how business development plan

How to Develop a Strategic Plan for Business Development [Free Template]

Published: May 01, 2023

Business development is usually confused with sales , often overlooked, and only sometimes given the strategic focus it deserves. Having a business development strategy, however, is crucial to long-term success. It ensures that everyone in your company is working toward a common goal.

But how do you develop a business development plan? Pull up a chair and stay awhile, I’m diving into that and more below.

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Business development.

Business development is the practice of identifying, attracting, and acquiring new business to further your company’s revenue and growth goals. How you achieve these goals is sometimes referred to as a business development strategy — and it applies to and benefits everyone at your company.

It’s not unusual to mistake business development with sales, but there’s an important distinction between the two. Business development refers to many activities and functions inside and outside the traditional sales team structure. In some companies, business development is part of the larger sales operations team. In others, it’s part of the marketing team or sits on its own team altogether.

Because business development can look so different among industries and businesses, the strategy behind this function is expansive. Below, we outline each step in the strategy and how to apply it to your business development plan.

Business Development Strategy

• Understand your competitive landscape.
• Choose effective KPIs.
• Develop long-term customer relationships.
• Implement customer feedback.
• Keep your website content and user interface fresh.
• Speed up your response time.
• Leverage a sales plan to identify areas of growth.
• Implement a social listening strategy.
• Sponsor industry organizations, conferences, and events.

1. Understand your competitive landscape.

Before you can develop a strategic plan to drive business growth, you must have a solid understanding of the competitive landscape in your industry. When you know who your ideal customer is and what problem they are looking to solve with your product or service, research who else is providing a viable solution in your industry.

Identify other companies operating in your space. What features do their products have? How competitive is their pricing? Do their systems integrate with other third-party solutions? Get crystal-clear on what the competition is offering so you know how to differentiate your product to your customers.

Featured Resource: 10 Competitive Analysis Templates

2. Choose effective KPIs.

How will you know if your business development efforts are successful? Ensure you can measure your goals with relevant, meaningful key performance indicators (KPIs) that reflect the health of your business. The result of these metrics should give you a strong indication of how effective your business development efforts are.

Featured Resource: Sales Metrics Calculator Dashboard

3. Develop long-term customer relationships.

Do you engage with your customers even after the deal has been closed? If not, it’s time to develop a plan to keep your buyers engaged. Building long-term relationships with your customers pays off. A grand majority of a company's business comes from repeat customers, and returning customers are cheaper to convert. Indeed, it’s famously known that it costs five times more to convert new customers than it does to sell to returning customers.

Not only are repeat customers easier to sell to, they can also provide valuable feedback and insights to help you improve your business. Additionally, customer testimonials can be used for valuable content that can attract your next buyer.

4. Implement customer feedback.

If and when you have customers who are willing to provide feedback on your sales process and offerings, make sure you hear them out and implement it. Your customers offer a unique, valuable perspective because they chose your product over the competition — their insights can help shape your strategy to keep your business ahead of the curve.

5. Keep your website content and user interface fresh.

When was the last time your company had a website refresh? Can you ensure that all links are working, that your site is easy to navigate, and that it is laid out and intuitive for those who want to buy from you?

Keeping your website up-to-date and easy to use can make or break the sale for customers who know they are ready to buy. Don’t make it too difficult for potential customers to get in touch with you or purchase your product directly (if that suits your business model).

6. Speed up your response time.

How fast your sales team responds to your leads can make or break your ability to close the deal. If you notice your sales process has some lag time that prevents you from responding to prospects as soon as possible, these could be areas to prioritize improvement.

7. Leverage a sales plan to identify areas of growth.

No business development strategy is complete without a sales plan . If you’ve already established a plan, make sure to unify it with your business development efforts. Your plan should outline your target audience, identify potential obstacles, provide a “game plan” for sales reps, outline responsibilities for team members, and define market conditions.

While a sales plan primarily affects your sales team, it can inform the activities of your business development reps. A sales plan can help them understand where the business needs growth — whether it’s in a new vertical, a new audience, or a new need that’s recently come to light in the industry.

Not sure how to create a sales plan? Download the following template to get started.

Featured Resource: Sales Plan Template

8. Implement a social listening strategy.

While social listening is mainly used in a marketing and customer service context, it’s also an essential practice for business development. There are more than 4 billion social media users worldwide. Naturally, social media is one of the best places to hear directly from consumers and businesses — without needing to reach out to them first.

In business development, you can use social listening to track what the general public is saying about your brand, industry, product offerings, product category, and more. It can help you identify key weaknesses in the industry, making it a prime opportunity to be the first to address those pitfalls.

Use a social listening tool to pick up on trends before they gain traction.

9. Sponsor industry organizations, conferences, and events.

A key facet of business development is reaching potential customers where they are. One of the easiest ways to do that is by sponsoring industry organizations, conferences, and events. This strategy will guarantee that your business development reps get valuable face-to-face time with your business’ target audience. The additional visibility can also help establish your business as a leader in the field.

Now that you understand what business development entails, it's time to create a plan to set your strategy in motion.

How to Develop a Strategic Plan

When we refer to a business development strategic plan, we’re referring to a roadmap that guides the whole company and requires everyone’s assistance to execute successfully and move your customer through the flywheel . With a plan, you’ll close more deals and quantify success.

Let’s go over the steps you should take to create a strategic plan.

1. Download our strategic plan template .

First, download our free growth strategy template to create a rock-solid strategic plan. With this template, you can map a growth plan for increasing sales, revenue, and customer acquisition rates. You can also create action plans for adding new locations, creating new product lines, and expanding into new regions.

Featured Resource: Strategic Plan Template

2. Craft your elevator pitch.

What is your company’s mission and how do you explain it to potential clients in 30 seconds or less? Keeping your elevator pitch at the forefront of all strategic planning will remind everyone what you’re working toward and why.

Some people believe the best pitch isn’t a pitch at all , but a story. Others have their favorite types of pitches , from a one-word pitch to a Twitter pitch that forces you to boil down your elevator pitch to just 280 characters.

Find the elevator pitch that works best for your reps, company, and offer, and document it in your business development strategy.

3. Include an executive summary.

You’ll share your strategic plan with executives and maybe even board members, so it’s important they have a high-level overview to skim. Pick the most salient points from your strategic plan and list or summarize them here.

You might already have an executive summary for your company if you’ve written a business proposal or value proposition . Use this as a jumping off point but create one that’s unique to your business development goals and priorities.

Once your executives have read your summary, they should have a pretty good idea of your direction for growing the business — without having to read the rest of your strategy.

3. Set SMART goals.

What are your goals for this strategy? If you don’t know, it will be difficult for your company and team to align behind your plan. So, set SMART goals . Remember, SMART stands for:

Featured Resource: SMART Goal Setting Template

Download the template now.

If one of your goals is for 5% of monthly revenue to come from upsells or cross-sells, make this goal specific by identifying what types of clients you’ll target.

Identify how you’ll measure success. Is success when reps conduct upsell outreach to 30 clients every month, or is it when they successfully upsell a customer and close the deal? To make your goal attainable, ensure everyone on your team understands who is responsible for this goal: in this case, sales or business development reps.

This goal is relevant because it will help your company grow, and likely contributes to larger company-wide goals. To make it time-based, set a timeline for success and action. In this case, your sales team must achieve that 5% upsell/cross-sell number by the end of the quarter.

4. Conduct SWOT analysis.

SWOT is a strategic planning technique used to identify a company’s strengths, weaknesses, opportunities, and threats.

Before conducting a SWOT, identify what your goal is. For example, “We’d like to use SWOT to learn how best to conduct outreach to prospective buyers.”

Once you’ve identified what you’re working toward, conduct market research by talking with your staff, business partners, and customers.

Next, identify your business’ strengths. Perhaps you have low employee turnover, a central location that makes it easy to visit with prospects in person, or an in-demand feature your competitors haven’t been able to mimic.

Featured Resource: Market Research Kit with SWOT Analysis Template

Your business’ weaknesses are next. Has your product recently glitched? Have you been unable to successfully build out a customer service team that can meet the demands of your customers?

Then, switch to opportunities. For example, have you made a new business partnership that will transition you into a previously untapped market segment?

What are the threats? Is your physical space getting crowded? What about your market space? Is increasing competition an issue?

Use SWOT results to identify a better way forward for your company.

5. Determine how you’ll measure success.

You’ve identified strengths and weaknesses and set SMART goals , but how will you measure it all ? It’s important for your team to know just how they will be measured, goaled, and rewarded. Common key performance indicators (KPIs) for business development include:

• Company growth
• Lead conversion rate
• Leads generated per month
• Client satisfaction
• Pipeline value

6. Set a budget.

What will your budget be for achieving your goals? Review financial documents, historical budgets, and operational estimates to set a budget that’s realistic.

Once you have a “draft” budget, check it against other businesses in your industry and region to make sure you’re not overlooking or misjudging any numbers. Don’t forget to factor in payroll, facilities costs, insurance, and other operational line items that tend to add up.

7. Identify your target customer.

Who will your business development team pursue? Your target market is the group of customers your product/service was built for. For example, if you sell a suite of products for facilities teams at enterprise-level companies, your target market might be facilities or janitorial coordinators at companies with 1000+ employees. To identify your target market:

• Analyze your product or service
• Check out the competition
• Choose criteria to segment by
• Perform research

Your target customer is the person most likely to buy your product. Do your homework and make sure your business development plan addresses the right people. Only then will you be able to grow your business.

8. Choose an outreach strategy.

What tactics will you use to attract new business for your sales team to close? You might focus on a single tactic or a blend of a few. Once you know who your target market is and where they “hang out,” then you can choose an appropriate outreach strategy.

Will your business development plan rely heavily on thought leadership such as speaking at or attending conferences? Will you host a local meetup for others in your industry? Or will your reps network heavily on LinkedIn and social media?

If referrals will be pivotal to your business’ growth, consider at which stage of the buying process your BDRs will ask for referrals. Will you ask for a referral even if a prospect decides they like your product/service but aren’t a good fit? Or will you wait until a customer has been using your solution for a few months? Define these parameters in your strategy.

Upselling and Cross-Selling

Upselling and cross-selling are a cost-effective way of growing your business. But it’s important that this tactic is used with guardrails. Only upsell clients on features that will benefit them as well as your bottom line. Don’t bloat client accounts with features or services they really don’t need — that’s when turnover and churn start to happen.

Sponsorship and Advertising

Will your BDR work with or be on the marketing team to develop paid advertising campaigns? If so, how will your BDRs support these campaigns? And which channels will your strategy include? If you sell a product, you might want to feature heavily on Instagram or Facebook. If you’re selling a SaaS platform, LinkedIn or Twitter might be more appropriate.

What’s your outreach strategy? Will your BDRs be held to a quota to make 25 calls a week and send 15 emails? Will your outreach strategy be inbound , outbound , or a healthy combination of both? Identify the outreach guardrails that best match your company values for doing business.

Strategic Plan Example

Let’s put all of these moving parts in action with a strategic plan example featuring good ol’ Dunder Mifflin Paper Company.

Elevator Pitch Example for Strategic Plan

Dunder Mifflin is a local paper company dedicated to providing excellent customer support and the paper your business needs to excel today and grow tomorrow.

Here are some additional resources for inspiration:

• Elevator Pitch Examples to Inspire Your Own
• Components of an Elevator Pitch

Executive Summary Example for Strategic Plan

At Dunder Mifflin, our strengths are our customer service, speed of delivery, and our local appeal. Our weakness is that our sales cycle is too long.

To shorten the sales cycle 5% by the end of Q4, we need to ask for more referrals (which already enjoy a 15% faster sales cycle), sponsor local professional events, and outreach to big box store customers who suffer from poor customer support and are more likely to exit their contract. These tactics should allow us to meet our goal in the agreed-upon timeline.

• How to Write an Incredibly Well-Written Executive Summary [+ Example]
• Executive Summary Template

SMART Goals Example for Strategic Plan

Dunder Mifflin’s goal is to decrease our sales cycle 5% by the end of Q4. We will do this by more proactively scheduling follow-up meetings, sourcing more qualified, ready-to-buy leads, and asking for 25% more referrals (which have a 15% shorter sales cycle already). We will measure success by looking at the sales pipeline and calculating the average length of time it takes a prospect to become closed won or closed lost.

• 5 Dos and Don'ts When Making a SMART Goal [Examples]
• How to Write a SMART Goal
• SMART Marketing Goals Template

SWOT Analysis Example for Strategic Plan

Strengths: Our strengths are our reputation in the greater Scranton area, our customer service team (led by Kelly Kapoor), and our warehouse team, who ship same-day reams to our customers — something the big box stores cannot offer.

Weaknesses: Our greatest weakness is that our sales team has been unable to successfully counter prospects who choose big box stores for their paper supply. This results in a longer-than-average sales cycle, which costs money and time.

Opportunities: Our greatest business opportunity is to conduct better-targeted outreach to prospects who are ready to buy, ask for more referrals from existing customers, and follow up with closed lost business that’s likely coming up on the end of an annual contract with a big box store.

Threats: Our biggest threat is large box stores offering lower prices to our prospects and customers and a sales cycle that is too long, resulting in low revenue and slow growth.

• How to Conduct Competitive Analysis
• How to Run a SWOT Analysis for Your Business [+ Template]
• SWOT Analysis Template and Market Research Kit

Measurement of Success Example for Strategic Plan

We will measure success by looking at the sales pipeline and calculating the average length of time it takes a prospect to become closed won or closed lost.

Budget Example for Strategic Plan

You've laid out the SMART goals and the way you'll measure for success. The budget section's goal is to estimate how much investment it will take to achieve those goals. This will likely end up being a big-picture overview, broken down into a budget by a program or a summary of key investments. Consider laying it out in a table format like so:

• Budgeting Templates
• How to Write an Incredible Startup Marketing Budget

Target Customer Example for Strategic Plan

Our target customer is office managers at small- to medium-sized companies in the greater Scranton, PA area. They are buying paper for the entire office, primarily for use in office printers, custom letterhead, fax machines. They are busy managing the office and value good customer service and a fast solution for their paper needs.

• How to Create Detailed Buyer Personas for Your Business
• Make My Persona Tool

Outreach Strategy Example for Strategic Plan

Networking, sponsorships, and referrals will be our primary mode of outreach. We will focus on networking at regional paper conferences, HR conferences, and local office manager meetups. We will sponsor local professional events. And we will increase the volume of referrals we request from existing customers.

Create a Strategic Plan for Business Development

Without a strategic plan, you can invest resources, time, and funds into business development initiatives that won't grow your business. A strategic plan is crucial as it aligns your business development and sales teams. With a solid business development strategic plan, everyone will be working toward the greater good of your company.

Editor's note: This post was originally published in January 2020 and has been updated for comprehensiveness.

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Write a business development plan

Now that you’re in the growth stage of your business, set things in motion with a business development plan.

A business development plan sets goals for growth and explains how you will achieve them. It can have a short-term or long-term focus. Review and revise your plan as often as you can. And keep building on it as your business evolves.

How to write a business development plan

Your business development plan is your roadmap to growth, so make it clear, specific and realistic.

What to include in a business development plan

• Opportunities for growth: Identify where growth will come from – whether it’s in creating new products, adding more services, breaking into new markets, or a combination of these.
• Funding plan: Determine how you’ll fund your business growth. How much capital do you already have? How much more do you need and how will you get it? Check out our guide on financing your business.
• Financial goals: Work out what revenue, costs and profits you’ll have if things stay the same. Use those numbers as a basis for setting new, more ambitious financial goals.
• Operational needs: Identify what things about your business will need to change in order to achieve growth. Will you need extra people, more equipment, or new suppliers?
• Sales and marketing activities: Figure out what sales and marketing efforts will effectively promote growth and how these efforts will change as the business gets bigger and better. Make sure your sales and marketing plan is sturdy enough to support your growing business.
• Team needs: You may need people to take on some of the tasks you’ve been doing. Think about what parts of running the business you enjoy most – and you’re good at – and what parts you might want to delegate to others. And give some thought to the culture you want to develop in your business as it grows. Check out our guide on hiring employees.

A sample business development plan

Avoid these common business development mistakes.

• Thinking short-term instead of long-term
• Underestimating how much money it will take to grow
• Not budgeting enough money to cover the costs of growth
• Focusing on too many growth opportunities: think quality, not quantity

Micro-planning can keep you focused

You may want to create some micro-plans for specific growth projects so their details don’t get overlooked. And you can build in some KPIs to measure your progress and successes. As your business grows, take note of your progress and make periodic adjustments to your business development plan to make sure it’s still relevant.

Support is out there

Remember you’re not the first to go through this. Seek out mentors, advisors or other business owners who can help you with your planning. Your accountant or bookkeeper may also be able to help or point you in the direction of the right people.

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

Growing your business

Are you ready to drop the hammer and take your business to the next level? Let’s look at how to grow.

Before you leap into growth, reflect on where you’ve come from. Find out the stage of business growth you’re at.

Understanding your business performance will help you grow. Check out common examples of small business KPIs.

Increasing sales revenue is one obvious way to help grow your business. But how do you sell more?

You can grow your business by selling more things to more people, or fewer things to fewer people. Let’s look at how.

You’re all set to grow your business. But there’s so much to keep track of. Xero’s got resources and solutions to help.

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How to write a business development plan: a step by step guide.

So we’ve already tackled how to write the infamous business plan , but now that you’re in the growth stage of your business – what’s next?

Many business owners will look to write a business development plan with the aim to make their business better. Running a business is never a stationary job, you constantly have to be looking to grow and improve.

But what exactly is a business development plan and how do you write one? Let’s find out.

Here’s What We’ll Cover:

What Is a Business Development Plan?

How to write a business development plan, key takeaways.

A business development plan is a document put together by the business owner with the aim to grow and improve their business. The plan will set goals for growth and explain how you will achieve them.

A business development strategy can have a short-term or long-term focus, or both. They should also be constantly reviewed and revised as things shift and your goals may change.

A health plan is one that builds as your business evolves.

A standard business development strategy can be split up into 6 different sections, each one with a different aim and purpose. These sections are:

You should always be looking to grow your business. In this section, you will identify where growth will come from. For example, whether it’s new product development, adding different services or breaking into new markets. Your main business development goals should always point towards growth.

According to a U.S. Bank study, 82% of small businesses fail because of poor cash flow management and understanding. That’s why it’s vital that you have a constant eye on your funding and your bottom line.

