Monthly Archives: December 2023

What makes a business development plan strategic?

We have applied the teachings of military theorists to business since the time of Sun Tzu. When thinking about our business development plans one of the most useful quotes comes from Heinrich von Bülow, ‘Strategy is the science of military movements outside the enemy’s range of view, tactics within it’.

So, in business,

  • Tactics are how we carry out our business development.  for example, Emails, telemarketing, content, or social media.
  • Strategy is what supports these activities internally, away from the client’s view.  For example, preparing to communicate effectively with target audiences and making sure the business is ready to take on new customers.

There are some key elements that makes a business development plan strategic:

Clear Vision and Goals

A strategic business development plan begins with a clear understanding of the company’s overall vision. What does the organisation aspire to achieve? These overarching goals serve as the compass, guiding the company’s strategic direction and decision-making.

Comprehensive Market Analysis

A strategic plan must be grounded in a thorough understanding of the industry, market trends, and the competition. This involves conducting market research, analysing competitor strategies, evaluating consumer behaviour, and identifying emerging opportunities. By understanding the external environment, businesses can proactively position themselves for success.

Data-Driven Decision-Making

Strategic business development is not about guesswork. A strategic business development plan should incorporate data analytics to inform decision-making. This includes tracking key performance indicators (KPIs), analysing market trends, and understanding customer behaviour. By understanding the data, businesses can optimise strategies, identify areas for improvement, and allocate resources effectively.

Resource Allocation

Sustainable growth requires effective resource allocation. The plan should clearly define the resources required, financial, human, and technology, and outline how these resources will be allocated efficiently. This assessment will help you identify areas where you may need to invest or partner with others to support your growth initiatives.

Implementation Plan

A well-crafted implementation plan outlines the steps involved in executing your strategies, assigning responsibilities, and allocating resources. It should include timelines, milestones, and success metrics to track progress. It is essential to identify and mitigate potential risks that could upset your plans. Contingency planning, expecting the unexpected, is vital to ensure the successful execution of your business development strategy.

Continuous Monitoring and Evaluation

Business development is a continuous process. You will need to consider how you will monitor progress, evaluate the effectiveness of strategies, and make the necessary adjustments. This ensures that the organisation remains on track towards achieving its goals.

One important point that we only briefly touched on its collaboration and partnership. You may well not have all the resources and skills with the business to carry out your strategy. By working with YBDT’s proven sales enablement process you firstly have our support to create a finely tuned business development strategy. We will guide you towards the overarching plan that touches each part of your customers’ journey.

You then also have the option of using our team of experienced professionals to support the implementation of that plan will ensure that you have the best opportunity to convert prospects to loyal long-term clients.

YBDT’s business development process has supported sustainable development for countless companies over the last decade and a half. Get in touch to book a discovery call today and book the call that starts your journey to growth.