These days, it is becoming increasingly difficult to live in the moment.
Without realising it, most of us are constantly thinking about what’s coming next and wishing our lives away.
However, in the business world, this is actually not a bad thing at all.
Part of being a successful entrepreneur and running a business that has opportunity for growth is being able to plan ahead. But by this, we mean really plan ahead.
You should have a detailed business development strategy, which prepares for all eventualities and outlines to you and your employees the direction that the business is going.
You might be thinking, isn’t it more important to take things as they come? Well, yes you need to make sure your business is keeping on top of its current affairs and focus on generating revenue. However, If you don’t prioritise the planning of your business development, there can be detrimental effects on all aspects of the business.
For one, employee morale will suffer. Most people in business start off working for a big company and feeling like a tiny fish in a huge pond. If you have, you will understand how being kept informed about the wider plans of the business and the direction it is going in will boost your motivation and morale.
Happy employees = better productivity and increased sales!
Hang on though, if you don’t have a business development strategy at all, you probably want to know how to nail one on the head. Let’s have a look at what every successful business development strategy should consist of…
One important thing to consider when planning your business development strategy is the possibility of trading your services internationally.
You might have already taken the plunge and started offering your product or service in another country but be considering going even further… Or the thought of trading outside the UK might scare you half to death. Either way, doing some extensive research and planning into how you could go global as part of your business development strategy is important. If you don’t, you could be seriously limiting your business’ potential and missing out on sales.
ManSys offer a global trade management software and trade solutions to businesses to allow them to ensure all aspects of international trade are conducted effectively. Using trade management software allows your business to efficiently take on far more business without having to make any changes to staff and costs. You can use global trade management software as part of your business development strategy too as it allows you to identify and predict potential risks in overseas markets and monitor the profitability of your international trade.
Push your business’ potential further…
You will know, or you should know, the position and status of your business currently in your market. However, an important part of your business development strategy is going further and being able to envision your business in the future.
What could affect revenue for better or for worse? Will you have doubled in size and profits? Will you have extended to a bigger office and better location?
There is no harm in being ambitious and strategising where you want your business to go. Make sure to set targets for the near future and for years to come, so you and your employees are aware of the bigger picture. A good piece of advice is to make sure you also discuss with your employees where they see the business going; they could offer some valuable and realistic insight. There is no room for pessimism when planning your business development strategy, think of the bigger picture and dream big!
Calls to action…
It is all well and good dreaming about where you want your business to be in 1, 5 or 10 years time, but you need to outline how these plans will be achieved. You will lose respect from your employees if you start making big plans but have put no thought into the process of putting them into action.
By this we mean, will you focus more on networking? Will you attend more business expeditions? Will you invest more money into advertising? Will you create a complex combined strategy?
Whatever the deal, it is important to make sure everything is outlined and clear in your business development strategy.