A business development plan refers to the planning and strategies of making more profit for the business and enhancing its performance over time to time. It also includes increasing the business operations with other businesses and acquiring more clientele from local and international market.
Why it is important for a Business to have a Development Plan?
When a business starts, it starts with small plans and short term strategies. This is important because there is no way to assess the outcomes of a strategy and the owners of a business dare to invest all of their money in the first hand. As the business grows and spends more time in the market, the strategies are changed in order to keep up to the present market trends and consumer buying behaviors. This all is the part of business development plan.
Also a business starts with a few of the clients and a small population of customers but over time, it becomes a crucial need of the business to increase its operations, productions and product line in order to attract more customers and all of that couldn’t take place without a development plan.
Here are the steps to create a Business Development Plan:
- Define the type of business:
This is the first step for creating a development plan for a business. Here at this step, you explain what kind of business you run and what the operations are. It also includes the products and services that your company offers to the consumers and market. For example, we are talking about a cell phone manufacturing company and it produces mobile phone devices for common consumer uses.
- Explain where you stand right this moment:
This is the part where you are required to explain from where you started the business and up until now, where you stand in the market. This gives a pretty good idea about your previous growth ratio and the effectiveness of your strategies and plans. In case it’s a cell phone manufacturing company, it started 2 years ago and up until now, it has gained the capacity of producing 1000 units per day and expanded the business up to 5 countries around the world.
- Define your future goals and expected achievements:
This is where you explain what you expect from your company and what your expectations are. For example, you can have a goal that you want your company to produce 5000 units of mobile phones each day and you want to acquire customers in more than 25 countries around the world over the next 2 years. When you explain your goals, it becomes easy to make the development plan.
- Enlist strategies to overcome the risks, problems and issues:
This step includes the information about how you handled the problems and issues in past and how effective your risk assessments were. This way, you can also foresee the future and upcoming issues in your company and as you have enough time to think and develop issue resolving strategies, you can take your company to the top through any type of problems and risks.
Here is preview of a Free Printable Business Development Plan Template created using MS Word,