| As a manager, one of the foremost concerns to an | | | | market needs. This plan should not just be an |
| organization is developing and exploiting business | | | | accident. Most successful business owners will tell you |
| opportunities that are presented to you and your | | | | that a carefully planned business strategy was |
| company. In order to grow, you need good | | | | involved. A plan can take either a 'bottom up' |
| knowledge and best management practices and | | | | approach or a 'top down' approach. A bottom up |
| strategies. It comes to down to whether as a | | | | approach is where the employees make suggestions |
| business development manager, you are | | | | and the best are passed up the management while |
| revolutionary or evolutionary. Any strategy that you | | | | the top down approach is where top managers |
| undertake, no matter how small or insignificant it may | | | | create the business development strategies and |
| seem will revolutionize your company or will evolve it. | | | | implement them down the chain of command. |
| Successful business development takes a | | | | Another approach is the use of collaborative process |
| multi-disciplinary approach in that it involves financial, | | | | where managers and employees work together. |
| advertising and legal skills. It is not enough to reduce | | | | In order for a business development strategy to |
| activities to a simple template that can be applied to | | | | work, you will need to evaluate its weaknesses, |
| all situations faced by real-world enterprises. Being | | | | strengths, risks and growth potential. If possible, a |
| creative in this regard goes a long way in ensuring | | | | strategy consultant may be included. Several factors |
| that any new and unforeseen challenges contribute | | | | will need to be taken into consideration, depending on |
| to sustainable growth of a company rather than its | | | | the complexities that come with implementation. |
| demise. | | | | These include assigning responsibilities, sufficient |
| There are several areas where business development | | | | resources and establishing a chain of command. A |
| strategies can help your organization to grow and | | | | timeline will also need to be developed to evaluate if |
| succeed. Development strategies based on a | | | | the desired goals are being achieved. Obviously, no |
| strategic marketing plan for example will address a | | | | one type of business development strategy is going |
| changing customer base and market dynamics, help | | | | to work for every business. Find out what works for |
| one to understand horizontal and vertical target | | | | you and your organization and the benefits of |
| market opportunities and how to develop the right | | | | sticking to it. |
| products, services and solutions to meet the target | | | | |