You need to understand how you’ll fund your business development. So in this section, you should lay out your current capital, and how much more you will need to sustain growth.

3. Financial Goals

You should have a good idea of your current revenue, costs and profits. These numbers can then be used as a starting point for setting new, more ambitious revenue goals. This is for when you have expanded and developed your business.

4. Operational Needs

When growing a business, your operational needs will change. For example, what started out as a two-person job can develop into needing a whole team of people. So in this section, you will need to identify what things about your business will need to change to accommodate and promote growth.

5. Sales and Marketing

No business can succeed without a strong and stable sales team and marketing team. As your business grows, so will your sales and marketing needs. So you will need to take the time to figure out your target market and what sales and marketing efforts will promote growth. You should then put all of your focus on those efforts.

It’s vital that your sales process and marketing strategies are strong and sturdy enough to support a growing business.

6. Team Needs

Every strong business needs a strong team around it. When you started your business, it’s likely that you shouldered a lot of the jobs and responsibilities. As your business grows, you’ll soon come to realize that you can no longer do this alone.

So as a business developer, you need to think about what jobs and tasks you are best and most effective at. You should then correctly delegate the other responsibilities to the appropriate team members. This is often a good way to figure out if you have the right team around you. If you dread the thought of offloading tasks to your team, you may not have the trust in your team that you should.

Business development plans may seem like a relatively daunting task. But once you figure out the basics then they can almost write themselves.

You need to have an open mindset, a realistic approach and the ability to accept some potential failures.

Expanding and developing a business is hard work, but with the right plan in place, you are giving yourself the best chance possible.

Are you looking for more business advice on everything from starting a new business to new business practices?

Then check out the FreshBooks Resource Hub .

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What Is Business Development?

• Understanding the Basics
• Areas of Development
• The Process
• Creating a Plan
• Skills Needed

The Bottom Line

• Small Business
• How to Start a Business

Business Development: Definition, Strategies, Steps & Skills

Why more and more companies worldwide are embracing this planning process

In the simplest terms, business development is a process aimed at growing a company and making it more successful. That can include seeking new business opportunities, building and sustaining connections with existing clients, entering strategic partnerships, and devising other plans to boost profits and market share.

Key Takeaways

• The overarching goal of business development is to make a company more successful.
• It can involve many objectives, such as sales growth, business expansion, the formation of strategic partnerships, and increased profitability.
• The business development process can impact every department within a company, including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.
• Business development leaders and team members need a wide range of both soft and hard skills.

How Business Development Works Within an Organization

Business development, sometimes abbreviated as BD, strives to increase an organization's capabilities and reach in pursuit of its financial and other goals. In that way, it can impact—and also call upon the specialized skills of—a variety of departments throughout the organization.

As the financial services giant American Express puts it, "When it comes to organizational growth, business development acts as the thread that ties together all of a company's functions or departments, helping a business expand and improve its sales, revenues, product offerings, talent, customer service, and brand awareness."

For example:

Sales and Marketing

Sales personnel frequently focus on a particular market or a particular (set of) client(s), often for a targeted revenue number. A business development team might assess the Brazilian market, for example, and conclude that sales of $1.5 billion can be achieved there in three years. With that as their goal, the sales department targets the customer base in the new market with their sales strategies.

Business development often takes a longer-range perspective in setting goals than many sales departments have in the past. As the Society for Marketing Professional Services puts it, "A traditional view of sales is akin to hunting, but business development is more like farming: it's a longer-term investment of time and energy and not always a quick payoff."

Marketing , which oversees the promotion and advertising of the company's products and services, plays a complementary role to sales in achieving its targets.

A business development leader and their team can help set appropriate budgets based on the opportunities involved. Higher sales and marketing budgets allow for aggressive strategies like cold calling , personal visits, roadshows, and free sample distribution. Lower budgets tend to rely on more passive strategies, such as online, print, and social media ads, as well as billboard advertising.

Legal and Finance

To enter a new market, a business development team must decide whether it will be worth going solo by clearing all the required legal formalities or whether it might be more sensible to form a strategic alliance or partnership with firms already operating in that market. Assisted by legal and finance teams, the business development group weighs the pros and cons of the available options and selects the one that best serves the business.

Finance may also become involved in cost-cutting initiatives. Business development is not just about increasing market reach and sales, but improving the bottom line . An internal assessment revealing high spending on travel , for instance, may lead to travel policy changes, such as hosting video conference calls instead of on-site meetings or opting for less expensive transportation modes. The outsourcing of non-core work, such as billing, technology operations, or customer service, may also be part of the development plan.

Project Management/Business Planning

Does an international business expansion require a new facility in the new market, or will all the products be manufactured in the base country and then imported into the targeted market? Will the latter option require an additional facility in the base country? Such decisions are finalized by the business development team based on their cost- and time-related assessments. Then, the project management /implementation team can swing into action to work toward the desired goal.

Product Management and Manufacturing

Regulatory standards and market requirements can vary across regions and countries. A medicine of a certain composition may be allowed in India but not in the United Kingdom, for example. Does the new market require a customized—or altogether new—version of the product?

These requirements drive the work of product management and manufacturing departments, as determined by the business strategy. Cost considerations, legal approvals, and regulatory adherence are all assessed as a part of the development plan.

Vendor Management

Will the new business need external vendors ? For example, will the shipping of a product require a dedicated courier service? Will the company partner with an established retail chain for retail sales? What are the costs associated with these engagements? The business development team works through these questions with the appropriate internal departments.

10 Potential Areas for Business Development

As noted earlier, business development can require employees throughout an organization to work in tandem to facilitate information, strategically plan future actions, and make smart decisions. Here is a summary list of potential areas that business development may get involved in, depending on the organization.

• Market research and analysis: This information helps identify new market opportunities and develop effective strategies.
• Sales and lead generation: This involves prospecting, qualifying leads, and coordinating with the sales team to convert leads into customers.
• Strategic partnerships and alliances: This includes forming strategic alliances, joint ventures, or collaborations that create mutually beneficial opportunities.
• Product development and innovation: This involves conducting market research, gathering customer feedback, and collaborating with internal teams to drive innovation.
• Customer relationship management: This involves customer retention initiatives, loyalty programs, and gathering customer feedback to enhance customer satisfaction and drive repeat business.
• Strategic planning and business modeling: This includes identifying growth opportunities, setting targets, and implementing strategies to achieve sustainable growth.
• Mergers and acquisitions: This involves evaluating potential synergies, conducting due diligence , and negotiating and executing deals.
• Brand management and marketing: This includes creating effective marketing campaigns, managing online and offline channels, and leveraging digital marketing techniques.
• Financial analysis and funding: This includes exploring funding options, securing investments, or identifying grant opportunities.
• Innovation and emerging technologies: This involves assessing the potential impact of disruptive technologies and integrating them into the organization's growth strategies.

The Business Development Process in Six Steps

While the specific steps in the business development process will depend on the particular company, its needs and capabilities, its leadership, and its available capital, these are some of the more common ones:

Step 1: Market Research/Analysis

Begin by conducting comprehensive market research to gain insights into market trends, customer needs, and the competitive landscape. Analyze data and gather additional information to identify potential growth opportunities and understand the market dynamics.

Step 2: Establish Clear Goals and Objectives

Leveraging that research, define specific objectives and goals for business development efforts. These goals could include revenue targets, market expansion goals, customer acquisition targets, and product/service development objectives. Setting clear goals provides a focus for the business development process.

Step 3: Generate and Qualify Leads

Use various sources, such as industry databases, networking , referrals, or online platforms to generate a pool of potential leads. Identify individuals or companies that fit the target market criteria and have the potential to become customers. Then, evaluate and qualify leads based on predetermined criteria to determine their suitability and potential value.

Step 4: Build Relationships and Present Solutions

Initiate contact with qualified leads and establish relationships through effective communication and engagement. Utilize networking events, industry conferences, personalized emails, or social media interactions to build trust and credibility. As your relationship forms, develop and present tailored solutions that align with the client's needs. Demonstrate the value proposition of the organization's offerings and highlight key benefits and competitive advantages.

Step 5: Negotiate and Expand

Prepare and deliver proposals that outline the scope of work, pricing, deliverables, and timelines. Upon agreement, coordinate with legal and other relevant internal teams to ensure a smooth contract execution process.

Step 6: Continuously Evaluate

Continuously monitor and evaluate the effectiveness of business development efforts. Analyze performance metrics , gather feedback from clients and internal stakeholders, and identify areas for improvement. Regularly refine strategies and processes to adapt to market changes and optimize outcomes.

While it's common for startup companies to seek outside assistance in developing the business, as a company matures, it should aim to build its business development expertise internally.

How to Create a Business Development Plan

To effectively create and implement a business development plan, the team needs to set clear objectives and goals—ones that are specific, measurable, achievable, relevant, and time-bound (SMART). You can align these objectives with the overall business goals of the company.

Companies often analyze the current state of the organization by evaluating its strengths, weaknesses, opportunities, and threats through a SWOT analysis . That can make it easier to identify target markets and customer segments and define their unique value proposition.

A substantial component of a business development plan is the external-facing stages. It should lay out sales and marketing strategies to generate leads and convert them into customers. In addition, it may explore new potential strategic partnerships and alliances to expand your reach, access new markets, or enhance your offerings.

Teams should conduct a financial analysis and do resource planning to determine the resources required for implementing the plan. Once you implement, you should track progress against the key performance indicators (KPIs) you've chosen.

Skills Needed for Business Development Jobs

Business development is a fast-growing field across industries worldwide. It is also one that calls upon a wide range of hard and soft skill sets.

Leaders and other team members benefit from well-honed sales and negotiating skills in order to interact with clients, comprehend their needs, and sway their decisions. They have to be able to establish rapport, cope with challenges, and conclude transactions. They need to be able to communicate clearly, verbally and in writing, to both customers and internal stakeholders.

Business development specialists should have a thorough awareness of the market in which they operate. They should keep up with market dynamics, competition activity, and other industry developments. They should be able to see potential opportunities, make wise judgments, and adjust tactics as necessary. Because many of their decisions will be data-driven, they need good analytical skills.

Internally, business development practitioners need to be able to clarify priorities, establish reasonable deadlines, manage resources wisely, and monitor progress to guarantee timely completion.

Finally, people who work in business development should conduct themselves with the utmost morality and honesty. They must uphold confidentiality, act legally and ethically, and build trust with customers and other stakeholders.

Why Is Business Development Important?

In addition to its benefits to individual companies, business development is important for generating jobs, developing key industries, and keeping the economy moving forward.

What Are the Most Important Skills for Business Development Executives?

Development executives need to have leadership skills, vision, drive, and a willingness to work with a variety of people to get to a common goal.

How Can I Be Successful in Business Development?

Having a vision and putting together a good team are among the factors that help predict success in business development. A successful developer also knows how to write a good business plan, which becomes the blueprint to build from.

What, in Brief, Should a Business Development Plan Include?

A business development plan, or business plan , should describe the organization's objectives and how it intends to achieve them, including financial goals, expected costs, and targeted milestones.

Business development provides a way for companies to rise above their day-to-day challenges and set a course for a successful future. More and more companies, across many different types of industries, are coming to recognize its value and importance.

American Express. " Business Development and Its Importance ."

Society for Marketing Professional Services. " What Is Business Development? "

World Economic Forum. " The Future of Jobs Report 2020 ," Page 30.

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Business development plan: A step-by-step approach

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A good business development plan can set you up for success. Learn how to create your own from scratch with zero experience!

If you’re just starting with business development , chances are that you’re a little confused about how you should do it. I got lost many times during my entrepreneurial journey. One of those moments was when I had to write a business development plan for the first time.

Now, the main problem was that I didn’t have a clue about what a business development plan was to start with. And of course, when I started digging, I got even more confused. I found a lot of information online, but nothing that would tell me how to do it step-by-step.

So after some years of trying and failing, I finally found my way to deal with it and build my own business development plan.

Below I’ll explain how to write a business development plan and what information you should include in practical terms. But first, let’s define what a business development plan is.

What is a business development plan?

A business development plan is a document that helps you implement your business development strategy in a step-by-step method. It involves a lot of research on the market and customers. But also, other aspects such as your competitors and buyer persona.

So, a business development plan is a detailed summary of important steps you’re going to take to grow your business. One key aspect to remember is that a business development plan is a LIVING document. This means that you have to update your plan continuously based on new information about your ecosystem.

This helps you strategize better but also ensures that it’s a document of quality insights.

A business development plan is divided into two main parts:

• Research: in the research phase, you learn more about your market, customers, and competitors.
• Action: you use your research and put it into action. Specifically, this translates into creating a value proposition, and content, and experimenting with ideas.

You can download our template for free at this link .

Step 1: Organize your business development plan

I’m a fan of organizing information in a structured, intuitive, and efficient way. Although it may sound basic, the first thing you should think about is to have a proper file you can consult on a daily basis.

It doesn’t have to contain every piece of information. Keep it simple by including only essential and key facts that will help you build an effective business development machine. Your business development plan needs to be easily accessible and quick to consult.

In this sense, you don’t need to get fancy and start looking for the latest software that promises you great time savings. Stick to something basic yet powerful. Google Sheets is your best ally when it comes to your business development plan.

So, the main goal of a business development plan is to keep information structured so that you can spot growth opportunities easier.

You can download our template for free at this link and start your business development plan.

Step 2: Market research

Market research is a stepping stone in a business development plan. It’s an activity to gather more information about customers’ preferences and needs. Many companies overlook this step thinking that their intuition will guide them through their challenges. Intuition can be helpful, but it’s still essential to know your customers better using research and data.

After all, most ideas start off from intuition. However, basing an entire plan on assumptions is never a smart strategy to use in business development. So, do your homework and make sure you always take educated guesses before starting to work on your business development plan.

Market research takes into account 3 variables . These will tell you the realistic size of the market you’re trying to target.

1 – Total Addressable Market or Total Available Market (TAM)

The TAM takes into account the entire market you’re operating in and basically tells you how much annual revenue there is available for your product or service.

Now, finding this information can be the first bummer. To me at least, it sounded quite impossible to find out. Later, I figured that there are many people out there that dedicate their life only to market research.

You can use Google to find out this information. But of course, you first need to know what you’re looking for. The information you need, in this case, is basically knowing how many companies or people would benefit from your product or service.

You also want to know how many companies operate in your exact space both in terms of services and geography. To get relevant market news, try Googling “your industry market trends”, “your market report”, or “your industry report”.

Many big consultancy groups and governmental institutions dedicate a lot of time to this type of research. It’s a good and reliable starting point.

PRO TIP: Choose your sources very carefully. You’ll find a lot of random information, learn to filter out what you’re reading.

2 – Total Served Market (TSM)

Once you know how big your market is, you need to check how much of it is already served by your competitors.

In this case, the information you’re looking for is all about your competition. You should ask yourself first how many of them you have.

Then you need to find out how well they’re doing and start hunting for as much intelligence as possible.

The info you need to look for is how many clients your competitors claim to have, what revenue they generate, and where they are present.

First, Google keywords to identify your competitors. Right after that, you can start digging deeper into their websites and find detailed info.

Bigger competitors will most likely have good press coverage. Read these articles to gather more insight.

Last, don’t overlook the importance of customer review websites. Customers can uncover many relevant details that your competitors don’t want to reveal. And of course, make use of technology to make the most out of your research.

3 – Serviceable Obtainable Market (SOM)

The last step in your market research is to quantify how much you can realistically obtain with your business development effort.

Your SOM is your share in the market. So, to put it simply, it’s not possible to have an entire market buy only your products and services. There is a specific customer base that will buy from your company . So, your SOM refers to your market share and the people that can become your customers if they see a benefit from your products or services.

SOM takes into account your brand awareness, market insights, but also competition. It helps you forecast potential earnings and also gain customers. Based on the research, you become aware of what your competitors are offering to the market. Moreover, you will be able to tailor your products and services to meet the needs and preferences of your customers.

Step 3: Competitor analysis

The third step to do when creating your business development plan is to do a competitor analysis . So far, I discussed market research and how it helps you get to know the preferences of your target audience better. But, to grow your business sustainably and profitably, it’s vital that you analyze your competitors as well.

First, figure out who your direct and indirect competitors are. So, in a Google search, we try to identify or find the ID of each company that competes in your market. This can be found in the website’s ‘About us’ section. Then, the aim is to find key personalities such as managers and executives, and so on.

Once you have this information, you can move on to products and services. You can find this on your competitor’s website as well. This specific section defines what the company specializes in. You can use this information to compare your products to those of your competitors and try to find ways to improve them.

Continue by checking their clients, and the pricing they offer for their products and services.

PRO TIP: Read the customer reviews of your competitors to spot their strengths and weaknesses. Use the insights to improve your offer.

Step 4: Customer research

After identifying your market share, you can start thinking of what kind of customers within this segment, you are trying to sell your products and services to.

The best way to tackle this is by running proper customer research that will provide you with your Ideal Customer Profile and Buyer Persona.

This is the part I like the most because it really helps you understand who you’re talking to. But how do you do it? First, if you already have some customers, start analyzing them. You want to gather more information on who they are, what they do, and their habitual traits.

For example:

• What job titles do these people have?
• How old are they?
• What communication tools do they use?
• Where do they hang out?
• What are their personalities like?
• What are their challenges?
• What do they do in their daily lives?

You can find all this info by simply checking social media profiles. Really, just by observing their social media platforms, you can get to know them in-depth! Take some time to check a few ones (at least 10) and you’re going to start seeing patterns.

Then, check some job descriptions about the people you’re targeting. This will highlight what are their professional responsibilities and how your product or service can help them. Last, it’s always advisable to run a survey.

Step 5: Build your Buyer Persona

Right after having run your customer research, you can now create your buyer persona.

The buyer persona is a semi-fictional representation of your ideal customers based on data and research,

In your buyer persona, you need to include all the relevant information you found through your customer research. It should look like something below:

Step 6: Value Propositions

The customer research concludes the research part of your business development plan. Now it’s time to put your insights into action and start building your business development strategy .

The first valuable asset you need to build is a value proposition.

A value proposition is the value your customers get should they choose to buy your products and services

The value proposition helps you communicate your value as a company and you can use it on your website, sales calls, social media posts, etc. Having a clear value proposition will help you attract the right audience and persuade potential customers to work with you.

Of course, a good value proposition is based on that, and if you followed all the steps, you should have all the insights you need.

