The progress of any business should not stop at a fancy website and a few regular clients. The question is if you are not developing your business, then who is…the answer unfortunately is no one!
Business development should be part of the business owner’s regular agenda. It is an important task that is so often ignored. No business can survive by being stagnant; new developments emerge every day in all industries and any business that snoozes is bound to lose out. hult private capital reviews
- So what do you need to do to make sure your business is continually at the cutting edge of your industry?
- How do you penetrate the existing market and keep attracting customers to your business?
- How do you keep abreast of your customer needs and keep your business relevant to its external environment?
5 Steps you need to consider for Business Development
Keep Abreast of Industry News
Products and services change daily and so does the needs of your customers. You need to keep abreast of industry news in your niche areas. This will allow you to know how to adapt and present your products to the ever-changing demand of your clients. As technology continues to advance, so does people’s requirement, everyone wants things faster, better, compact, easier, cheaper and a lot quicker.
Assess your Products Regularly
It is important that you analyse your product line on a regular basis. For example, if you have 6 products in the market place, you need to identify which of them equates to Stars, Questions Marks, Cash Cows or Dogs, a model based on the BCG Growth Share Matrix.
- Stars – a cash generating product that needs constant investment to stay ahead of competitors.
- Cash Cows – products that generate high profit with minimal investment
- Dogs – a bit of a slow coach that ties up capital in a mature market
- Question Mark – inability to dominate its market makes it an uncertain product which could fail or succeed.
Analysing your products helps you identify the ones you need to redevelop, adapt or discontinue. This process needs to be carried out on a regular basis to ensure the business invests its funds in products where return is likely expected.
Watch the Competition
The competition is always watching and you should do the same. You may not always catch up with the latest trend in your niche market but keeping an eye on your competitors business’ actions will help. It is worthwhile to join forum or groups in your industry where information is shared and exchanged. You can also attend networking meeting where you can meet other people in your industry to raise business concerns and learn about new developments.
Take Stock of Business Activities
To keep your business profitable you should take stock of your business activities.
Is your marketing strategy working? Are you just distributing leaflets on a regular basis or engage in email marketing daily without checking on the results. If your client base is not increasing then you might need to change your strategies.
How many new customers do you gain every month? Is it increasing or reducing at a particular time of the year? Your business might be seasonal which implies you may have to concentrate your efforts and marketing tactics on your best season or introduce other products to your product line.
Keep in Touch with Your Customers
Your customers are your main asset and you need to understand their needs to make sure you give them what they want.
A lot of businesses keep doing what they know to do whether the number of their customer increase or not. Good patronage is a good indicator of the benefits your products provides. Make sure you get feedback from your clients about your products and services. You can also send surveys to your customers so you can gauge the effectiveness of your service.
Business Development should be prioritized and build into your weekly business routine. A business needs to be ready to change with new technology, legislation and other external environment factors. If you are not in the know, you will not know what to do or how to get your business to the forefront of the pack.