Jul 30 2007
What Constitutes An Achievable Business Development Strategy?
In my view, when preparing a business development strategy you should plan out the whole year and review / revise quarterly.
• List your existing accounts and plan what activities / actions need to be completed in order to fully exhaust all opportunities. You may for instance, plan to cover more bases within the decision making unit or contact associated companies or offices. A Strategic Account Profile can be used as a prompt.
• Begin to target new accounts using business directories etc. and set targets per week / month / quarter i.e. I normally allow for eight hours per week as a minimum (Don’t forget to continually refer back to your Ideal Profile)
• Then build in what assistance you need from your marketing function – i.e. qualified leads, seminars, exhibition attendance etc.
• Finally share your plan with your manager and then commit to it.
You should also measure it against S.M.A.R.T.E.R. i.e. is it:
S.pecific
M.easurable
A.chievable
R.elevant
T.imed
E.xciting
R.ecorded
Linking With Your Commercial Plan:
I have suggested that your Business Development Strategy, would link with your Master Business Plan but logically you should also integrate it into your Commercial Kit(this is a document that outlines your monthly,quarterly and annual targets) – specifically the areas that deal with new business generation, account management and development, four tier account lists etc.
These three documents when combined should drive and guide you through the next twelve months and beyond.
Summary:
As I have said often enough “People do not fail because they planned to fail but rather because they failed to plan”
The man who knows where he wants to go is more likely to get there, he just has to decide how to get there. All plans are essentially maps and guides; the strategic element is the ‘How’.
Do be prepared to change course, flexibility is key, and don’t be afraid to experiment, look outside the square.
Tomorrow: The JF Guest Author Spot welcomes back Andrea Nierenberg with a superb piece:”The Pitfalls Of Customer Service”
This week only - your chance to win a signed copy of Andrea’s new book: Just leave me a comment sharing a networking tip, to be entered into the draw on Saturday - it’s as simple as that!