To build a value proposition we will use the Job-To-Be-Done framework. This helps you identify what are the responsibilities of your buyer persona when they’re doing their job.

For example, a typical responsibility for a recruiter is to find the right talent .

Second, consider the pains and gains of your customers. Customers’ emotions are usually the reason behind their buying decisions. They influence their preferences, frequency of buying, and also which companies they buy from.

Especially the challenges are a crucial element in your value proposition because you can immediately link your solution to a concrete pain that your customers are facing.

For example, let’s go back to the example of the recruiter. We know that one main responsibility of a recruiter is to find talent. One major challenge for recruiters is to have enough time to process all the CVs they receive daily.

Now, let’s assume you work for a company that provides recruitment software that can automate CV screening.

A good value proposition, in this case, would sound like this:

Save 70% of your CV screening time using our recruitment software

Step 7: Content plan

Once you have your value proposition, the next step is to share it with your target audience. That’s when having a content plan becomes a must.

A content plan helps you strategize the type of information you want to feed your audience. It also helps you select the channels on which you should build your presence.

For content to be effective, you need to have a clear idea of your target audience when you write posts/emails, or articles. So, always consult your buyer persona before creating content.

Just like the value propositions, effective content revolves around the pain point you identified earlier. Use them to get the attention of your audience and provide valuable information that helps them alleviate these pains.

This will help you establish yourself as a valuable resource and when they will want to solve their issues, you’ll be the first to pop into their minds.

Step 8: Experiments

The last step in your business development plan is all about creativity and finding opportunities. This is the moment in which we create experiments to validate some of our business assumptions. Your experiment should be ideas that you think will bring sustainable growth to your company.

Once you identify some ideas, define some goals and set up the methodology you will follow to run this experiment. For example, if you heard of a new social media and you think your audience might be on it, build an experiment to validate if this is true and if it can bring you results.

Attach a goal to this idea, for example, generating 10 qualified leads on this new channel.

Then decide for how long you will run the experiment – ideally a couple of weeks. Once the experiment is over analyze what happened. If the experiment was successful, you need to scale this activity. If not, take the learnings for further improvements.

Read this article with 10 business development examples to have some ideas on how to implement your strategy.

The business development plan is a key document that helps you map your ecosystem and strategize your business development efforts .

It consists of a research part and an action part. In the first part, you analyze your market, competitors, and customers. In the second, you use your insights to build value propositions, content plans, and experiments.

The business development plan is a live document, so you have to update it every time you have new insights. Of course, you have to use it in your daily operations to make sure you’re on the right track.

The business development plan is one of the assets you will build during our training. Would you like to shake up your business development career and work in a more structured way? Then join our next cohort .

Last, if you are a company wanting to train your business development team, our custom training solutions are the best way to take your team to the next level.

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10 Key Business Development Strategies (with Examples)

In today’s world, if you want your business to grow and succeed, you need a good plan for making it happen.

There are many different ways to help your business grow, and in this article, we’ll discuss some of the best business development strategies and techniques available.

There’s a lot you can do, from finding more customers for what you already sell to coming up with new products to sell or even teaming up with other businesses.

We’ll also examine how using the Internet and technology can benefit your business and why it’s important to consider how your business affects the world and people’s lives.

What is a Business Development Strategy?

A business development strategy is a plan that a company follows to grow and get better.

Imagine it like a map that helps a business decide where to go next to make more money, find more customers, or introduce new products.

It involves figuring out what the business is good at, what customers want, and how to reach more people or sell more things.

The goal of a business development strategy is not just to grow sales, but also to build a sustainable business model that can adapt to changing market conditions and capitalize on new opportunities.

A well-crafted business development strategy ensures that a company remains competitive and continues to thrive in its industry.

Business Development Strategies

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1. Market Penetration Strategy

When we talk about business development strategies, a market penetration strategy is like the bread and butter for companies aiming to grow. It’s all about making your existing products or services a bigger hit in the markets you’re already playing in. Imagine trying to sell more ice cream in a town that loves your flavors — that’s market penetration.

Why it’s important: It’s less about reinventing the wheel and more about pushing the pedal on what already works. You can cut prices to outdo the competition, ramp up your marketing to make sure everyone knows your name, or offer deals that customers can’t resist.

Examples: Let’s say you run a coffee shop in a bustling neighborhood. To increase your market share, you might introduce a loyalty card that gives customers a free drink after they buy ten. This not only encourages repeat business but can also bring in more foot traffic as word spreads.

Why it’s a smart move: By focusing on market penetration , you’re building on your existing successes. It’s a tried and true method among business development techniques that can lead to increased sales without the costs and risks associated with targeting entirely new markets or developing new products from scratch.

In essence, beefing up your presence in current markets with strategies that have proven their worth can be a game-changer for your business. It’s about maximizing what you already do best and making sure as many people as possible know about it.

2. Market Development Strategy

Diving deeper into our exploration of business development strategies, let’s chat about the market development strategy. It’s like being an explorer, charting unknown territories, except instead of new lands, you’re venturing into new markets or customer segments with your tried-and-true products or services.

Why it’s exciting: Market development is thrilling because it opens up a world of possibilities. You could take your existing product and introduce it to a different city, country, or even a completely new demographic. It’s about finding new playgrounds where your product can shine.

Examples: Imagine you’ve been selling an innovative bike lock in urban areas where biking is a popular mode of transportation. A market development strategy might involve launching this product in suburban areas where there’s a growing interest in biking, thanks to new bike-friendly infrastructure.

How it works: This approach requires research and understanding of the new market. You’ll need to know what these new customers want, how they shop, and what kind of messaging speaks to them. It’s a classic technique in business development strategies that can pay off by expanding your customer base and opening new revenue streams.

Why it’s a brilliant tactic: By leveraging market development, you’re not just sticking to the safe confines of your existing market. Instead, you’re taking a calculated risk to grow your business. It’s a powerful way to utilize your existing successes and replicate them in a new context, making it a cornerstone among business development techniques.

In conclusion, market development is about seizing new opportunities and taking your successful product or service to new frontiers. It’s an adventurous and strategic move that requires understanding and adapting to new markets, but with the right approach, it can significantly amplify your business’s growth.

3. Product Development Strategy

The product development strategy stands out as a beacon for innovation. This strategy is about bringing new products or services to the table in your existing market. It’s akin to a chef creating a new, exquisite dish to wow patrons who already love the menu.

Why it sparkles with potential:  Product development is exhilarating because it taps into your creative resources to meet evolving customer needs or fill gaps in the market. It’s your chance to say, “Look what we can do!” and strengthen your position in the market with fresh offerings.

Examples:  Consider a tech company known for its consumer electronics. They might leverage a product development strategy by introducing smart home devices to their lineup, catering to their tech-savvy customer base’s desire for a more connected living experience.

The practical part:  Successful product development hinges on understanding your customers’ needs and staying ahead of industry trends. It requires a blend of market research, product innovation, and sometimes, a dash of daring. Among business development techniques, this one is particularly challenging because it involves creating something new, yet it’s also immensely rewarding.

Why it wins:  Embarking on product development can reinvigorate your brand and encourage customer loyalty. By continuously evolving your product offerings, you’re showing customers that you’re committed to innovation and addressing their changing needs. It’s a way to keep your audience engaged and interested in what you’ll do next.

In essence, a product development strategy is about breathing new life into your business with innovative offerings that captivate your existing market. It’s a vibrant testament to your commitment to growth and adaptation, positioning you as a forward-thinking leader in your industry.

4. Diversification Strategy

Diversification strategy is all about spreading your wings and flying into new territories with new products or services. It’s like opening a new chapter in your business’s story, venturing into uncharted waters to uncover new opportunities and revenue streams.

What makes it intriguing: Diversification is exciting because it pushes your business beyond its comfort zone. You’re not just expanding; you’re transforming. This could mean developing new products that complement your existing offerings or stepping into a completely different market with something innovative.

Examples: Consider a company that manufactures high-end cameras. They decide to diversify by entering the smartphone market with a device that boasts superior photography features. This move not only taps into the lucrative smartphone market but also leverages the company’s expertise in imaging technology.

How to implement it: Successful diversification requires thorough market research , innovation, and sometimes, a bit of courage. It’s important to assess how your new product or service fits with your brand and whether it addresses a genuine need in the market.

Why it’s a game-changer: Diversification is among the more ambitious business development techniques because it can significantly reduce risk by not putting all your eggs in one basket. Plus, it can rejuvenate your brand, making it relevant to a broader audience.

In summary , a diversification strategy is about boldly expanding your business into new areas with new offerings. It’s a move that requires careful strategic planning and a deep understanding of both your capabilities and the needs of the market. When done right, diversification can be a transformative growth strategy, setting your business on a path to new heights and successes.

5. Strategic Partnerships and Alliances

This strategy is about joining forces with other businesses to achieve common goals, leveraging each other’s strengths to unlock new opportunities.

Why it’s compelling: Strategic partnerships are like having a buddy system in the business world. They allow you to share resources, knowledge, and markets with another organization, making it easier to tackle ambitious projects or enter new markets. It’s about creating a win-win situation where both parties can grow and succeed.

Examples: Imagine a software company offering custom software development services and specializing in educational technology. By forming an alliance with a content creation firm that produces high-quality educational material, they can offer a more comprehensive learning platform. This partnership not only enhances their product offering but also opens up new customer segments.

How it works: Forming a strategic partnership or alliance involves identifying potential partners who share your vision and complementary strengths. The key is to clearly define the terms of the partnership, including roles, responsibilities, and how success will be measured.

Why it’s effective: This approach is one of the more synergistic business development techniques, as it enables companies to combine their efforts for greater impact. Partnerships can help businesses achieve objectives that would be difficult or impossible to achieve alone, such as expanding into new geographical markets or combining technologies to create innovative solutions.

In essence, strategic partnerships and alliances are about collaboration and mutual growth. By carefully selecting the right partners and aligning your goals, businesses can unlock new potentials and navigate the path to success more efficiently.

6. Mergers and Acquisitions

Mergers and acquisitions (M&A) represent a powerful avenue among business development strategies, where companies either merge with or acquire another company to boost growth, access new markets , or enhance capabilities. Think of it as joining forces with others to conquer territories or pooling resources to build an empire. It’s a fast track to expansion that can otherwise take years to achieve organically.

Why it’s impactful: M&A can dramatically change the scale of your business, providing instant access to new customers, technologies, and resources. It’s a strategy that can lead to significant market power and competitive advantages almost overnight.

Examples: A classic example would be a large tech company acquiring a smaller startup that offers innovative technology or services that complement the larger company’s product offerings. This not only eliminates a potential competitor but also integrates new technologies into the company’s portfolio, driving further innovation and growth.

Executing the strategy: Success in M&A requires diligent due diligence, strategic alignment, and effective integration planning. It’s crucial to ensure that the companies’ cultures, values, and business models align to avoid integration challenges post-acquisition.

Why it’s a savvy move: From a business development perspective, mergers and acquisitions can offer a shortcut to growth that organic methods can’t match. It allows companies to diversify their offerings, enter new markets rapidly, and acquire strategic assets or skills they lack.

In essence, M&A is about making bold moves to accelerate your company’s growth trajectory. While it comes with its set of challenges and risks, including cultural integration and financial investment, the potential rewards in terms of market expansion, enhanced capabilities, and increased competitiveness make it a crucial tactic in the arsenal of business development strategies.

7. Customer Retention Strategies

Venturing further into our journey through business development strategies, let’s zero in on customer retention strategies. Unlike the exploratory nature of entering new markets or launching new products, customer retention is all about deepening relationships with the customers you already have.

Why it matters: Retaining customers is often more cost-effective than acquiring new ones. Loyal customers not only continue to buy from you but are also more likely to recommend your products or services to others, acting as brand ambassadors.

Examples: An online streaming service introduces a tiered membership program, offering exclusive content and early access to new releases for premium members. This not only incentivizes longer subscription commitments but also enhances the perceived value of the service.

Key techniques: Effective customer retention strategies can include loyalty programs, exceptional customer service, feedback loops for continual improvement, and personalized marketing efforts. These techniques recognize and reward customer loyalty, creating a more personalized and satisfying experience.

Why it’s a cornerstone strategy: Focusing on customer retention is a crucial component of business development strategies because it builds a stable revenue base and fosters a community of loyal customers. This, in turn, can lead to more predictable sales and a stronger brand.

In essence, customer retention strategies are about showing appreciation for your current customers, ensuring they feel valued and understood. This not only secures their continued business but also transforms them into vocal supporters of your brand, contributing to a virtuous cycle of growth and loyalty.

8. Networking and Relationship Building

Let’s talk about networking and relationship building. Unlike direct sales tactics or digital marketing efforts, networking is about cultivating long-term relationships that can lead to opportunities, referrals, and partnerships down the line.

Why it matters: In the realm of business development, who you know can be just as important as what you know. Building a strong network can open doors to new clients, insights into industry trends, potential partners, and even investors. It’s about creating a web of connections where value is exchanged mutually over time.

Example: Imagine attending industry conferences, not with the primary goal of immediate sales, but with the intention of meeting other professionals in your field, sharing knowledge, and learning about their needs and challenges. Over time, these connections can lead to collaborative projects, referrals, or simply valuable advice.

How to approach it: Effective networking is rooted in genuine interest in others and a willingness to offer help and resources without the immediate expectation of getting something in return. It’s about building trust and rapport by being reliable, knowledgeable, and generous.

Why it’s a strategic move: Networking and relationship building are fundamental business development techniques because they leverage the power of human connections. Relationships built on trust and mutual respect can be the most durable and valuable assets in your business development arsenal.

N etworking and relationship building aim to cultivate meaningful relationships that can evolve into powerful catalysts for business growth.

9. Digital Transformation and Innovation

As we dive deeper into the world of business development strategies, it’s impossible to overlook the immense impact of digital transformation and innovation. This strategy is about leveraging the latest digital technologies to fundamentally change how your business operates and delivers value to customers. Think of it as the process of turning your traditional analog business into a smart, tech-savvy enterprise ready to face the modern digital world head-on.

Why it’s crucial: In today’s fast-paced business environment, technology can be a major differentiator. Digital transformation not only streamlines operations but also enhances customer experiences, opens up new channels for engagement, and fosters innovation. It’s about staying relevant and competitive in a digital-first world.

Examples: Consider a traditional brick-and-mortar retailer that adopts an omnichannel approach, integrating their in-store experience with a seamless online shopping platform. This might include a mobile app that customers can use to scan products in-store, read reviews, check out online, and even receive personalized recommendations based on their shopping history.

How to implement it: Embracing digital transformation requires a clear vision, strong leadership, and a willingness to invest in new technologies. It often involves adopting cloud computing, leveraging big data analytics, automating processes with AI, and enhancing customer interactions through digital channels.

Why it’s a game-changer: Digital transformation and innovation can revolutionize the way you do business, making you more agile, efficient, and customer-centric. It’s a powerful business development technique that not only drives growth but also builds resilience against disruptions in the market.

The journey towards digital transformation and innovation is about reimagining your business for the digital age. It offers a unique opportunity to innovate, differentiate, and deliver exceptional value to your customers.

10. Corporate Social Responsibility (CSR)

CSR is about businesses taking responsibility for their impact on society and the environment. It’s a strategy that aligns a company’s operations with social values and environmental sustainability practices. Think of it as doing well by doing good; when companies invest in CSR, they not only contribute positively to the world but also build trust and loyalty among customers and employees.

Why it’s important: Today’s consumers and workers are increasingly conscious of the ethical practices of the companies they buy from and work for. Implementing CSR initiatives can enhance your brand’s reputation, attract and retain top talent, and open up new business opportunities with like-minded partners and customers.

Examples: Imagine a clothing manufacturer that decides to source materials exclusively from suppliers that adhere to fair labor practices and environmental standards. Additionally, they might launch a recycling program, encouraging customers to return used items for recycling in exchange for a discount on their next purchase.

How to engage in CSR: Effective CSR goes beyond one-time charitable donations; it involves integrating sustainable and ethical practices into everyday business operations. This might include reducing carbon footprints, enhancing employee welfare programs, engaging in community development projects, or supporting social causes through partnerships with non-profits.

Why it’s a strategic move: CSR is among the most impactful business development techniques because it builds a strong emotional connection with stakeholders. Companies that are seen as socially responsible can differentiate themselves in crowded markets, foster loyalty among customers, and create a positive corporate image that attracts investment and partnership opportunities.

Corporate Social Responsibility is not just a moral obligation; it’s a strategic business development approach that can drive long-term success. By prioritizing CSR, companies not only contribute to a better world but also build a strong, sustainable brand that resonates with today’s ethically minded consumers and employees. It’s a testament to the power of combining profit with purpose to achieve growth and impact.

FAQs on Business Development Strategies

1. What is the purpose of a business development strategy? The primary purpose of a business development strategy is to identify and implement opportunities for growth within and outside a company. This can include increasing revenue, expanding into new markets, developing new products or services, enhancing customer relationships, and forming strategic partnerships or alliances.

2. How do I choose the right business development strategy for my company? Choosing the right business development strategy involves understanding your business’s current position, goals, and the specific challenges and opportunities in your industry. Analyze your target market, competition, internal capabilities, and resources. It’s also essential to align the strategy with your company’s overall vision and mission.

3. Can you give examples of effective business development techniques? Effective business development techniques include networking and relationship building, leveraging social media and digital marketing, attending industry events and trade shows, conducting market research to identify new opportunities, and employing customer feedback to improve products and services.

4. How does market penetration differ from market development? Market penetration focuses on increasing the market share of an existing product within its current market, often through competitive pricing, marketing initiatives, and sales promotions. Market development, on the other hand, aims to enter new markets or target new customer segments with existing products, requiring adaptations to marketing strategies and possibly the product itself to meet different customer needs.

5. What role does innovation play in business development strategies? Innovation is crucial for sustaining growth and staying competitive. It involves developing new or improved products, services, processes, or business models that meet emerging customer needs or create new markets. Innovation can differentiate a company from competitors and drive long-term success.

6. How important are strategic partnerships and alliances in business development? Strategic partnerships and alliances are vital for leveraging complementary strengths, resources, and markets to achieve mutual growth objectives that might be difficult to accomplish independently. These collaborations can provide access to new markets, technologies, expertise, and customer bases.

