Your industry changes. The world changes. You change. Your business plan got you off the ground, but it won’t unlock your firm’s potential. As your company matures, you need a business development strategy.
Without a business development strategy, entrepreneurs often drift. They’re unprepared for many challenges and miss opportunities. If you want to take your business to the next level, now is the time to think seriously about:
- Where you are
- Where you want to go
- How to get there
Shaping the Future, From Where You Are Now
Your business plan launched you, but it wasn’t built to guide your business forever. A business development strategy identifies where you are now, clarifies exactly where you want to go, and maps out precisely how to get there.
You can shape your future–if you have the right strategy.
Creating a good business development strategy is a lot of work. It requires mentally stepping out of your business’ daily operations. That way, you can work “on” your business, not just “in” your business. The process requires:
- Reflection
- Brainstorming
- Data gathering
- Analysis of your market and current operations
- Strategic expertise
- And good conversation partners. You’ll need expert advice and accountability.
But the reward is worth it. A clear vision of where you’re going is a powerful thing. It renews your drive, keeps you going through obstacles, and brings satisfaction. You know you have a purpose.
Another reward for creating a business development strategy is confidence. You don’t just know where you want to go. You know how to get there.
But Where Are You?
Polaris made snowmobiles. In fact, they invented the snowmobile and created the industry. Their business’ purpose seemed clear.
Then the weather changed. Keith R. McFarland, in his book The Breakthrough Company, describes how a series of mild winters threatened Polaris’ bottom line.
The world and your industry change all the time. So, new challenges and new opportunities constantly appear. Depending on your industry, change could come from something as basic as the weather.
Often, though, crucial changes aren’t that obvious. Are you seeing all of the challenges and opportunities relevant to your business’ success? Do you know with confidence which threats are greatest and which opportunities best fit your strengths?
Do you know where you are?
Your Business GPS
You’re not where you were when you started out. Don’t mistake your business plan for a reliable map. If you have an established business, invest the time and resources in a business development strategy.
It’s a big task, but there’s a simple way to start. It begins with a conversation. Sit down and talk with a strategic advisor who’s eager to hear your story. You can contact Julie Keyes for a free consultation.
Talking with a skilled business advisor is like turning on your business’ GPS. You’re sending your signal to a partner with a broad perspective and critical tools. Together, you’ll determine your exact coordinates. Then you can see where you are and what’s around you.
Mapping a route to your goals begins with locating your business on the map. Start shaping your future today.
The next post will address the second question your business development strategy must answer: “Where are you going?”
