Business Development Strategy

"A strategy is the pattern or plan that integrates an organization's major goals, policies, and action sequences into a cohesive whole. A well-formulated strategy helps to marshal and allocate an organization's resources into a unique and viable posture based upon its relative internal competencies and shortcomings, anticipated changes in the environment, and contingent moves by intelligent opponents." - James Brian Quinn, Strategies for Change: Logical Incrementalism

Business competition in today's world is fierce and tough. Only firms and enterprises that are constantly evolving and re-inventing themselves, both in terms of quality products and excellent customer service, can survive in the battlefield of consumer markets. Managers, executives, marketing gurus, corporate honchos and all cadres of management analyze and plan moves that can give them maximum profit and consumer base. Needless to say, a business development strategy can make a world of difference in the prospects of firm's success. Let's discuss what should be the strategy for business development that can garner maximum profit and customer good will for the firm.

Business Development Strategy #1: Define Your Goals
As a CEO or a leader of a team, you have to be very specific about what targets you wish to achieve in the coming years/weeks/months. In some firms, business development strategy is generally a collaborative process in which the employees and team leaders work together to come up with some best business strategies.

Through employee interaction and department meetings, the management team decides the business development strategy. A realistic vision for the firm by keeping all weaknesses, strengths and risk factors in mind triggers the employees to work harder and achieve the targets set by the firm. So in essence, goal setting is the most important stage of strategic planning. Always evaluate your business development strategy, against SMARTER, that is an acronym for, Specific, Measurable, Achievable, Relevant, Timed, Exciting, Recorded.

Business Development Strategy #2: Target Right Audience
In the process of business development strategy, a firm has to allocate certain amount of budget to all departments of the firm like human resource, accounts, marketing and operations so that resources are utilized in an effective manner. Depending on the responsibilities of the department in carrying out the business strategy, budgets are divided to respective departments.

For instance, if marketing a product is the main goal of a firm then principles of market research and various marketing strategies must be applied by the marketing team to reap rich dividends of the invested human and money resources. Targeting the right audience is the most important step in the process of planning business development strategies. Acquiring customers and gaining their support creates goodwill for the company, that is of utmost importance for the firm's success.

Business Development Strategy #3: Give Innovation a Top Priority
In the words of Sun Tzu, an ancient Chinese military strategist and author of legendary classic book, The Art of War, "Do not repeat the tactics which have gained you one victory, but let your methods be regulated by the infinite variety of circumstances". How true and relevant when this statement is viewed in relation to developing business strategies.

Every firm that has to thrive in the competition must keep an eye on the changing trends of the market and must have a flexible approach to change plans and schedules quickly. Innovative ideas and their successful implementation are integral parts of every successful business development strategy.