What Is a Business Development Strategy? 4 Tips for Building a Sustainable Business
A lot of small business owners talk about the ups and downs of running a business. Feast or famine. Either you’re very busy and making a lot of money, or you’re twiddling your thumbs while watching all the money drain out of your bank account. But what if I told you it doesn’t have to be that way? That you can have steady income as a small business owner?
It might seem like it’s too good to be true, but it’s a very attainable goal if you have a business development strategy and you follow through with it.
Determine Your Destination
Define Your Ideal Client
Defining your ideal client is a crucial part of your business development strategy because it will drive every other element of your business development efforts, from the networking events you choose to attend, to the topics you cover in your marketing materials, to your marketing channels. Only once you know who your target audience is, what pain points you’re solving for them, and where they tend to hang out (both online and off) can you create a successful business development strategy.
Define Your Goals
Remember the definition of a SMART goal: Specific, Measurable, Attainable, Relevant, and Time sensitive. So how are you defining your goals and what metrics are you going to use to determine whether you reached them?
Identify the Resources You Need
Once you know where you want to take your business, it’s time to make a list of the resources you need, both to get there, and to measure your results. This can mean technology to help you get in front of and stay in touch with prospects and clients, or it can mean people, whether it’s referral partners to help spread the good word about you, or people to take some of the work off your hands.
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