Are you feeling scattered? Unsure of what to do next? Seemingly bouncing from one idea to the next? Frustrated? Almost ready to quit? Wondering if you’ll ever really figure this “business thing” out? If you answered “yes” to any of these questions, chances are you’re lacking focus in your business! Here’s the thing… if this focus is missing it’s usually a sign of a BIGGER problem… lack of a business development strategy! But before I go into how to create one, it’s important that you are clear on what a business development strategy is.
What is a Business Development Strategy?
A business development strategy is a map you use to get your business to the vision you have for it. Basically, it’s a (figurative?) map to the promised land. But have you ever tried to get somewhere that you’ve never been without a map to guide you? It’s a hectic mess with lots of wrong turns and time wasted. It’ll leave you feeling scattered, unsure of what to do next, and seemingly bouncing from one tactic to another. When you have a business development strategy in place (also know as a strategic plan) you’re able to make better decisions for your business.
When it comes to the planning portion of your business the old adage is correct… “failing to plan is planning to fail”. Your strategic plan for your business helps you make business decisions. When you can make specific decisions you’ll be able to make the progress you want and serve the people you are meant to serve. Your business’s success relies heavily on having a strategy (even a basic one) in place. Without it, you’re destined to fail.
So… how do you create a business development strategy? Simply answer these five questions:
- What’s the 3-5 year vision for your business? (Where’s the promise land?)
- What’s the mission for your business (What do you do and how? Who do you do it for? How are you different?)
- Where are you right now? (This requires a SWOT analysis)
- Based on your SWOT what are the high-level objectives? (opportunities to pursue and weaknesses to either plan for or counter)
- What’s the tactical plan to reach those high-level milestones (goals)
Of course, I’m glad I said “simple” and not “easy”. These five questions require you to do some work. The work of envisioning, the work of creating a unique value proposition, the work of self-critiquing, and finally put this all together so you can make better decisions.
Let’s take a moment and breakdown these 5 questions.
What’s the 3-5 year vision for your business?
This is the heart of your business. Why are you doing this? How will the world be different with your business in it? It’s aspirational. Reviewing your vision should get you fired up. When you are struggling your vision should renew you.
What’s the mission for your business?
This is a big question. The answer to this question encompasses: What do you do? Who do you do it for (your target market)?, How are you different? How do you do what you do?
Where are you right now?
This is meant to help you orient your self in preparation to move. You can’t use a map to get you somewhere without know where you are currently… it just doesn’t work. In this case, it’s conducting a SWOT analysis. SWOT is actually an acronym for Strengths, Weaknesses, Opportunities, and Threats. Using this process of self-critique helps you see where your business is on the playing field as well as orient you on the map.
What are your objectives?
The objectives are kinda like a relay team. There are 3 people on the same team running in the same race for the same outcome (winning!) but they have different roles. When one of them lags behind the whole team lags. Then another team member has to play catchup. This is how your objectives in your business work. They are all working together to get you to the promised land but if one of them falls back then another has to compensate for it to keep you on track (n field lol).
What are your goals?
The goals are kinda like the benchmarks for the relay team. This is how they know how much pressure or speed they need to apply to get where they want to go. It also keeps the relay team on track to succeed!
So take a step back and ask… “Am I feeling scattered because I don’t actually have a business development strategy and I’m just winging it?” If the answer is yes then now is the time to get that strategy in place. I don’t want you to be in the same place next year or even worse have quit your business by next year. So let’s get started! Hit me up in the chat and we’ll go over your business right now… what do you have to lose? (nothing!)
Let’s recap! There are five questions to answer that’ll help you build your business development strategy. Answering these questions will help you focus on building your business instead of hopping from one Facebook group to the next looking for the magic bullet. This is the magic bullet. Start here and you’ll be able to create your business objectives, goals, and marketing plans from a place of focus. You got this! I can help!
Hit me up in the chat at the bottom or side of this page or leave a comment below! I love hearing from you!