7. What are some common mistakes in implementing business development strategies? Common mistakes include failing to conduct thorough market research, not aligning the strategy with the company’s core competencies and goals, underestimating the resources required, neglecting existing customers in pursuit of new ones, and not adapting to market feedback or changing conditions.

8. How can a company measure the success of its business development strategies? Success can be measured through various metrics, including revenue growth, market share expansion, customer acquisition and retention rates, profitability improvements, and achievement of strategic goals. Regularly reviewing these metrics and adjusting strategies as necessary is key to sustained growth.

9. Why is customer retention considered a business development strategy? Customer retention is crucial because acquiring new customers can be significantly more expensive than keeping existing ones. Retained customers often make repeat purchases and can become brand advocates. Effective retention strategies can lead to sustained revenue growth and profitability.

10. How does CSR (Corporate Social Responsibility) enhance business development? CSR enhances business development by building a positive brand image, fostering customer loyalty, attracting and retaining talent, and potentially opening up new markets or customer segments. Companies that are viewed as socially responsible can differentiate themselves from competitors and achieve sustainable growth.

Conclusion and Key Takeaways

In conclusion, navigating the complexities of today’s business landscape requires a strategic approach to development that encompasses a broad range of tactics and methodologies.

From diving into the depths of market penetration and development strategies to exploring the innovative horizons of digital transformation, businesses have at their disposal a plethora of paths to achieve growth and sustainability.

The key takeaways from our exploration into business development strategies and techniques underscore the importance of a multifaceted approach tailored to your company’s unique goals and market conditions.

Key Takeaways:

• Strategic Alignment: Ensure that your business development strategies are in harmony with your company’s overall vision, mission, and capabilities. Tailoring strategies to fit your unique strengths and market position can lead to more effective and sustainable growth.
• Customer-Centric Approach: Whether it’s through retention strategies, innovation, or CSR initiatives, keeping the customer at the heart of your business development efforts is crucial. Understanding and addressing their needs can drive loyalty and long-term success.
• Adaptability and Innovation: In a rapidly changing business environment, staying adaptable and open to innovation can set you apart from competitors. Embrace digital transformation and continually seek new ways to improve your offerings and processes.
• The Power of Relationships: Building and maintaining strong relationships through networking, strategic partnerships, and alliances can open up new opportunities and resources critical for growth.
• Measure and Adjust: Regularly measuring the success of your business development strategies with clear metrics is essential. Be prepared to adjust your approach based on performance data and shifting market dynamics.
• Sustainability and Responsibility: Incorporating CSR into your business development strategies not only contributes positively to society but also enhances your brand’s reputation and appeal to modern consumers and employees.

By embracing these key insights, businesses can develop a robust framework for growth that leverages the best practices in business development strategies and techniques.

Remember, the path to success involves not just the pursuit of growth for its own sake but doing so in a manner that is sustainable, responsible, and aligned with your core values.

Here’s to your business’s continued growth and success in navigating the exciting challenges and opportunities that lie ahead.

About The Author

Silvia Valcheva

Silvia Valcheva is a digital marketer with over a decade of experience creating content for the tech industry. She has a strong passion for writing about emerging software and technologies such as big data, AI (Artificial Intelligence), IoT (Internet of Things), process automation, etc.

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How to Write a Business Development Plan (2022)

When you need to attract attention to your startup, a business development plan can uncover hidden growth opportunities. Here's how to get started.

Vivienne Chen

Vivienne is a Product Marketer at Bubble. She is a storyteller and is passionate about meaningful ways technology can help foster social solidarity.

More posts by Vivienne Chen.

Building a successful company without a business plan is possible, but we wouldn't recommend it. The same could be said about business development.

A business development plan outlines objectives and strategies that will help you grow your business. Like a more general business plan, your business development plan helps keep you on the path to success in a variety of ways. It outlines steps to keep everyone focused on the health or expansion of the business, identifies challenges before they become surprises, and shows potential investors that you've thought about your plan.

Business Development Strategies

Business development (BD) is a broad practice of identifying and converting new clients or customers to drive growth. The strategies in your business development plan might include sales, marketing, and several other types of initiatives. Your BD plan could include any of the following common strategies:

1 – Networking

For many founders, business development through networking is a great place to start. You already have a head start if any of your personal connections fall within your target audience or if you have a good reputation in your field. Another benefit of networking as a BD strategy is that you can often do it for free, especially on digital platforms like LinkedIn. Once you have the time, you can start reaching out to your network whenever you're ready.

2 – Outbound Sales

People often talk about sales and business development interchangeably, but the sales function has a slightly narrower focus: converting leads into new clients. Modern sales teams typically use email, phone, LinkedIn, and occasionally traditional mail to reach their prospects. You have to close the deal at some point, so sales connects to many other BD strategies. For example, leads from content marketing might go to the sales team for outreach.

3 – Referrals

Referrals are closely related to both sales and networking. Your personal network might refer prospects to you, and the sales team might engage with those referrals. Delighting your current clients and then asking them for referrals is the best way to win new business with this strategy. Still, it often takes time to build a strong enough reputation that you get many referrals.

4 – Content Marketing

Content marketing is a popular choice for businesses with small marketing budgets. That said, there is still some cost associated with creating quality content. If nothing else, you have to put your own time into it. Creating and publishing content can establish thought leadership, increase your visibility in the marketplace, and attract inbound traffic through SEO.

5 – Advertising

If you have the budget for it, advertising is an option. Targeted digital ads are generally the best bet for rapid growth, but there are other opportunities. In traditional media, you might place an ad or a sponsored article in a niche magazine for people in your field. Alternatively, you might pay to sponsor an industry event that will get you in front of your target audience.

6 – Strategic Partnerships

Strategic business opportunities such as partnerships and marketing alliances can connect a company to new clients. That is, another company might help you grow if you can make it mutually beneficial. A strategic partnership might entail a partner selling your product for you on the condition that they get to implement and administer the product. After a large round of funding, there might be an opportunity to enter new markets through acquisitions.

Business Development Tactics

After considering your business development strategy options, you’re ready to develop a written plan. Online resources like this guide from HubSpot offer templates to help you organize your thoughts. As you commit your business development plan to writing, it’s time to get into the tactical details of how you’ll execute your strategies. Tactics like the following are where the rubber meets the road:

• Consultations, Product Demos, and Assessments – Simply put, show people what your product is all about. You might provide consultations or demos to your network, to new referrals, or as part of the sales process.
• Webinars – You might not get the personal touch of one-to-one consultation in a webinar, but the reach is much broader. Webinar recordings also make helpful pieces of content to re-share, and you can even use Bubble to create a no-code app for hosting your webinars .
• PR, Earned Media, and Speaking Engagements – Connections with relevant journalists and event organizers can help you gain exposure and solidify yourself as a thought leader. You're more likely to get some spotlight if you have original research or innovative ideas.
• Sales Sequences and Nurture Campaigns – Great sales materials can help your team close deals. Provide your sellers and community managers with strong assets to ensure their messaging is effective and on brand .
• SEO – You can get organic traffic by creating great digital content on an easy-to-build no-code website and social media platforms and by working on the technical side of search engine optimization .
• Industry Events – Attending relevant events is a great way to build your network and connect with your target audience.
• Social Media – Building an online following can be cost-effective if you have the time and the know-how. Per HubSpot , most marketers post on social media four to six times a week in an effort to boost engagement.
• Pay-Per-Click (PPC) Ads – This advertising model is popular on social media and search engines. Meta, Google, and other companies have extensive marketing data to help you target the right prospects, which is why 65% of SMBs run PPC campaigns .

This list is not exhaustive. Because business development is so broad, you might use any number of tactics to advance your strategies.

Choosing a Course of Action for Your Business Development Plan

Ultimately, the best BD strategies and tactics are the ones that match your business. Selling a niche cybersecurity product for financial organizations differs from promoting an iPhone app for the general public. Revisiting the vision and mission of your business might help you identify business development opportunities.

Audience research is crucial, too, because you have to meet your audience where they are. Additional analysis of your competitors can help you find your unique selling points and position your product. Finally, define which metrics you'll use to measure success. This information will tell you if your BD plan is working or if you need to reconsider your strategies and tactics.

Above all, and once you've written your business development plan, build a great product . Once you do that, business development gets much easier.

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Strategic Business Alignment

Your guide to creating a strategic business development plan.

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Every business faces the challenge of crafting an effective business development strategy . But what exactly is strategic business development? In simple terms, it’s a vital tool that ensures long-term success by aligning everyone in your organization towards a common objective.

A well-defined strategy outlines what your organization aims to achieve and the necessary steps to get there. It provides a clear roadmap, guiding your transition from broad directions to specific initiatives and ongoing operations. A strategic business development plan plays a crucial role in driving growth and ensuring sustainable success.

Now, let’s explore the strategic plan further, understand its significance, and dive into the art of crafting a winning business development plan.

Strategic Business Development Plan – What Is It?

A business development strategy is crucial for achieving organizational objectives and driving growth. It involves finding and implementing effective business growth strategies. With a well-defined growth strategy, teams can better understand their goals and contribute to organizational objectives. Business development focuses on attracting and retaining new customers to enhance revenue and expand your organization. By developing a clear plan, your business can plan to achieve these goals.

According to a poll conducted by Bridges Business Consultancy, a staggering 48% of organizations and 85% of businesses fail to achieve even half of their strategic goals. This highlights the importance of creating a strategic business development plan. 

Importance of Strategic Business Development Plan

A well-crafted strategic business development plan is the key to unlock long-term success and growth for your organization. By defining clear goals and actionable plans, businesses can thrive and achieve greatness. But why exactly is a strategic business development plan crucial? Let’s dive into a few compelling reasons.

Improves transparency

Transparency has become recognized as a critical business trait for both customers and employees. By cultivating transparency, you can enhance your company’s success and reputation. From strengthening your sales team to improving employee retention, transparency has the power to make a significant impact. Implementing a strategic growth strategy ensures that everyone in your organization is aware of the goals and their role in achieving them, thus promoting transparency.

Increases sales

At the heart of business development lies growth. Increasing sales is the ultimate goal, and businesses need a plan to make it happen. A strategic business development plan allows you to identify markets and products with high-profit potential, enabling you to prioritize partnerships and make informed decisions. It also helps you reduce expenses, uncover untapped growth opportunities, and allocate resources efficiently. With a solid business development strategy , your bottom line will thrive.

In today’s competitive landscape, businesses must actively seek growth opportunities. A thoughtfully designed business development strategy enables you to expand your clientele, explore new markets, and offer innovative products or services. By identifying your differentiators and value propositions, you’ll set your organization apart from competitors and take a lead in the market.

Also Read: How To Improve Employee Productivity In 2024?

How to create a strategic business development plan.

Effective strategic management involves identifying an organization’s strengths and acknowledging its weaknesses. It goes beyond mere recognition and outlines a robust business strategy that maximizes the benefits and mitigates the drawbacks. A comprehensive corporate development plan comprises various components, each strategically aligned with distinct goals and objectives. Now, let’s delve into a detailed possess to create a business plan:

Define your purpose

A strategic plan serves as the overarching mission or vision statement for a company. When embarking on the creation of a corporate plan, it proves advantageous to initiate the process by clearly defining the goal of your organization . This entails a meticulous identification of the needs, preferences, and pain points of your ideal customers. By gaining a profound understanding of these factors, your plan can be more effectively tailored to cater to their specific requirements. Initiating the strategic planning process with a well-defined purpose sets the foundation for your company to deliver enhanced value over time.

Perform market research

After identifying your target market, it’s time to delve into comprehending their needs. To effectively persuade them to collaborate with you, you need to address the following inquiries:

• What are the major challenges they currently face?
• What specific services pique their interest?
• How do they approach problem-solving at present?
• How can your products or services uplift their current situation?

Once you have solid answers to these questions, it’s crucial to thoroughly research your competitors. Identify what makes you stand out from the crowd and emphasize this unique value proposition to potential clients, leveraging it as your competitive advantage.

Consider SWOT analysis

To gain a profound understanding of your company’s current standing, conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is a paramount strategy. Each element of the SWOT matrix plays a crucial role in shaping and executing an organization’s strategy. Some factors fall under internal control, while others are significantly influenced by external forces. A SWOT analysis provides a comprehensive view of your business from various perspectives. It not only sheds light on internal aspects for improvement and areas of success but also necessitates an evaluation of the external environment. This evaluation helps identify potential threats and business opportunities that can be either mitigated or seized in the future.”

Provide value to stakeholders

Investing in lasting connections with your clients is a worthwhile expense. Repeat customers not only contribute significantly to your business’s revenue but also come at a lower conversion cost. Moreover, returning customers are more open to your sales pitches, providing valuable insights for your company’s growth. However, remember that your suppliers deserve value too – it’s crucial to prioritize delivering value to them alongside your customers. And let’s not forget about the importance of prioritizing employee satisfaction in your business plan. By doing so, you’ll not only enhance employee morale but also improve customer satisfaction in the process.

Identify ways to monitor progress

Effectively monitoring the progress of your business development strategy is crucial for achieving your goals. One key approach is the utilization of key performance indicators (KPIs) tailored to your strategic objectives. Regularly tracking these KPIs provides real-time insights into the performance of various initiatives, allowing for timely adjustments and improvements. Data analytics tools play a vital role in quantifying metrics such as customer acquisition costs, conversion rates, and website traffic. Additionally, seeking feedback from customers, conducting market research, and implementing surveys can offer qualitative insights that complement quantitative data. 

Make use of technology

Embrace tools and platforms designed to enhance the efficiency of your business development activities. Utilize advanced solutions to manage leads, keep track of interactions, and engage with prospects seamlessly. Leverage social networking sites, implement marketing automation software, and integrate CRM systems to streamline your processes. Maintain flexibility and readiness to adapt to evolving consumer demands and market conditions. Regularly assess and enhance your business development approach to stay ahead and remain competitive in a dynamic business landscape.

Monitor and alter your approach

Regularly monitoring the effectiveness of your business development strategy enables you to make necessary adjustments based on valuable information and insights. Keep a close eye on the progress of your objectives and assess the efficiency of your strategy using key performance indicators (KPIs). Stay proactive by consistently evaluating market developments, gathering customer input, and monitoring competitor activities. 

A comprehensive understanding of your target market, specific objectives, and a clearly articulated value proposition are essential for crafting a successful business growth strategy.

Also Read: Modern Performance Appraisal Types that Create a Winning Culture

Summing it up.

Every successful business has its own unique qualities. That’s why it is crucial to tailor these tactics to align with your specific goals, industry, and target audience. Continuously evaluate your business development efforts and make the necessary adjustments to foster growth and triumph. 

With a well-structured strategic management approach, you can not only enjoy this process but also proudly propel your company forward. Remember, implementing a company plan requires dedication, but it is just the beginning of an exciting journey. By embracing the right planning and utilizing the appropriate resources, your organization stands a fair chance of achieving remarkable success. 

Frequently Asked Questions

1. what is the primary purpose of a strategic business development plan.

A strategic business development plan serves as a roadmap for guiding your company’s growth and success. It outlines goals, identifies opportunities, and sets a clear path for achieving sustainable development. By aligning your business activities with a well-thought-out plan, you can enhance decision-making and improve overall efficiency.

2. How often should I update my strategic business development plan?

Regular updates are crucial for keeping your strategic business development plan relevant and effective. Aim to review and, if necessary, revise the plan at least annually. However, more frequent assessments may be required if there are significant changes in your industry, market conditions, or internal factors. Flexibility and adaptability are key in ensuring your plan remains a dynamic tool for success.

3. What are the key components of a successful strategic business development plan?

A comprehensive strategic business development plan typically includes key components such as a clear mission statement, a thorough analysis of the current business environment, defined short-term and long-term goals, identification of target markets, competitive analysis, and a detailed implementation strategy. It should also outline how progress will be measured and what mechanisms are in place for regular evaluation and adjustments.

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How to Develop a Business Strategy: 6 Steps

• 25 Oct 2022

Business strategy can seem daunting, and for good reason: It can make or break an organization. Yet, developing a strong strategy doesn’t need to be overwhelming.

In the online course Business Strategy , Harvard Business School Professor Felix Oberholzer-Gee posits that strategy is simple. His secret? Focus on your organization’s value creation.

“Strategy often sounds like a lofty concept that only the most senior executives can develop,” Oberholzer-Gee says. “But actually, anyone can think and act strategically. It doesn’t need to be difficult; all you need is a proven framework.”

Here’s a breakdown of why business strategy is important, the basics of value-based strategy, and six steps for developing your own.

Why Do You Need a Business Strategy?

Business strategy is the development, alignment, and integration of an organization’s strategic initiatives to give it a competitive edge in the market. Devising a business strategy can ensure you have a clear plan for reaching organizational goals and continue to survive and thrive.

According to a study by Bridges Business Consultancy , 48 percent of organizations fail to meet half of their strategic targets and 85 percent fail to meet two-thirds, highlighting why dedication to the business strategy process is crucial.

One type of business strategy is called value-based strategy, which simplifies the process by leveraging the value stick framework to focus on the advantage your business creates.

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What Is Value-Based Strategy?

Value-based strategy , also called value-based pricing, is a pricing method in which an organization relies on the perceived value of its goods and services to determine its pricing structure and resource allocation.

The value stick framework can be used to visualize how various factors impact each other and determine which initiatives to pursue to increase value for all parties.

The value stick has four factors:

• Willingness to pay (WTP) : The highest price a customer is willing to pay for your product or service
• Price : The amount customers have to pay for goods or services
• Cost : The amount a company spends on producing goods or services
• Willingness to sell (WTS) : The lowest amount suppliers are willing to accept for the materials required to produce goods or services

To determine how to best create value, you can toggle each factor on the value stick to see how the others are affected. For instance, lowering price increases customer delight.

"As strategists, we really ask three questions,” Oberholzer-Gee says in Business Strategy. “How can my business best create value for customers? How can my business create value for employees? And how can my business create value by collaborating with suppliers? Think of a company's strategy as an answer to these three questions."

Related: 4 Business Strategy Skills Every Business Leader Needs

6 Steps to Develop a Value-Based Business Strategy

1. define your purpose.

When approaching business strategy, defining your organization’s purpose can be a useful starting point.

This is vital in creating customer and employee value, especially if your organization’s purpose is linked to a cause such as environmental protection or alleviating specific social issues.

A recent survey conducted by clean energy company Swytch found that nearly 75 percent of millennials would take a decrease in salary if it meant working for an environmentally responsible company. Nearly 40 percent selected one job over another because of an organization’s sustainability practices.

