In the article I’ll tell you about Business Development – The Success Mantra. Every business is undertaken by the owner to earn in order to meet their personal financial needs and live a decent standard of living. As the time passes by, it is common for every entrepreneur to think on the lines of expanding their business. This needs a good business development strategy as every small aspect has to be given importance while the integration process takes place.
The plans should be practical, achievable and implementable keeping in mind the position of the company in the market. Unless a strategy on this front is made, the company would completely dependent on the demand curve, the probability of getting success from which, are very dim.
The first step that should be taken for the construction of an effective business development plan is to understand what has to be achieved. Which are the places where venturing is a possibility? Does the company have the capability to maintain the newly found venture along with the existing one? Are there sufficient experts available to lead a helping hand and provide advice whenever necessary? And the most important of all, if the need arises, would it be possible to leave the venture in the future?
Always remember not to compromise with the existing business in order to pave way for a new one. It is not advisable to put a stable structure at stake for something which is yet to gain prominence. The old one should only be used as a supporting pillar to provide the new venture with finances, experienced staff, infrastructure etc. The customers are the ones who bring in the revenues and if they are left unsatisfied, no amount of apologizing is going to be of any help.
Promote the business with vengeance. The correct methodology is deciding a target group (the urban or the village flock, the rich or the poor or all) and then leave no stone unturned. Make sure that they come to know about your plans by all means possible, be it through mass media like newspapers, radio, and internet or through pamphlets or special hoardings distributed and placed around the company’s headquarters.
Attract the maximum number of customers by methods like first come first serve basis bonuses, lucky draws, citizenship cards (if you are into marketing and sales) etc. If the company has a reputation and the venture is successful, there should be no need to undertake such exercises any further.
If in case the results are not as per expectations, it is time to start thinking damage control. This is pretty common as no one is expected to beat the old players of the game in the first attempt. Evaluate what has gone wrong, whether the marketing was not proper or the product sold did not gain acceptance etc. and work towards improving it before launching it again.
If you fail persistently, there may be something wrong with the planning or the company may be lacking in potential. At this juncture, it would be best to hire a business development analyst to help derive a plan.