Growth Up Ahead: 4 Keys to Business Development
Business development is the direction you’re taking your business and the promise to the people you have on the journey with you to build it. Staying on course means being in tune with what environment your business thrives in and what support measures guide evolution in a constantly changing marketplace.
Growing a business is about growth, opportunity and long term sustainability. It takes strategy, connection and intention through your operations and marketing.
Here are 4 keys to guide developing your business…
Aim for Long-Term Success
Business development is the umbrella to your company's success. It’s the container that guides sales, creating relationships and spotting trends. The goal of your efforts here is about positioning your business for sustainable growth from now well into the future. Without long term intentions and strategic positioning, you risk stagnation, leave room for your competitors to take advantage of opportunities and misuse the resources you’ve invested to get to today’s version of your business.
Make it Personal:
The business you are building builds you and your team as individuals. It’s a personal experience happening while you do business. Businesses need villages, too. They’re called strategic partners. Just as you might meet new people or form new connections in your personal life, businesses need to connect with new potential customers, partners, or markets to keep things moving forward.
Start with the Big Picture
Business development is all about connecting the resources you have to position your business to go where you are headed. Once you know where your business is headed you can reverse engineer what you need as far as the milestones and tools needed to grow your operations and presence.
Knowing the big picture helps your operations evolve to stay competitive. Developing your business is like growing a plant. If you stop watering it or giving it sunlight, it won’t keep growing.
Ask yourself what does my business need to keep growing? Is it new customers, new markets, better partnerships, or should I spin the block on existing customers? Update current products or services?
Intend to Solve Problems
Untapped opportunities are overlooked when companies only focus on operations and delivery. The reflection process in development helps identify new ways to make money. Whether by attracting new customers, finding better suppliers, or teaming up with others to reach more people, identifying problems to solve for others keeps you in business.
For example, a small restaurant might use business development to partner with food delivery services, expand to catering, or open a second location. A tech startup might focus on forging strategic partnerships with larger firms to go to market faster. In both scenarios solving a customer's problem is the anchor in the decision to partner. Getting further together is also a principle business adopt to be great and stay in business.
By making it relatable to their current state, whether it’s expanding their customer base, growing revenue, or staying competitive, you can help them see how vital business development is to the future of their business.
Business development may look different for you in each season. The goal is to intend to grow and put action behind it to see it through.
Tag AFG In
If you’re struggling to know what to do with your resources or how to scale to the next level, tag AFG experts in. With over almost a decade of business development and brand management, we can help you get to the next level efficiently. Book a 1:1 with us to get started.