Additionally, research in the Harvard Business Review shows that consumers’ motivation to buy from sustainable brands is on the rise. Sales of products marked as sustainable grew more than five times faster than those that weren’t.

By starting with purpose, your organization can create more value down the line.

2. Assess Market Opportunity

Next, understand your market’s competitive landscape. Which companies own shares of the market? What differentiates your competitors’ products from yours? Are there any unmet needs your organization could take advantage of?

Conducting this research before planning a strategy is critical in identifying how your organization provides unique customer value and opportunities to create even more.

3. Create Value for Customers

With an understanding of the market and your company’s purpose, you can determine how your organization provides unique or greater value and strategize ways to improve.

On the value stick, the value captured by customers is called “customer delight.” It can be increased by raising their willingness to pay and decreasing the product’s price. If lowering the price isn’t an option, brainstorm how you could make the product more valuable to customers, thus increasing their willingness to pay.

Some ways to create customer value include:

• Lowering the product’s price
• Increasing the product’s physical quality and longevity
• Providing quick, high-quality customer service and a smooth shopping experience
• Leveraging network effects , if applicable, to create a community of users
• Incorporating an environmental or social cause into processes, packaging, and branding

4. Create Value for Suppliers

In addition to creating value for customers, you also need to provide value for suppliers. Suppliers can include any company that provides raw materials, labor, and transportation to help your organization produce goods or deliver services.

Supplier surplus, also called supplier delight, is created when the cost of materials increases or their willingness to sell decreases. The relationship between a firm and its suppliers can be contentious, given that both want to increase their margins. Yet, there are ways to create value for both parties.

Some ways to create value for suppliers include:

• Agreeing to pay more for higher quality materials : While this increases the supplier surplus, it may also increase customer delight by raising willingness to pay, or increase the firm’s margin by allowing you to raise prices.
• Working with the supplier to increase efficiency : This strategy can increase supplier surplus by lowering the overall cost of the supplier’s labor and their willingness to sell.

5. Create Value for Employees

Creating value for employees is a critical part of an effective business strategy and can be assessed using the value stick. Think of your employees as the “supplier” of labor and the supplier margin as employee satisfaction.

Employee satisfaction can be increased by raising wages or lowering the minimum salary they’re willing to receive by delivering value in other ways. Satisfied employees may provide a better customer experience, resulting in increased customer delight.

The value you provide employees ensures they’re motivated to do their best work, develop their skills, and stay with your company long-term.

Some examples of ways to create value for your employees include:

• Offering competitive salaries and bonuses
• Offering benefits like ample paid vacation and sick days, generous parental leave, and wellness budgets
• Providing flexibility of work location, whether your team is fully remote or hybrid
• Aiding in professional development
• Creating a workplace rich with a diversity of experiences, identities, and ideas
• Fostering a supportive organizational culture

One example from Business Strategy is that of a call center for a diagnostics company. The employees were being paid minimum wage and expressed that the analytical nature of their phone calls with customers warranted higher pay. They also expressed pain points about cumbersome tasks and work conditions.

When a pay increase was implemented for all employees, along with operational changes to make processes smoother, employee productivity increased to the point that it balanced out the higher cost of salaries.

Because the employees’ satisfaction increased, they also began providing better experiences on the phone with customers. This increased the customers’ willingness to pay, directly impacting customer delight.

6. Map Strategy to Actionable Tasks and KPIs

Amidst creating value for each of the three groups, don’t forget the fourth party that needs value: your company. By creating value for employees, suppliers, and customers, you’re creating value for your firm, too.

To ensure you’re tracking to goals, determine your key performance indicators, what metrics constitute success, and how you’ll report results over time. Then, break each of the above value-creation goals into action items. For instance, what steps can you take to increase your employees’ compensation? Who will be responsible for each task?

Having actionable assignments and clear metrics for success will allow for a smooth transition from strategy formulation to execution.

Building Your Strategic Skill Set

By leveraging the value stick, you can create a business strategy that provides value to employees, customers, suppliers, and your firm.

To develop your strategies further and dig deeper into how to navigate value creation, consider taking an online course like Business Strategy . Professor Oberholzer-Gee walks through real-world examples of business challenges, prompts you to consider how you’d create value, and then reveals what those business leaders did and how you can apply the lessons to your organization.

Want to learn more about how to craft a successful strategy for your organization? Explore Business Strategy , one of our online strategy courses , to learn how to create organizational value. Not sure which course is the right fit? Download our free flowchart .

About the Author

• A Game-Changing Business Development Strategy to Achieve Consistent Growth

Your business development strategy can be key to the success or failure of your firm. In this post, we’ll explore how to create a strategy and associated plan that can propel an individual, a practice or an entire firm to new levels of growth and profitability.

Business Development Defined

Business development (BD) is the process used to identify, nurture and acquire new clients and business opportunities to drive growth and profitability. A business development strategy is a document that describes the strategy you will use to accomplish that goal.

The scope of business development can vary a lot from organization to organization. Consider the model professional services organizations use to get new business shown in Figure 1.

Figure 1. The three stages of the business development funnel

The first two stages of the model, Attract Prospects and Build Engagement, are traditional marketing functions. The final stage, Turn Opportunities into Clients, is a traditional sales function. In its traditional role, business development would be looking for new channels of distribution or marketing partners.

But roles are changing and naming conventions evolve. In today’s world many firms refer to the entire marketing and sales process as business development. We know, it can be confusing. So let’s sort it out a bit.

Business Development vs. Marketing

Marketing is the process of determining which products and services you will offer to which target audiences, at what price. It also addresses how you will position and promote your firm and its offerings in the competitive marketplace. The result of all this activity should be an increasing awareness of your firm among your target audience — and a stronger flow of qualified leads and opportunities.

Download the Business Development Guide

Historically, business development has been a subset of the marketing function that was focused on acquiring new marketing or distribution relationships and channels. While this role still exists in many companies, the business development title has become interchangeable with many marketing and sales functions.  

Business Development vs. Sales

Sales is the task of converting leads or opportunities into new clients. Business development is a broader term that encompasses many activities beyond the sales function. And while there is some overlap, most traditional BD roles are only lightly involved in closing new clients.  

Business development is often confused with sales. This is not too surprising because many people who are clearly in sales have taken to using the title of Business Developer . Presumably this is done because the organization believes that the BD designation avoids the stigma sometimes associated with sales.

Nowhere is this practice more prevalent than in professional services. Accountants, lawyers and strategy consultants do not want to be seen as “pushy sales people.” This titular bias is firmly rooted despite the fact that developing new business is an important role of most senior members of professional services firms. Also, the many aspects of the traditional business development role (finding new distribution channels, for instance) don’t translate easily to the professional services environment.

Since so many clients want to meet and get to know the professionals they will be working with, the Seller-Doer role is well established in many firms. The preference for Seller-Doers also tends to discourage firms from fielding a full-time sales force.

As an alternative approach to leveraging fee-earners’ time, some firms have one or more Business Developers on staff. In the professional services context, these folks are often involved in lead generation and qualification, as well as supporting the Seller-doers in their efforts to close new clients. In other organizational contexts, this role might be thought of as a sales support role.

The result of this confusing picture is that many professional services firms call sales “business development” and make it part of every senior professional’s role. They may also include some marketing functions, such as lead generation and lead nurturing, into the professional’s BD responsibilities.

It is on this expanded role — in which business development encompasses the full range of lead-generation, nurturing and sales tasks — that we will concentrate on in this post.

See also: Heller Consulting Case Story

Business Development Examples

To clarify what the professional services business development role entails, let’s consider this business development example:

Bethany is the Director of Business Development at a fictional mid-sized architecture firm. She is not an architect herself. Nor is she involved in any aspect of delivering client projects. Instead, her role is exclusively focused on signing new business for her firm—whether new or existing clients. 

For new clients, Bethany spends much of her time responding to RFPs, communicating directly with inbound leads generated by the marketing/sales enablement team, and nurturing potential clients that she met at a recent industry conference. Bethany also collaborates with the marketing team in the development of any materials she needs to sell to new accounts.

When it comes to existing accounts, Bethany also plays a major role. She meets monthly with delivery teams to understand whether current client projects are on scope or if change orders are needed. She also maintains a relationship with clients’ key stakeholders. If an opportunity for more work opens, she knows that her relationship with the client is an important component of the potential deal.

In this example, Bethany is the primary driver of business development but that does not mean she is doing this alone. Her colleague, Greg, is a lead architect at the firm. While Greg’s primary focus is delivering for his clients, business development—and even marketing—is also an important part of his professional life. Greg often attends industry conferences with Bethany, where he is a speaker and subject matter expert and she is the primary networker. The business development dynamic should not end with Bethany, and it should permeate the whole organization.

In this business development example, you can see that the range of roles and responsibilities is wide. This is why it is essential that business development be delivered strategically. Let’s talk about what that means.

Strategic Business Development

Not every business development activity has the same impact. In fact, many are opportunistic and tactical in nature. This is especially true for many Seller-Doers. 

Caught between the pressures of client work and an urgent need to bring in new business, they cast about for something quick and easy—maybe a small piece of business at a low price point—that will produce short term results. Of course, this is no real strategy at all.

Strategic business development is the alignment of business development processes and procedures with your firm’s strategic business goals. The role of strategic business development is to acquire ideal clients—the kind that are highly profitable and aren’t overly demanding—for your highest priority services using brand promises that you can deliver upon.

Deciding which targets to pursue and strategies to employ can be a high stakes decision. A good strategy, well implemented, can drive high levels of growth and profitability. A poorly conceived strategy can stymie growth and frustrate valuable talent.

Yet many firms falter at this critical step. They rely on habit, anecdotes and fads — or worse still, that innovation killer, “this is how we have always done it.” In a later section, we’ll explain how to develop your strategic business development plan. But first let’s explore some of the strategies that might go into that plan.

Top Business Development Strategies

Let’s look at some of the most common business development strategies and how they stack up agains what today’s buyers are looking for .

Networking is probably the most universally used business development technique. It’s built on the ideas that professional services buying decisions are rooted in relationships, and the best way to develop new relationships is through face-to-face networking.

It certainly is true that many relationships are established in that way. And if you are networking with members of your target audience, you can develop new business. But there are limitations. Today’s buyers, however, are very time pressured, and networking is time consuming. It can be very expensive, if you consider travel and time away from the office.

Newer digital networking techniques can help on the cost and time front. But even social media requires an investment of time and attention.

A close relative of networking, referrals are often seen as the mechanism that turns networking and client satisfaction into new business. You establish a relationship, and that person refers new business to you. Satisfied clients do the same.

Without question, referrals are common, and many firms get most or all of their business from them. But referrals are passive. They rely on your clients and contacts to identify good prospects for your services and make a referral at the right time.

The problem is, referral sources often don’t know the full scope of your services or the range of ways you can help a client. So many referrals are poorly matched to your capabilities. Other well-matched referrals go unmade because your referral source fails to recognize a great prospect when they see one. Finally, many prospects that might be good clients rule out your firm before even talking with you. One  study puts that number at over 50%.

Importantly, there are new digital strategies that can accelerate referrals. Making your specific expertise more visible is the key. This allows people to make better referrals and increases your referral base beyond clients and a few business contacts.

Learn More: Referral Marketing Course

Sponsorships and Advertising

Can you develop new business directly by sponsoring events and advertising? It would solve a lot of problems if it works. No more trying to get time from fully utilized billable professionals.

Unfortunately, the results on this front are not very encouraging. Studies have shown that traditional advertising is actually associated with slower growth. Only when advertising is combined with other techniques, such as speaking at an event, do these techniques bear fruit.

The most promising advertising strategy seems to be well-targeted digital advertising. This allows firms to get their messages and offers in front of the right people at a lower cost.

Outbound Telephone and Mail

Professional services firms have been using phone calls and mail to directly target potential clients for decades. Target the right firms and roles with a relevant message and you would expect to find new opportunities that can be developed into clients.

There are a couple of key challenges with these strategies. First they are relatively expensive, so they need to be just right to be effective. Second, if you don’t catch the prospect at the right time, your offer may have no appeal relevance — and consequently, no impact on business development.

The key is to have a very appealing offer delivered to a very qualified and responsive list. It’s not easy to get this combination right.

Thought Leadership and Content Marketing

Here, the strategy is to make your expertise visible to potential buyers and referral sources. This is accomplished through writing, speaking or publishing content that demonstrates your expertise and how it can be applied to solve client problems.

Books, articles and speaking engagements have long been staples of professional services business development strategy. Many high visibility experts have built their practices and firms upon this strategy. It often takes a good part of a career to execute this approach.

But changing times and technology have reshaped this strategy. With the onset of digital communication it is now easier and much faster to establish your expertise with a target market. Search engines have leveled the playing field so that relatively unknown individuals and firms can become known even outside their physical region. Webinars have democratized public speaking, and blogs and websites give every firm a 24/7 presence. Add in video and social media and the budding expert can access a vastly expanded marketplace.

But these developments also open firms to much greater competition as well. You may find yourself competing with specialists whom you were never aware of. The impact is to raise the stakes on your business development strategy.

Combined Strategies

It is common to combine different business development strategies. For example, networking and referrals are frequently used together. And on one level, a combined strategy makes perfect sense. The strength of one strategy can shore up the weakness of another.

But there is a hidden danger. For a strategy to perform at its peak, it must be fully implemented. There is a danger that by attempting to execute too many different strategies you will never completely implement any of them.

Good intentions, no matter how ambitious, are of little real business development value. Under-investment, lack of follow through and inconsistent effort are the bane of effective business development.

It is far more effective to fully implement a simple strategy than to dabble in a complex one. Fewer elements, competently implemented, produce better results.

Next, we turn our attention to the tactics used to implement a high-level strategy. But first there is a bit of confusion to clear up.

Business Development Strategy Vs. Tactics

The line between strategy and tactics is not always clear. For example, you can think of networking as an overall business development strategy or as a tactic to enhance the impact of a thought leadership strategy. Confusing to be sure.

From our perspective, the distinction is around focus and intent. If networking is your business development strategy all your focus should be on making the networking more effective and efficient. You will select tactics that are aimed at making networking more powerful or easier. You may try out another marketing technique and drop it if it does not help you implement your networking strategy.

On the other hand, if networking is simply one of many tactics, your decision to use it will depend on whether it supports your larger strategy. Tactics and techniques can be tested and easily changed. Strategy, on the other hand, is a considered choice and does not change from day to day or week to week.

10 Most Effective Business Development Tactics

Which business development tactics are most effective? To find out, we recently conducted a study that looked at 824 professional services firms. The research identified those firms that were growing at greater than a 20% compound annual growth rate over a three-year period.

These High Growth firms were compared to firms in the same industry that did not grow over the same time period. We then examined which business development tactics were employed by each group and which provided the most impact.

The result is a list of the ten most impactful tactics employed by the High Growth firms:

• Outbound sales calls from internal teams
• Providing assessments and/or consultations
• Business development materials
• Speaking at targeted conferences or events
• Networking at targeted conferences or events
• Conducting and publishing original research
• Live product/service demonstrations
• Presenting in educational webinars
• Marketing partnerships with other organizations
• Case studies

There are a couple of key observations about these growth tactics. First, these techniques can be employed in service of different business development strategies. For example number four on the list, speaking at targeted conferences or events, can easily support a networking or a thought leadership strategy.

The other observation is that the top tactics include a mix of both digital and traditional techniques. As we will see when we develop your plan, having a healthy mix of digital and traditional techniques tends to increase the impact of your strategy.

Business Development Skills

Now that we have identified the key business development strategies and tactics, it is time to consider the business development skills your team will need. Business development skills require a broad range of technical skills but there are some that make a difference.

When the Hinge Research Institute studied marketing and business development skills in our annual High Growth Study , we found that the firms that grow faster have a skills advantage within their marketing and business development teams.

In Figure 2 below, we see which business development skills are the most important for the high growth firms:

Figure 2. Skill ratings by marketing function (High Growth vs. No Growth firms)

Let’s dive into the top three skills from this list. 

The number one business development skill high growth firms enjoy are strong project management skills. And for experienced business development specialists, this makes good sense. Staying organized, accurately tracking business development activity, and managing accounts are essential for building and maintaining strong business relationships. Sound project management practices also allow the business development team to product stronger proposals more quickly without sacrificing quality.

The next most important skill is simplifying complex concepts. In business development conversations, it is vital that team members are able to communicate your firm’s service offerings and capabilities in a ways that prospects can understand. Speaking in industry jargon or presenting overly complicated charts creates unnecessary confusion and friction. Therefore, it is no surprise to see that the fastest growing professional services firms have an advantage in communicating complex information in a way that buyers understand.

The third most important business development skill is data analytics. Firms that make a habit of regularly monitoring key metrics have a real advantage. They can see what marketing techniques are working and which are having problems. The allows them to make course corrections in near real time. Firms that rarely or never look at data are running blind, relying instead on potentially misleading anecdotal evidence.

Review the other business development and marketing skills in the figure above and determine which skills your team should aim to develop.  Developing these skills should be a key priority of your business development team.

How to Create Your Strategic Business Development Plan

A Business Development Plan is a document that outlines how you implement your business development strategy. It can be a plan for an individual, a practice or the firm as a whole. Its scope covers both the marketing and sales functions, as they are so intertwined in most professional services firms.

Here are the key steps to develop and document your plan.

Define your target audience

Who are you trying to attract as new clients? Focus on your “best-fit” clients, not all possible prospects. It is most effective to focus on a narrow target audience. But don’t go so narrow that you can’t achieve your business goals.

Research their issues, buying behavior and your competitors

The more you know about your target audience the better equipped you will be to attract their attention and communicate how you can help them. What are their key business issues? Is your expertise relevant to those issues? Where do they look for advice and inspiration? What is the competitive environment like? How do you stack up?

Identify your competitive advantage

What makes you different? Why is that better for your target client? Are you the most cost-effective alternative? Or the industry’s leading expert? However you position your firm, your claims need to be true, provable and relevant to your target audience. It is very useful to document this positioning as you will use it over and over again as you develop your messages and marketing tools.

Choose your overall business development strategy

Pick the broad strategy or strategies you will use to reach, engage and convert your prospects. You can start with the list of top strategies provided above. Which strategy fits with the needs and preferences of your target audiences? Which ones best convey your competitive advantage? For example, if you are competing because you have superior industry expertise, a thought leadership/content marketing strategy will likely serve you well.

