
Business Development Planning
You have been an entrepreneur, you have invested a lot of effort and money in your business and it has started to work steadily. It is logical that you will want to make more profit. You can try to increase the volume of sales by improving the work of managers, but this cannot go on indefinitely. To expand your business, you need to make qualitative, not quantitative, changes. For example, finding a new way of attracting customers, developing a new market, etc.v
Getting to the next level is impossible without careful forecasting and planning. Selpway Trading ltd talked about forecasting in the previous article of our blog. Today we are going to talk about one of the planning options.
It consists of the following steps:
Let's look at each stage in detail.
It consists of the following steps:
- Analysis of the company's activities.
- Working out a solution.
- Calculations.
- Planning.
- Controlling the implementation.
Let's look at each stage in detail.
Analyse the company's operations
The first step is to identify the weak points in the company's business processes.
Ask yourself one question: what is currently preventing you from increasing your profits and expanding your business? Look at all the processes in the company. You will see that one area of activity is holding back the growth of your business. For example, you have a sales company. Technically, it could sell more and expand into new markets, but it simply doesn't have the resources to do so.
The first step is to identify the weak points in the company's business processes.
Ask yourself one question: what is currently preventing you from increasing your profits and expanding your business? Look at all the processes in the company. You will see that one area of activity is holding back the growth of your business. For example, you have a sales company. Technically, it could sell more and expand into new markets, but it simply doesn't have the resources to do so.
Finding a solution
You need to work out how to overcome the barrier that is preventing your business from growing. This is known as the purpose of the strategic plan. Sometimes it can be trivial. If there is not enough working capital, the idea may be to negotiate better terms with suppliers. Another option is to find an investor or take out a loan. Ideas can be different, but they should all serve the main purpose - business development.
Observing the competition, brainstorming and talking to entrepreneurs who have faced growth constraints will help you find a solution.
Calculations
Every idea requires calculations and economic justification. Work out how much your idea will cost. What resources will need to be invested and what the possible outcome will be, such as increased profits or growth in the value of the business. If you can see that the investment of money, resources and time will be effective, then the idea is worth pursuing.
Plan
In this stage you develop the steps to achieve your goal.
You need to work out how to overcome the barrier that is preventing your business from growing. This is known as the purpose of the strategic plan. Sometimes it can be trivial. If there is not enough working capital, the idea may be to negotiate better terms with suppliers. Another option is to find an investor or take out a loan. Ideas can be different, but they should all serve the main purpose - business development.
Observing the competition, brainstorming and talking to entrepreneurs who have faced growth constraints will help you find a solution.
Calculations
Every idea requires calculations and economic justification. Work out how much your idea will cost. What resources will need to be invested and what the possible outcome will be, such as increased profits or growth in the value of the business. If you can see that the investment of money, resources and time will be effective, then the idea is worth pursuing.
Plan
In this stage you develop the steps to achieve your goal.
- Make a list of tasks;
- Specify the expected outcome of each task;
- Assign responsibility for completing the tasks;
- Set deadlines for completion.
Monitor the execution of the plan
If you, as the person at the top of the company, do not monitor the execution of the plan on a weekly basis, it can come to a standstill. There are obvious reasons for this. Your people are already busy. They're busy with the day-to-day running of the business, and then there are the additional tasks from the development plan. People are different. Some will carry out the new tasks faithfully, while others may sabotage them, preferring to do their usual work. You need to make sure that the plan is implemented step by step.
What if the plan doesn't work?
As you implement the plan, you may find that some tasks need to be changed. Then go back to step four and refine the plan. You may also find that an idea you thought was great and effective is not and cannot be implemented. Then you have to go back to step two and start again. The important thing is not to give up. It is not always possible to get it right the first time. You may make mistakes, partners may not honour agreements, employees may fail. Believe in yourself and persevere to achieve your goal. In the end, your plan will come to fruition and your business will reach a new level.
What happens next? Once again, look for the weak link that will prevent your business from reaching the next level of development. And then you repeat the same steps. This is the work of a business strategist.
Forecasting and planning are very important parts of development. It is categorically impossible to work on them superficially. If you have little experience, you should turn to professionals who will help you to carefully plan the stages of development. Selpway Trading specialists will use their experience and technical capabilities to determine the optimal way to scale your business and develop a step-by-step roadmap to achieve your goal.
If you, as the person at the top of the company, do not monitor the execution of the plan on a weekly basis, it can come to a standstill. There are obvious reasons for this. Your people are already busy. They're busy with the day-to-day running of the business, and then there are the additional tasks from the development plan. People are different. Some will carry out the new tasks faithfully, while others may sabotage them, preferring to do their usual work. You need to make sure that the plan is implemented step by step.
What if the plan doesn't work?
As you implement the plan, you may find that some tasks need to be changed. Then go back to step four and refine the plan. You may also find that an idea you thought was great and effective is not and cannot be implemented. Then you have to go back to step two and start again. The important thing is not to give up. It is not always possible to get it right the first time. You may make mistakes, partners may not honour agreements, employees may fail. Believe in yourself and persevere to achieve your goal. In the end, your plan will come to fruition and your business will reach a new level.
What happens next? Once again, look for the weak link that will prevent your business from reaching the next level of development. And then you repeat the same steps. This is the work of a business strategist.
Forecasting and planning are very important parts of development. It is categorically impossible to work on them superficially. If you have little experience, you should turn to professionals who will help you to carefully plan the stages of development. Selpway Trading specialists will use their experience and technical capabilities to determine the optimal way to scale your business and develop a step-by-step roadmap to achieve your goal.