Brad Hurlock

Web Design & Marketing Sales for Addison Technologies.

A Step-By-Step Guide to Upgrading Your Business Development Plan

Brad Hurlock

Web Design & Marketing Sales for Addison Technologies.
6/11/2020

Is your business growing at break-neck speed? Do you find yourself wondering what the next steps will be to take your business to the next level?

Growth is great when it comes to building your business. But it can be overwhelming to figure out where to focus your priorities to maximize that growth.

Don’t worry, we’ve got you covered. Read on to see what you need to outline your business development plan and learn how to create it so you can get back to business.

What Is a Development Plan?

First, let’s look at the basics of business development. When you started your business, you likely wrote a business plan. When you wrote your business plan, you probably hadn’t been in business long, so much of it was based on conjecture.

Hopefully, you took the time to complete the essential step of market research but again you were making assumptions.

Now, your business is growing, and you need to make changes to your plan based on that growth and what you’ve learned along the way. So how do you do it?

Creating the Best Business Development Plan

Now that we’ve identified what a business development plan is, here are four steps to creating your business plan using the following key tips.

1. Create a SWOT Analysis

Just as with your business plan, you’ll start with a SWOT analysis. Once you’ve identified where your strengths and obstacles are, you can create a development plan to tackle future growth opportunities.

2. How to Grow

Next, you’ll identify your financial goals for the next 5-10 years and decide how you’ll fund these goals. This financial analysis, along with creating a budget, is vital to growing your business in years to come.

3. Where You’ll Grow

Nothing happens until somebody sells something. Your business development plan must outline who you’ll market to, how you can help them, and what you’ll sell to them. 

4. Who Will Do the Work

Once you know what needs to happen, you'll need to identify who will be responsible for each department. Identifying ownership will show you where there might be gaps in your current employee strengths and weaknesses. Knowing this ahead of time will allow you to hire the key people in the vital areas for growing your business.

Whether you’re applying for funding or simply need a road map for your team to follow, creating a growth plan is vital to this stage of your business. 

Take Your Business to the Next Level With an Upgraded Plan

Your business is growing and that's great. But without a plan to continue that growth, you might find yourself stagnant. A stagnant business can go out of business. 

Use these steps to create your business development plan to ensure success. Without a road map to follow, even the best businesses can fail. Take the time now to plan your future growth so you know exactly where to go.

As you build your business development plan, you may find that you need to re-brand and rebuild your website to keep up with growing demand. Reach out to us today. This is what we do to make you look good at what you do.