Choose your business development tactics

A great place to start is the list of the most effective tactics we provided above. Make sure that each technique you select fits your target audience and strategy. Remember, it’s not about your personal preferences or familiarity with a tactic. It’s about what creates a connection with your audience.

Also, you will need to balance your choices in two important ways: First, you will need tactics that address each stage of the business development pipeline shown in Figure 1. Some techniques work great for gaining visibility but do not address longer-term need to nurture prospects over time. You need to cover the full funnel.

Second, you need a good balance between digital and traditional techniques (Figure 2). Your research should inform this choice. Be careful about assumptions. Just because you don’t use social media doesn’t mean that a portion of your prospects don’t use it to check you out.

When, how often, which conferences, what topics? Now is the time to settle on the details that turn a broad strategy into a specific plan. Many plans include a content or marketing calendar that lays out the specifics, week by week. If that is too much detail for you, at least document what you will be doing and how often. You will need these details to monitor the implementation of your plan.

Specify how you will monitor implementation and impact

Often overlooked, these important considerations often spell the difference between success and failure. Unimplemented strategies don’t work. Keep track of what you do, and when. This will both motivate action and provide a great starting place as you troubleshoot your strategy. Also monitor and record the impacts you see. The most obvious effect will be how much new business you closed. But you should also monitor new leads or new contacts, at the bare minimum. Finally, don’t neglect important process outcomes such as referrals, new names added to your list and downloads of content that expose prospects and referral sources to your expertise.

If you follow these steps you will end up with a documented business development strategy and a concrete plan to implement and optimize it.

Free Resource

The Business Development Guide

How Hinge Can Help

Hinge, a global leader in professional services branding and marketing, helps firms grow faster and become more profitable. Our research-based strategies are designed to be  implemented.  In fact, our groundbreaking  Visible Firm ®  program  combines strategy, implementation, training and more.

Additional Resources

• Keep pace with the marketplace, generate leads and build your reputation all at once:  Marketing Planning Guide.
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• For more insights, check out our blog post, How to Develop a Winning Go-to-Market Strategy for Your Firm  

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9 steps for writing a strategic business development plan

Updated 04 October 2023 • 7 min read

Developing a business plan can mark the start of an exciting phase, as you start charting future growth. This document serves as the roadmap for your business development strategy as you take your business to new heights.

Creating an effective business development plan can be a tough task. It requires you to think through several aspects of your business that you may not consider on a day-to-day basis.

Don’t worry — we’re here to help. This article will walk you through how to write a business development plan, so you can grow your business in the most effective way possible. 

What is a business development plan?

A business development plan is the growth roadmap for your business. It’s a strategy document that lays out where you want to take your business and how you intend to get there. 

A thorough and carefully crafted business development plan lays out your growth targets, financial projections and the tools and resources your company needs. It may also define your marketing and efforts that support your goals.

A business development plan provides clarity and helps you keep your objectives in focus during the day-to-day grind. It also provides a strong foundation for making business decisions — if you’re not sure whether a move makes sense, you can always consult your plan.

Why do you need a business development plan?

Creating a proper business development strategy can be a lot of work. But it pays dividends by providing clarity and focus. It also helps when trying to secure funding, as it shows you've thought through all the possibilities. 

A business development plan helps you:

Get clarity

A strong business development plan helps you get clear about priorities during the hectic launch phase of your business. It helps you define your goals and objectives, as well as chart out how you’ll reach them. 

Stay focused

As you dive into the day-to-day running of your business, it can be easy to get bogged down in details and lose sight of your larger goals. Your business plan provides an anchor that keeps you in place. And if you’re already in business, it can help you take a step back and refocus on the fundamentals.

Secure funding

A detailed business plan is one of the most effective ways to show investors that you can be trusted. This is especially important when you’re just starting out and have no track record of performance. Your business plan shows that you’ve thought about how your business will fare in the long run, not just in the short term.

Achieve growth

A proper business development plan should include a roadmap. This is your high-level strategy document that serves as the map to your company’s growth. It lays out how you’ll measure success, provides targets to aim for and defines your plans for hitting them.

How to write a business development plan

If you’re convinced that you need to write your own business development plan (or update the one you have), you might be wondering where to start. Let’s walk through the process. 

1. Set clear financial goals

Your business development strategy should include clear financial goals. For example, every business wants to increase sales; however, that’s not a specific goal. Instead, set a target for your sales figures within a certain timeframe, and keep it realistic by using your current numbers as a baseline.

To do this, project your revenue, profit and expenses if business were to stay the same. Then consider what a realistic target might be and include that. This number may be lower than you'd expect, but it’s more important that it’s actually achievable.

2. Refine customer profiles

Detailed customer and audience profiles help your business effectively target its marketing efforts. Your business might already have customer profiles — updating your business plan is a perfect time to update these profiles, as well. And if you don’t have profiles yet, there’s no time like the present.

You can start refining your customer profiles by examining your current customer base. Look at their demographics and habits. Then use a similar strategy to create profiles of your ideal customers.

3. Identify key growth opportunities

Next, identify your key growth opportunities. These could be new products or services, an expansion into a new market, or even a complete rebuild of your current offerings.

Whatever these opportunities are, include them in your business development plan. Articulate how and why these opportunities will help grow the business. 

4. List funding sources

Your plan should include not just the amount of funding you’ll need, but how you plan to get it — loans , equity investors or crowdfunding , for example. Now is the time to come up with an in-depth funding strategy. Doing this legwork on the front end, while developing your plan, makes it easier to focus on execution when stress inevitably creeps in. 

This part of your plan should include the sources you’ve secured, as well as those you’d like to seek funds from. It should also include how much you’ll seek from each source, what form those funds will take, and any obstacles you might encounter.

5. Determine operational needs

You’ve laid out your goals, growth opportunities and potential funding sources. Now, look over these items and determine how to make all this happen. 

Be aware that as your operational needs expand, your business expenses will also increase. For example, you may require additional equipment, a new warehouse to enable expanded logistics, or more employees to help serve customers. Whatever it is, build it into your business development plan.

6. Develop a sales and marketing strategy

Your business development plan is the perfect place to include sales and marketing strategies. Ultimately, these will be some of the key drivers for leveraging your growth opportunities and hitting your financial goals.

As you draft these ideas, run them through this simple test: Will they still hold up if you reach your growth targets, or will you need to rework them? Ideally, you want sales and marketing strategies that can grow along with your business.

7. Create your elevator pitch

Your elevator pitch is the short-and-sweet version of your company’s mission. The premise is simple: If you were to meet someone on an elevator and only had that brief ride to pitch your company, what would you say?

Some people adopt arbitrary rules on their elevator pitch, such as limiting it to a Twitter-length 280 characters. While this limitation isn’t necessary, it should give you a good idea of the brevity of an elevator pitch and the impact you’ll need to make. 

8. Identify your resource needs

You’ve identified your broad operational needs — equipment, facilities and employees. You’ll also want to identify your resource needs. These include how you might manage your technology and team members in a more specific way.

For example, if your marketing plan involves creating video content, you’ll need the proper equipment and software to create it. Your sales strategy might involve retooling your CRM or migrating to a new system. Or, your growth targets might mean that you need to move to a new accounting platform .

9. Determine how you'll measure success

Last, but certainly not least, you’ll need to decide how you’ll measure progress towards your goals. How will you know when you’ve hit that ambitious sales target or grown your business in that new market? 

You need to be able to measure your business performance and progress. Setting targets and KPIs for your employees may be good ways to keep things on track.

Business Development Plan Template

If you need a business development plan example, we’ve put together this template . It’ll help you shape your own business plan and outline the key sections. 

Stay productive and profitable with MYOB

A strong business development plan is a powerful asset for driving growth. It helps you outline your plans and stay on course, even when you’re overwhelmed with day-to-day tasks. 

Achieving your business goals is much easier when you have help — and that doesn’t mean you need to hire more people. MYOB accounting software automates business operations like invoicing, payroll, and tax reporting, so you can spend more time focusing on strategic growth.

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How to create your business development strategy

Creating a business development strategy is essential for companies of all sizes. It enables them to identify growth opportunities, build new partnerships, and increase their customer base. 

68% believe that their business is good at developing strategies. But where do you start? And how do you ensure your strategy is an effective one? Read on to discover how to create a reliable business development strategy.

Business development

Understanding business development strategies.

Business development is the process of identifying and pursuing opportunities that will enable a business to grow. Some of the key elements of business development include market research, competitive analysis, relationship building, and sales strategies. Business development is essential for businesses of all sizes, from small startups to multinational corporations. It helps businesses to identify and pursue growth opportunities and to stay competitive in a rapidly changing marketplace.

The importance of having a business development team and strategy

A business development strategy is essential for achieving sustainable growth and success. A solid business development tactic enables you to focus on the right opportunities, reinforce your competitive position, and allocate resources effectively. A strategic approach to business development ensures that your business is well-positioned to take advantage of market opportunities, and it improves your odds of success by minimizing risks and optimizing returns.

The difference between business development and sales

While business development and sales are often used interchangeably, they are not the same thing. Sales is the process of selling products or services to customers. Business development, on the other hand, involves a wider range of activities, including market research, relationship building, and identifying new opportunities for growth. While sales is an important part of business development, it is just one aspect of the larger process of creating and implementing strategies that drive growth and profitability.

The basics of business strategy

To create a strong business development strategy, it is important to first understand the basics of business strategy. 

What is a business strategy?

A business strategy is a plan of action designed to achieve specific goals and objectives within an organization. It involves making key decisions about what products or services to offer, who the target audience is, and how to create a competitive advantage in the marketplace.

Why is it important for business development?

Developing a strong business strategy is crucial for successful business development. It helps ensure that your efforts are focused on the right areas. Plus, it helps guarantee that you’re making the best use of your resources. A clear and well-defined strategy can also help to set you apart from your competitors and build a strong brand identity.

Different types of business strategies

There are various types of business strategies that organizations can adopt, depending on their goals and objectives. Some examples include business growth strategies, cost leadership strategies, differentiation strategies, and niche strategies. Each strategy has its own benefits and drawbacks, and it is important to choose the one that is most appropriate for your business.

Defining your business development goals

When it comes to developing a business development strategy, setting achievable goals is crucial. By defining your goals, you can determine the direction you want your business to take and what you need to do to get there. 

Setting achievable goals

Make sure your goals are SMART, meaning Specific, Measurable, Attainable, Relevant, and Time-based. This will help you stay focused and ensure that your efforts are effective.

Identifying your target audience

Knowing your target audience is essential to developing a successful business development strategy. Consider factors such as demographics, behavior, and needs to understand who your potential customers are.

Creating a vision statement

A vision statement is a powerful tool that can help you define and communicate your goals. It should be a clear, concise statement that conveys what you want to achieve with your business development strategy.

Aligning your goals with your company's overall strategy

Your business development goals should align with your company's overall strategy. This will ensure that all efforts are working towards the same goals and that your business development strategy is supporting your company's growth.

Remember that your business development strategy should be a living document that can adapt to changing circumstances. By defining your goals and aligning them with your company's overall strategy, you will be well-positioned to create a successful business development plan.

Developing your business development plan

Now that you have defined your goals and identified your unique selling proposition, it's time to develop a plan that aligns with your business strategy. Below are the key steps involved in developing a strategic business development plan.

Conducting a SWOT analysis

A SWOT analysis is a strategic tool used to identify your organization's strengths, weaknesses, opportunities, and threats. It helps you to identify gaps and potential challenges that may hinder your business development efforts. Understanding these factors will help you to develop a plan that capitalizes on your strengths, mitigates weaknesses, exploits opportunities, and minimizes threats.

Identifying your unique selling proposition (USP)

Your USP is what sets you apart from your competitors. It's the unique value that you offer to your existing customers that others cannot replicate. Identifying your USP will help you to differentiate your business from the competition and showcase your value proposition. This is critical to developing a business development plan that effectively targets your ideal customer.

Creating an action plan

With your SWOT analysis and USP defined, it's time to map out your action plan. This should include specific goals, strategies, and tactics for achieving your business development objectives. Your plan should be comprehensive but flexible, allowing for changes and adjustments as you move forward.

Allocating resources

To successfully execute your action plan, you need to allocate the necessary resources to ensure its success. This includes identifying budget and staffing needs, creating timelines, and establishing key performance indicators (KPIs) that will allow you to measure progress and make adjustments as necessary. Allocating the proper resources will help to ensure that your business development plan is executed effectively and efficiently.

Implementing and managing your business development plan

Once you have developed your business development plan, it's time to implement it and manage the execution. Here are the key steps involved in implementing and managing your plan to achieve your business goals.

Defining roles and responsibilities

One of the first and most important steps is to define the roles and responsibilities of each team member involved in the implementation process. This ensures that everyone is clear about their individual responsibilities and what they need to do to achieve the desired outcomes. Communication is also crucial during this phase to ensure that everyone is on the same page and working towards the same goals.

Key skills for business development

Implementing your business development plan requires a diverse set of skills, including communication, negotiation, relationship building, and strategic thinking. Strong leadership skills are also essential to ensure that the team is motivated and committed to achieving the goals. It's crucial to ensure that team members have the necessary skills and knowledge to execute the plan successfully. If not, consider investing in training and development to help them acquire the necessary skills.

Measuring and tracking progress

Monitoring and tracking progress is essential to ensure that your plan is on track and achieving the desired outcomes. It's important to set key performance indicators (KPIs) to measure success and have a system in place to track and report progress regularly. This helps you identify any potential issues or roadblocks and make adjustments accordingly.

Implementing and managing your business development plan can be challenging, but it's essential to achieve your business goals. Regular evaluation and review can help you identify areas for improvement and make necessary adjustments along the way.

Final thoughts

Having a solid business development strategy is crucial if you want to stay competitive and achieve long-term success. 

Remember, creating a business development strategy is not a one-time activity. You need to continuously evaluate and adapt your plan to reflect changes in your market, industry, and business environment. This means keeping an eye on your progress metrics and being open to change when necessary.

There are also a few other things you can do to make your business development efforts more successful. For example, build strong relationships with key partners and clients, stay up-to-date with industry trends and innovations, and invest in your team's skills and development.

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Developing a solid business development strategy requires careful planning, setting achievable goals, and taking proactive steps to implement and manage your plan. By following the steps outlined in this blog post, you'll be better equipped to create a successful business development plan that can drive growth and profitability for your company.

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How to Create the Right Business Development Plan

Key Highlights

• A business development plan is a strategic roadmap that outlines the steps and strategies needed to achieve specific business goals, such as identifying new opportunities, expanding into new markets, forging partnerships, and improving overall performance.
• A well-crafted business development plan provides clear direction, allocates resources efficiently, aligns teams, and allows for tracking progress and measuring success.
• Key components of a business development plan include setting goals, understanding target audiences, analyzing the competition, creating marketing and sales strategies, and implementing action plans.
• Startups should focus on high-impact growth opportunities, maximize their marketing budget, build strategic partnerships, and prioritize teamwork. Large organizations should invest in long-term strategic initiatives, diversify their business development efforts, leverage their resources and expertise, and establish talent development programs.

Whether steering a fresh-faced startup or commanding a massive corporate ship, mastering the art of crafting a robust business development plan is your secret weapon for success.

In this comprehensive guide, we’ll take you through the process and strategies of creating a robust business development plan. Whether it’s leveraging market research to identify new opportunities or utilizing the power of partnerships to accelerate growth, these strategies will equip you with the tools to navigate the dynamic business landscape confidently.

• What is a Business Development Plan?

A business development plan is a strategic roadmap that helps a company grow and succeed. It outlines the steps and strategies needed to achieve specific business goals. These goals may include identifying new opportunities, expanding into new markets, forging partnerships, and improving overall performance.

Now, you might be wondering why you need a business development plan. First, it provides a clear direction for your company’s growth, ensuring your efforts are focused and targeted. For example, if your goal is to enter a new market, the plan will outline the necessary research , partnerships, and marketing efforts required to achieve that goal.

But that’s not all. A well-crafted business development plan also helps you allocate resources more efficiently , preventing wasted time and money. By outlining priorities and setting realistic timelines, you can ensure that every aspect of your business gets the attention it deserves.

Moreover, a business development plan can be one of the most powerful tools for team alignment . When everyone on your team understands the company’s objectives and strategies, they are more likely to work together seamlessly, improving overall productivity and efficiency.

A solid plan also allows you to track progress and measure success. By setting specific targets and monitoring key performance indicators (KPIs), you can quickly identify areas that need improvement and adjust your strategies accordingly.

In short, a business development plan is your company’s GPS, guiding you toward growth and success. By creating a comprehensive and actionable plan, you can ensure that your business is always moving forward, ready to seize new opportunities and overcome challenges along the way.

• Key Components of a Business Development Plan

A comprehensive business development plan should include several key components to guide your organization’s growth efforts. These components provide a structured framework for identifying, evaluating, and pursuing growth opportunities. 

Here’s a detailed look at each element:

• Goals : Clearly defined objectives and measurable targets guide your business development efforts. These goals should align with your overall business objectives and include short-term and long-term targets. When setting goals, consider using the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) to ensure they are clear and actionable.
• Target audience : A thorough understanding of your ideal customers contributes to crafting a more effective business development plan. This includes identifying their needs, preferences, and behaviors. In addition, understanding your target audience can tailor your marketing and sales strategies to reach and engage them more effectively. To identify your target audience, consider conducting market research through surveys, interviews, and focus groups, analyzing demographic data, and studying your competitors’ customer base.
• Competition analysis : A detailed examination of your competitors is necessary to identify their strengths and weaknesses and potential opportunities for differentiation. This analysis should include data on market share, product offerings, pricing strategies, marketing tactics, and customer experience. By understanding your competition, you can develop a unique value proposition that sets your organization apart and attracts your target audience.
• Marketing and sales strategies : A well-integrated strategy to engage your target audience, advertise your products or services, and produce leads significantly contributes to effective business development. Your marketing and sales strategies should be tailored to your target audience’s preferences and behaviors, using the most effective channels and tactics for reaching them. This may include content marketing, social media advertising, email campaigns, events, and other promotional activities.
• Action plans : A clear, step-by-step guide that lists the tasks, duties, and deadlines needed to reach your business development objectives is valuable for maintaining focus on your progress. This action plan should include short-term tasks, such as launching marketing campaigns or attending networking events, and long-term initiatives, like developing new products or entering new markets. Regularly reviewing and updating your action plan will ensure that your business development efforts remain focused and aligned with your objectives.
• Business Development Process

The business development process is a series of steps to identify, evaluate, and pursue growth opportunities. While the exact process may vary between organizations, it typically includes the following stages:

• Market research and analysis: In this stage, you’ll gather information about your target market, including customer demographics, preferences, and pain points. This research will help you identify potential opportunities and understand the competitive landscape better. Techniques for market research include surveys, interviews, focus groups, and analysis of existing data sources. For example, a software company looking to expand its product offerings might conduct surveys to determine which features are most desired by potential customers, helping them tailor their new product to meet market gaps.
• Identifying potential opportunities: Based on your market research, you’ll identify growth opportunities that align with your organization’s strengths and capabilities. This may include entering new markets, developing new products or services, targeting new customer segments, or forging strategic partnerships. For instance, a small e-commerce business might realize that its products appeal to a specific age group and decide to target this demographic more aggressively with marketing campaigns.
• Evaluating the feasibility of each opportunity : Once you’ve identified potential growth opportunities, assess their practicality. This involves analyzing the potential benefits, risks, and resources required for each option. You’ll want to consider factors such as market size, competition, barriers to entry, and the potential return on investment (ROI) . For example, a manufacturing company considering expanding its production capacity might delve into specifics such as the costs of acquiring new machinery, hiring and training additional staff, potential supply chain complexities, and the projected increase in revenue from enhanced production capacity.
• Developing a business development strategy : After evaluating the feasibility of each opportunity, you’ll create a strategic plan to pursue the most promising ones. This plan should outline your objectives, target markets, value proposition, and the specific tactics you’ll use to reach your goals. Your strategy may also include a timeline for implementation and key performance indicators (KPIs) to measure progress. For example, a health and wellness company might enter a new market by launching a line of supplements. Its strategy could involve targeted marketing campaigns, influencer partnerships, and social media marketing.
• Implementing the strategy and measuring results: In this final stage, you’ll implement your business development plan. This involves executing the tactics outlined in your strategy, such as launching marketing campaigns, developing new products, or establishing partnerships. Throughout the implementation process, ensure you monitor your results using the KPIs established earlier. Regularly measuring your progress will help you identify areas for improvement and make any necessary adjustments to your strategy. For instance, a B2B service provider might track the number of new clients acquired, revenue growth, and customer satisfaction scores to gauge the effectiveness of their business development efforts and make data-driven decisions to optimize their approach.
• Creating a Business Development Plan

Let’s consider a hypothetical example of a software company aiming to expand into the healthcare industry to demonstrate how a business development plan can be created.

• Step 1: Set Clear Goals and Objectives

The company sets a specific goal: “Increase our market share in the healthcare industry by 15% within the next two years.” This goal is SMART, as it is specific, measurable, achievable, relevant, and time-bound.

• Step 2: Conduct Market Research and Identify Your Target Audience

The company conducts market research to understand the healthcare industry’s needs, preferences, and pain points. They gather information through surveys, interviews, and focus groups with healthcare professionals and analyze existing data sources such as industry reports, whitepapers, and case studies.

• Step 3: Analyze Your Competition

The software company identifies its key competitors in the healthcare market, analyzing its product offerings, market share, pricing strategies, marketing tactics, and customer experience to understand its strengths and weaknesses and find potential areas for differentiation.

Step 4: Develop Marketing and Sales Strategies Based on market research and competitor analysis insights, the company tailors its marketing and sales strategies to the healthcare industry. They develop targeted content marketing campaigns, engage healthcare influencers, attend industry events, and create healthcare-specific case studies to showcase their software solutions’ value.

• Step 5: Create an Action Plan

The company outlines specific steps, responsibilities, and deadlines to expand into the healthcare market. They assign tasks to team members, establish clear communication channels for progress tracking, and ensure everyone is working towards the same objective.

• Step 6: Monitor and Measure Results

The company tracks the performance of its business development activities using key performance indicators (KPIs), such as the number of healthcare leads generated, conversion rates, and revenue growth in the healthcare sector. They regularly review these results to make informed decisions about adjusting strategies and allocating resources more effectively.

• How to Customize a Plan for Startups vs. Large Organizations

The development of a business, whether a startup or a large organization, requires a thorough understanding of its unique needs and opportunities. Nonetheless, creating a business development plan might vary between startups and large organizations. Startups often have limited resources and focus on immediate growth opportunities. 

In contrast, large organizations may allocate more resources to long-term strategic initiatives. Regardless of your organization’s size, tailoring your business development plan to meet your unique needs and goals is valuable.

• For Startups
• Identify high-impact growth opportunities : When creating an action plan for business development, startups might consider focusing on options that offer quick wins. For example, a startup could target a niche market segment with unmet needs or provide a unique solution to an existing problem. Airbnb, a startup in its early days, tapped into the unmet demand for affordable accommodations by allowing homeowners to rent out their spaces to travelers.
• Maximize your startup marketing budget : Startups frequently work with restricted budgets, making it necessary to utilize economical business development and marketing channels that deliver the most significant ROI. For instance, content marketing, social media, and email marketing can be powerful tools for startups to build brand awareness and engage with their target audience without breaking the bank. In addition, consider prioritizing essential expenses, seeking strategic partnerships, and exploring innovative ways to reduce costs and increase efficiency throughout your business operations.
• Build a strong network of strategic partners : Partnerships can help startups access new customers, resources, and expertise. For example, a startup could partner with complementary businesses to offer bundled services, co-host events, or cross-promote products. Dropbox, for instance, partnered with Samsung to provide pre-installed Dropbox storage on Samsung devices , significantly increasing their user base. To connect with larger companies for potential partnerships, attend industry events, conferences, and trade shows, and leverage social media platforms like LinkedIn to identify and engage with key decision-makers. Establishing relationships with industry leaders can open doors for collaboration.
• Prioritize teamwork and collaboration : Startups often feature smaller teams, so establishing a teamwork-driven atmosphere that bolsters productivity and capitalizes on resource allocation proves beneficial. Encourage open communication, delegate responsibilities, and set clear expectations to ensure your team works efficiently and effectively towards your business development goals.
• For Large Organizations
• Invest in long-term strategic initiatives : Large organizations can benefit from focusing on strategic business development initiatives that capitalize on their established market presence and resources. For example, large businesses can diversify their business development activities to mitigate risks and capitalize on growth opportunities. This may involve exploring new customer segments, entering different industries, or adopting new technologies. Google’s diversified portfolio, including investments in artificial intelligence, self-driving cars, and renewable energy, demonstrates this approach.
• Diversify your business development efforts : Large organizations can explore opportunities in new markets and industries to drive innovation and growth beyond their core business. This can include investing in research and development (R&D) to create innovative products or forming strategic partnerships with companies from other sectors. Amazon’s continuous expansion into new industries, such as healthcare and grocery, exemplifies this approach. By broadening their scope, large organizations can capitalize on emerging trends and stay ahead of the competition.
• Leverage your organization’s resources and expertise : Large organizations have a wealth of resources and expertise at their disposal. They can develop innovative solutions and strategies to drive business growth by tapping into this knowledge. Take IBM, for example. This tech giant leverages its profound technological know-how and data analysis expertise to develop ground-breaking solutions, like their AI platform, Watson. Watson has revolutionized industries ranging from healthcare, where it aids in diagnosing diseases and suggesting treatments, to finance, where it helps banks in risk assessment and fraud detection. The key here is leveraging what you have to create solutions that drive growth and add value for your clients’ businesses. 
• Establish robust talent development programs : One unique strength of large organizations is their capacity to develop and nurture talent within their ranks. These businesses can continuously enhance their workforce skills by investing in comprehensive training and development programs, fueling innovation and growth. This approach also helps to retain top performers, reducing turnover and promoting a high-performance culture. For instance, consider the case of General Electric. GE’s renowned leadership development programs have been instrumental in grooming a cadre of leaders who have gone on to hold top positions within GE and other major corporations. Large organizations can foster a culture of excellence, innovation, and continuous improvement by focusing on talent development.
• Strategies for Generating Creative Business Development Ideas

Don’t be afraid to challenge conventional wisdom and explore alternative business development models that deliver value to your customers. Innovation contributes to business growth and helps maintain a  competitive edge.

Here are some tips and examples to help you develop innovative business development ideas:

• Encourage a culture of innovation : Foster an environment where employees feel empowered to share their ideas, experiment, and take risks. Promote open communication and collaboration and recognize and reward innovative thinking. Google’s “20% time” policy, which allows employees to dedicate 20% of their working hours to passion projects, has resulted in successful products like Gmail and Google Maps.
• Monitor industry trends and technological advancements : Stay informed about the latest developments in your industry and related technology sectors. This can help you identify new opportunities for growth and stay ahead of the competition. For instance, consider the rapidly advancing field of AI in healthcare. Companies like Zebra Medical Vision leverage AI for early disease detection , using sophisticated algorithms to analyze medical imaging data and detect anomalies that could indicate conditions like cancer, liver disease, or cardiovascular issues. This use of AI improves diagnostic accuracy and significantly accelerates the process, potentially saving lives by enabling earlier intervention.
• Leverage internal expertise and resources : Tap into your organization’s wealth of knowledge and resources to identify innovative solutions to business challenges. For example, Google’s Project Aristotle analyzed data from hundreds of teams within the company to identify the key factors that made teams effective. By leveraging its internal expertise in data analysis and organizational behavior, Google was able to implement new strategies and foster a more collaborative work environment, ultimately driving innovation and growth.
• Explore strategic partnerships and collaborations : Collaborate with external partners, such as complementary businesses, suppliers, or research institutions, to access new ideas, resources, and expertise. Take the case of the collaboration between Starbucks and Spotify, for instance. This innovative alliance allowed Starbucks employees to influence the music played in stores via Spotify playlists, enhancing the in-store experience for customers. Simultaneously, Spotify users could access these playlists, driving user engagement on their platform. This symbiotic relationship amplified brand exposure for both parties, demonstrating the power of strategic partnerships.
• Experiment with new business models : Don’t be afraid to challenge conventional wisdom and explore alternative ways of delivering value to your customers. Innovative business models can often lead to significant growth opportunities. For instance, the subscription-based model adopted by companies like Dollar Shave Club and Spotify disrupted traditional sales models in their respective industries.
• Embrace a problem-solving mindset : Encourage your team to approach business challenges with a problem-solving mindset , focusing on finding creative solutions that deliver value to customers. This mindset can help drive innovation and uncover new business development opportunities. Tesla’s mission to combat climate change led to the development of its innovative electric vehicles and solar energy products.
• Role of Business Development in Sales

Integrating business development and sales strategies drive growth and revenue generation. Business development activities, such as lead generation , market research, and partnership development, support sales efforts. By identifying and nurturing leads, conducting market research to understand customer needs, and fostering strategic partnerships, business development teams can help sales teams close deals more effectively.

Conversely, insights from sales interactions can inform business development efforts and help refine marketing and sales strategies, contributing to the organization’s longevity.

In addition, when a company continually learns from its sales interactions and applies those insights to improve its offerings, messaging, and customer engagement tactics, it is better positioned to adapt to changing market conditions and customer preferences.

This adaptability ultimately leads to stronger customer relationships, increased customer loyalty, and sustained business growth, all contributing to the organization’s longevity.

Examples of successful sales development plans often include a strong focus on collaboration between business development and sales teams and the use of data-driven insights to optimize lead generation and conversion efforts. For instance, a software company wants to expand its market share in a new industry vertical.

To achieve this, the business development team conducts thorough market research to identify key players, customer pain points, and potential partnerships within the new industry. This information is then shared with the sales team, who uses the insights to tailor their pitches and address clients’ specific needs in the new market.

Simultaneously, the sales team shares feedback from client interactions, allowing the business development team to fine-tune their research and partnership strategies. This continuous learning and adaptation process leads to higher conversion rates and increased revenue and strengthens the company’s ability to thrive in the long term.

• Case Studies

Examining case studies of successful companies can provide valuable insights into how business development and sales strategies can be effectively integrated to drive growth and achieve long-term success.

• Amazon: Embracing Customer Obsession

Amazon’s relentless focus on customer satisfaction has driven its innovative business development and sales strategies. By leveraging data analytics and customer feedback, Amazon continually refines its offerings and sales approach to cater to customers’ evolving preferences. This customer-centric mindset has led to innovations such as Prime membership, one-click ordering, and Alexa voice assistant, which have enhanced the customer experience and fueled Amazon’s growth.

• Salesforce: Revolutionizing CRM through Collaboration

Salesforce, a pioneer in cloud-based customer relationship management (CRM) solutions, has successfully integrated business development and sales by fostering a collaborative culture . They encourage cross-functional teams to work together to identify new markets and develop innovative solutions. This collaborative approach has enabled Salesforce to remain at the forefront of the CRM market, continuously delivering cutting-edge products and services that meet customer needs.

• Slack: Transforming Workplace Communication

Slack, a widespread team collaboration platform, demonstrates the power of effectively integrating business development and sales strategies. By conducting extensive market research and user feedback, Slack identified a gap in the market for a user-friendly, intuitive communication tool. This insight led to the development of a platform that streamlined workplace communication, transforming how teams collaborate . Slack’s sales team leverages this value proposition to drive adoption, resulting in rapid growth and widespread industry acclaim.

Creating the right business development plan can significantly benefit any organization seeking growth and success. To maximize your chances of success, focus on understanding your organization’s unique needs, setting clear goals, conducting market research, and developing effective marketing and sales strategies. In addition, emphasize innovation, collaboration, and continuous improvement to stay ahead in the competitive business landscape.

As you develop your plan, create actionable steps and regularly monitor progress to ensure continuous growth and identify areas for improvement. By embracing a culture of innovation, teamwork, and continuous learning, your organization will be well-equipped to navigate business development challenges and achieve long-term growth and success.

Financial Advisor Daniel Brown is an experienced and knowledgeable financial advisor at spoolah.com. He has been in this industry since 2008 and has a strong understanding of economic trends, all types of financial planning, ways of creating plans for meeting short-term and long-term financial goals, etc.

Table of Contents

Business view all, what companies are in the consumer services field, exploring career options: is capital goods a good career path, is healthcare a good career path, from idea to life: how to start a contractor business.

How to Create a Business Development Plan (Insights From a Six-Figure Business)

I’ve grown three successful businesses in the last decade. A large part of my success is down to planning. This is certainly the case with Launch Space, where I offer SaaS consulting services.

Having a business development plan has helped me avoid a lot of silly rookie mistakes. It also kept me focused, which is important for business owners. In this guide, you will learn how to create an actionable business development plan you can apply to your business.

What is a Business Development Plan

A business development plan is a document that outlines the steps you will take to get your company off the ground. It’s a roadmap of sorts, but it also serves as a marketing tool and sales pitch for your product or service.

The business development plan should include everything from where you are now to where you want to be in the future. This can help you determine what kind of strategy needs to be implemented to achieve your goals. Having a plan in place should help you better assign your resources and set relevant Key Performance Indicators to track your progress.

How to Create a Business Development Plan

One of the first things I did before setting up Launch Space was design a business development plan to outline my goals. The following paragraphs will walk you through a tried and tested formula I used that you can follow. Let’s jump right in.

1. Analyze The Competition

Every great business plan is based on research. Well, most great plans are based on research. Ice cream at midnight is rarely planned, but it’s pretty great 😀

The first thing I do when creating a business development strategy is to review the company and consider the target market. You need to understand the strengths and weaknesses of your company. It’s important to also review your competition, customer (creating a customer persona is handy), and review market trends.

Let me use Launch Space as my example. During my review of the competitive landscape for this business, I discovered some of the following:

• There are only a few agencies that provide specialized services for SaaS firms. Most agencies don’t have a clear target audience.
• Most SEO agencies lock clients into a 6 or 12-month contract. A long contract is a big commitment for a company. For example, $4k a month is a $48k contract.
• Many clients don’t see a return on investment from working with an agency. Trust in the agency is a big issue for clients.
• Most SEO agencies don’t promote their services through guest posting on authority sites.

You will gain many useful insights by researching your niche and conducting competitive intelligence before you make a plan. The research is a chance to test your assumptions, and gain insights.

2. Identify Your Business Opportunities

At the end of the research phase of your business development plan, you need to review the information you gathered about your company, the target market, and your customer base. Spend time analyzing all the data. You will use these insights to create your business development plan.

For Launch Space, my goal was to find ways to do things that are disruptive and help me stand out. I created a table. On one side I listed my insights. On the other side, I listed the opportunities for my business.

Your research helps you understand the market. You can then use those insights to identify business opportunities and define your competitive advantages.

For example, through my research, I learned that one of the biggest issues agencies have is trust. They naturally don’t trust an agency they have never met. Skipping a contract would allow me to differentiate myself from the competition. In fact, I made the fact you don’t need to sign a contract key part of my sales copy . You can see this on the homepage I created with a landing page builder .

When I made my business plan, I didn’t have a company. If I had a company with lots of customers, I’d still do the same type of research. However, I’d spend more time reviewing company operations. I’d look at what are the main drivers of growth for the company. I’d also consider what are the company’s biggest problems.

3. How to Set Your Business Development Goals

The next stage of business development is to set targets. Your targets help you understand what you want to achieve and measure your success. You should make sure your goals are SMART – Specific, Measurable, Attainable, Relevant, and Time Based.

When I created my business plan for Launch Space, I set a single company goal. The goal was ambitious and easy to understand.

I then created sub-goals for the different parts of your business. So for example, for my website, I started with the following goal.

• Generate $10k in monthly recurring revenue

That’s a pretty easy goal to understand. I then thought about how to achieve that target. My sub-goals look like this.

• Sales Goal: Secure 1 new client each month from cold outreach
• Delivery: Every two months get 1 client to increase their order
• Human Resources: Hire 1 full-time member of staff

I then looked at the things I would need to do to achieve each sub-goal.

For example, if I was to get one new client a month I would need to meet with five potential clients. I estimated that to secure those meetings I would need to cold email 200 businesses a week. Those were my activities for that goal.

Those activities are quantifiable. I can tell you if I sent 200 emails in a month. Businesses like Google have these sorts of systems in place to measure targets. It helps keep people accountable and provides management with a way to check progress.

Setting my goals helped me develop a strategic plan. That company target is the common goal. You can use this goal to align the operations of your sales team, operations team, and marketing team.

4. Create Standard Operating Procedures

After you have finished strategizing you need to implement your business development goals. There are too many variables in place for me to provide you with many useful insights for this part of the process.

However, there is one business development tip I can share…

As you work on tasks, create Standard Operating Procedures (SOP). Standard Operating Procedures are a set of rules for how the company operates.

Your SOP should build on your business development plan. For example, I have created a whole set of SOP for things like candidate sourcing and sales outreach.

I started by setting sales targets for the company with SMART goals . I then looked at how I’d achieve those goals. Then, I tested my approach. Once I found a system that worked, I broke the job down into chunks.

I listed out all of the things I needed to do to complete the task. I then gave this information to an employee. They did the work.

Systemizing your business in this way has multiple benefits. It helps you:

• Reduce the amount of time it takes to complete a task
• Keep information when a person leaves the company, which speeds up the transition. Role-based access in product management tools and maintains institutional knowledge.
• Ensure vital tasks get completed every month

Keep in mind that your business strategy is not fixed. As a business developer, make sure to periodically review your business development strategy. Analyze what is working and what is not, then adapt your strategy.

5. Review Your Progress

The final stage of your business development strategy is the review stage. This is where you put a date in the diary and say, “in three months’ time we should be…”

Then, you can review progress against your goals.

The purpose of these reviews is to see how you’ve done against your business goals. Just as importantly, a review is a chance to adjust your business plan to make sure that it aligns with what you’re trying to accomplish.

You can incorporate things like a SWOT analysis in your quarterly or annual review. Periodic reviews help you assess your progress, identify weaknesses, opportunities, and threats.

During a review, you should assess the validity of your business goals. Make sure they are still relevant to your company. If they are, great. If not, change your business development goals.

Look at the activities in your business that make the most money. For example, at Launch Space I’m making around:

• SEO Consulting work = $20k+
• Private training = $3k
• Affiliate marketing  = $0.5k

It’s easy to see what makes the company the most money.

I then look at how I can maximize growth through my SEO consulting work over a quarter. Periodic reviews help me ensure my business development strategy aligns with the drivers of company growth.

You should also review the problems the company is facing. For example, as Launch Space grows I often find myself spending a lot of time doing a job that doesn’t help the company scale.

I don’t want to get stuck managing the day-to-day tasks that don’t add value to my business. It’s a pain point.

When I get stuck in a task, I try to find a way to free up my time. Normally that involves, creating SOP and then outsourcing the work.

In this guide, I provided you with an example of my business development strategy. I showed you how I put together a business strategy that allowed me to scale a marketing agency from a side hustle to a six-figure business in less than 12 months.

I hope you’ve found this article interesting. If you have any questions, hit me up in the comments below.

About the author

Nicholas Prins

I'm the founder of Launch Space. We work with global companies helping them scale lead generation through SEO and content marketing. Head over to the homepage to find out more.

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Meet any target: business development plan template

A company’s goals are an integral part of its productivity. When your team understands what targets they need to hit, they have something clear to strive for and feel a sense of pride when they succeed. Setting intentions about where your business is going and how to get there is an important part of the building process.

Gain clarity about what your company’s objectives are with the help of a free business development plan template. We’ll share a fully customizable template with you that you can use on monday.com. But before that, this article looks at the benefits of using such templates and what you should include in a business development plan.

Get the template

What is a business development plan template?

A business development plan template is a customizable document that outlines the objectives of your business and actionable steps to meet them. These can be your company’s long or short-term goals, amounts needed for start-up costs, or specific milestones, such as hitting a specific monthly sales target, or getting your first repeat client. The plan outlines steps to take to get to those goals and assigns specific tasks to individuals to hold them accountable for meeting the deadlines.

A business development plan template is a pre-formatted tool that describes your business objectives and how you’ll achieve them.

Although you can always write these plans down in a regular, static document, many businesses opt to use a customizable pre-built format to get off to a strong start.

Why use a business development plan template?

As a business owner, creating a custom, agile business development plan helps you gain clarity regarding decision-making on areas, such as investments, resources, and budgeting. Unlike with pen and paper, or even a word doc, a template is dynamic. You can move initiatives around, assign ownership, store all relevant information on the template itself, and customize any aspect of the template from labels, template structure and appearance, automations, and more.

Of course, there are a lot of things to consider when it comes to creating a well-thought-out document. Below, we’ll discuss some of the things you may want to consider and include in your business development plan.

What to include in a business development plan

A business development plan comes into play during the growth stage of your business. By specifying your targets and plans of action, the business development plan becomes a roadmap for achieving growth and success. To ensure you have a strong plan, consider including the elements summarized below.

Financial goals

A business’s growth is largely based on its financial success, so it’s critical to assess your current financial position to set targets for the future. Start by:

• Looking to your past and current revenue as a baseline for what your business brings in
• Assessing your overhead costs versus your profits
• Setting goals for bringing in higher profits and revenue in the coming months and years
• Getting specific about your timeline, so you can reassess your financial position when you hit those dates

Funding plan

Meeting your financial goals and achieving financial growth requires funding. Use this section of the business development plan to determine the amount of business capital you currently have and what steps you can take to secure more funding in the future within your target market segment.

Opportunities for growth

Look at your business to identify where you have room to grow. This will vary depending on what industry and business you work in. For some, this might mean developing a new line of products or adding additional services that can attract new clients and boost revenue.

Operational needs

Examine operational needs and take a practical look at what needs to change in the daily function of your business to support expansion and further development. This could mean investing in new equipment or hiring additional personnel to oversee specific departments or projects.

Sales and marketing plans

An important part of business growth is how you promote your company to consumers. Determine a marketing strategy to get customers excited about your new products and services or to inform consumers of investments you’re making in equipment upgrades. Your marketing plans are how you’ll communicate your investments and improvements to drive growth through customer interest.

Understand strengths and weaknesses 

Creating a business development plan requires a firm understanding of your company’s strengths and weaknesses. To identify these, consider performing a SWOT analysis . You can use the resulting information to develop a strategic plan to leverage strengths and improve on weak areas across all aspects of your business.

Building your team

For a business to grow successfully, you must also expand your workforce. This means hiring new team members and learning to delegate tasks with a lower priority or difficulty level, so you can focus on matters of high-level priority. Use this part of your plan to assess what tasks you can assign to someone else and how many people you might need to hire to meet the demands of your growing business.

Having a plan to develop your business is a great foundation. But you also need tools to put that plan into action. Starting with a solution that lets you bring people together, communicate priorities, and manage tasks can increase your chances of success.

monday.com supports business development and planning

Your business development plan template is the starting point for your company’s expansion. As you move toward creating targets and future plans for your business, you can make use of the many other features and templates on monday.com to understand where you’re at with your business and what areas are ready to support growth.

monday.com lets you create workflows to plan and track projects and day-to-day processes. Connect off-platform tools necessary for collaboration and communication with team members from around the world, and leverage no-code automation opportunities to streamline repetitive tasks.

You can start with our Business Development Plan Template, customizing the columns to meet your specific needs.  Take notes, mention team members on tasks to get their feedback, or color-code your business development plan to create a visual that’s easy to digest at a glance.

Once you’re ready to put your business development plan into action, turn to our Template Center for plenty of other tools to help you get started on various tasks.

Related templates 

A business development plan template isn’t the only useful tool for growing your business. Consider some of these other options to help your teams increase efficiency and promote growth.

One-page business plan template

Our easy-to-use One-page Business Plan Template is meant to provide an overview of your objectives and deadlines at a glance. Completing the one-page business plan template creates a reference point for the scope of your business objectives that you can easily return to at any time.

Business executive summary template

Our Business Executive Summary Template is an ideal tool when you’re preparing to pitch your company to investors. It offers a guide for emphasizing the core of your business plan in a way that appeals to the interests of your target audience. You can include sales/marketing plans, staff expenses, and long-term goals to provide prospective stakeholders with a clear picture of where your business stands and where it’s going.

Writing business plans is easier when you start with a template. But knowing what to include and what might be most important can help you make the most of such documents. Check the FAQs below for some more tips.

FAQs about business development plan templates

What are the main parts of a business plan?

A solid business plan should have four key components. The main parts of a business plan include:

• An executive summary
• A marketing plan
• Key management bios
• A financial plan that includes cost and pricing information

What is the most important part of a business plan?

The executive summary is the most important part of any business plan. The executive summary acts as the preface to the overall business plan and the hook that gets readers excited about the possibility of investing in your company. The goal of the executive summary is to entice the investor to read the rest of your plan, so aim for the most polished version possible.

Build your company’s future with a business development plan template from monday.com 

Your business development strategy is critical to growing your company and meeting future goals. Using templates from monday.com can help you build your business development plan to drive success.

Having a business plan creates a 30% higher chance of growth for your business compared to businesses that don’t start with written action plans. A customizable, user-friendly business development plan template provides a starting point to realizing your objectives.

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Business Plan Development Guide

(6 reviews)

Lee Swanson, University of Saskatchewan

Copyright Year: 2017

Publisher: OPENPRESS.USASK.CA

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Kevin Heupel, Affiliate Faculty, Metropolitan State University of Denver on 3/4/20

The text does a good job of providing a general outline about writing and developing a written business plan. All of the important steps and components are included. However, the text is light on details, examples, and rationale for each element... read more

Comprehensiveness rating: 3 see less

The text does a good job of providing a general outline about writing and developing a written business plan. All of the important steps and components are included. However, the text is light on details, examples, and rationale for each element of the business plan. Some examples from actual business plans would be helpful.

Content Accuracy rating: 4

For the most part, the content is accurate. The content covers all important aspects of drafting a business plan. I thought the industry analysis could use more information about collecting primary and secondary sources; instead, this information was referenced in the marketing plan section.

Relevance/Longevity rating: 5

Most of the content relies on cites as far back as 2006; however, when it comes to developing and writing a business plan nothing has changed. Thus, the content is current and there is no concern about it becoming obsolete in the near future.

Clarity rating: 4

The text is clear. There are no difficult terms used and the writing is simple. The text uses a lot of bullet points though, which gets tedious to read for a few pages.

Consistency rating: 5

The text does a good job of maintaining consistency in terms of framework and terminology. The text is organized where it's easy to find the information you want in a quick manner.

Modularity rating: 3

The text has a lot of bullet points and the paragraphs are dense. However, the use of subheading is excellent.

Organization/Structure/Flow rating: 5

The book is organized as if you're writing a business plan from start to finish, which is helpful as a practical guide.

Interface rating: 5

There are no navigation problems, distortion of images/charts, or any other display features that may distract or confuse the reader.

Grammatical Errors rating: 5

The text is free of grammatical errors. The sentence structure is simple with many bullet points, which helps to avoid any grammatical issues.

Cultural Relevance rating: 5

This book was written by a Canadian professor and provides references to Canadian sources. However, the information in this text can be used for U.S. schools.

This book is very short and provides a good, general overview about the process of creating and writing a business plan. It won't help a reader if he/she is confused about a certain part of the business plan. The reader will have to find another source, such as "Preparing Effective Business Plans" by Bruce Barringer, Ph.D. The book provides links to good resources and a finished business plan that the reader can reference. I would recommend the book for undergraduate courses.

Reviewed by Kenneth Lacho, Professor of Management, The University of New Orleans on 6/19/18

1. Text is relevant to Canada. Not the United States 2. Needs to cover resources available to entrepreneur, e.g., federal government agencies, trade associations, chambers of commerce, economic development agencies. 3. Discuss local economy or... read more

1. Text is relevant to Canada. Not the United States 2. Needs to cover resources available to entrepreneur, e.g., federal government agencies, trade associations, chambers of commerce, economic development agencies. 3. Discuss local economy or economic area relevant to this proposed business. 4. Business model ok as a guide. 5. Suggested mission statement to cover: product/business, target customer, geographical area covered. 6. Need detailed promotion plan, e.g., personal selling, advertising, sales promotion, networking publicity, and social media. 7. How do you find the target market? 8. Chapter 6 too much detail on debt and equity financing. 9. Discuss how to find sources of financing, e.g., angels. 10. Expand coverage of bootstring, crowdfunding. 11. Chapter 4 – good checklist. 12. Chapter 3 - overlaps. 13. Chapter 7 – 3 pages of executive summary – double or single spaced typing. Number all tables, graphs. 14. Some references out-of-date, mostly academic. Bring in trade magazines such as Entrepreneur.

Content Accuracy rating: 5

In my opinion, the content is accurate and error free.

Relevance/Longevity rating: 4

The material is relevant to writing a business plan. I wonder if the Porter, SWOT VRIO, etc. material is too high level for students who may not be seniors or have non-business degrees (e.g., liberal arts). Porter has been around for a while and does have longevity. The author has to be more alert to changes in promotion, e.g., social media and sources of financing, e.g., crowdfunding.

Clarity rating: 3

As noted in No. 9, the tone of the writing is too academic, thus making the material difficult to understand. Paragraphs are too long. Need to define: Porter, TOWS Matrix, VRIO, PESTEL. A student less from a senior or a non-business major would not be familiar with these terms.

Consistency rating: 4

The text is internally consistent. The model approach helps keep the process consistent.

Modularity rating: 4

The process of developing a business plan is divided into blocks which are parts of the business plan. Paragraphs tend to be too long in some spots.

Organization/Structure/Flow rating: 4

The topics are presented in a logical step-wise flow. The language style is too academic in parts, paragraphs too long. Leaves out the citations. Provides excellent check lists.

There are no display features which confuse the reader.

Grammatical Errors rating: 4

The text has no grammatical errors. On the other hand, I found the writing to be too academic in nature. Some paragraphs are too long. The material is more like an academic conference paper or journal submission. Academic citations references are not needed. The material is not exciting to read.

The text is culturally neutral. There are no examples which are inclusive of a variety of races, ethnicities, and backgrounds.

This book best for a graduate class.

Reviewed by Louis Bruneau, Part Time Faculty, Portland Community College on 6/19/18

The text provides appropriate discussion and illustration of all major concepts and useful references to source and resource materials. read more

Comprehensiveness rating: 5 see less

The text provides appropriate discussion and illustration of all major concepts and useful references to source and resource materials.

Contents of the book were accurate, although it could have benefited from editing/proofreading; there was no evidence of bias. As to editing/proofreading, a couple of examples: A. “Figure 1 – Business Plan… “ is shown at the top of the page following the diagram vs. the bottom of the page the diagram is on. (There are other problems with what is placed on each page.) B. First paragraph under heading “Essential Initial Research” there is reference to pages 21 to 30 though page numbering is missing from the book. (Page numbers are used in the Table of Contents.)

The book is current in that business planning has been stable for sometime. The references and resources will age in time, but are limited and look easy to update.

Clarity rating: 5

The book is written in a straightforward way, technical terms that needed explanations got them, jargon was avoided and generally it was an easy read.

The text is internally consistent in terms of terminology and framework.

Modularity rating: 5

The book lends itself to a multi-week course. A chapter could be presented and students could work on that stage of Plan development. It could also be pre-meeting reading for a workshop presentation. Reorganizing the book would be inappropriate.

The topics in the text are presented in a logical, clear fashion.

Generally, the book is free of interface problems. The financial tables in the Sample Plan were turned 90° to maintain legibility. One potential problem was with Figure 6 – Business Model Canvas. The print within the cells was too small to read; the author mitigated the problem by presenting the information, following Figure 6, in the type font of the text.

I found no grammatical errors.

The text is not culturally insensitive or offensive in any way.

I require a business plan in a course I teach; for most of the students the assignment is a course project that they do not intend to pursue in real life. I shared the book with five students that intended to develop an actual start-up business; three of them found it helpful while the other two decided not to do that much work on their plans. If I were planning a start-up, I would use/follow the book.

Reviewed by Todd Johnson, Faculty of Business, North Hennepin Community College on 5/21/18

The text is a thorough overview of all elements of a business plan. read more

Comprehensiveness rating: 4 see less

The text is a thorough overview of all elements of a business plan.

The content is accurate and seems to lack bias.

Content seems relevant and useful . It does not help an entrepreneur generate ideas, and is very light on crowdfunding and other novel funding source content. It is more traditional. This can be easily updated in future versions, however. "Social Media" appears once in the book, as does "Crowd Funding".

The book is comprehensive, but perhaps not written in the most lucid, accessible prose. I am not sure any college student could pick this up and just read and learn. It would be best used as a "teach along guide" for students to process with an instructor.

The text seems consistent. The author does a nice job of consistently staying on task and using bullets and brevity.

Here I am not so certain. The table of contents is not a good guide for this book. It does make the book look nicely laid out, but there is a lot of complexity within these sections. I read it uncertain that it was well organized. Yes there are many good bits of information, however it is not as if I could spend time on one swathe of text at a time. I would need to go back and forth throughout the text.

Organization/Structure/Flow rating: 2

Similar to the above. I did not like the flow and organization of this. An editor would help things be in a more logical order.

Interface rating: 2

The interface is just OK. It is not an attractice interface, as it presents text in a very dense manner. The images and charts are hard to follow.

I did not find any grammatical errors.

Cultural Relevance rating: 4

I a not certain of the origins of Saskatchewan, but I do feel this is a different read. It is more formal and dense than it has to be. This would be a difficult read for my students. I do not feel it is insensitive in any way, or offensive in any way.

I would not adopt this book if given the chance. It is too dense, and not organized very well, even though the information is very good. The density and lack of modularity are barriers to understanding what is obviously very good information.

Reviewed by Mariana Mitova, Lecturer, Bowling Green State University on 2/1/18

Though this textbook has a prescriptive nature, it is quite comprehensive. The author strikes a good balance between presenting concepts in a concise way and providing enough information to explain them. Many every-day examples and live links to... read more

Though this textbook has a prescriptive nature, it is quite comprehensive. The author strikes a good balance between presenting concepts in a concise way and providing enough information to explain them. Many every-day examples and live links to other resources add to the completeness of the textbook.

Content seems accurate.

Since the content is somewhat conceptual, the text will not become obsolete quickly. In addition, the author seems to be updating and editing content often hence the relevance to current developments is on target.

The text is very clear, written in clear and straight-to-the point language.

The organization of content is consistent throughout the entire text.

The textbook is organized by chapters, beginning with overview of the model used and followed by chapters for each concept within the model. Nicely done.

The flow is clear, logical and easy to follow.

Overall, images, links, and text are well organized. Some headlines were misaligned but still easy to follow.

No concerns for grammar.

No concerns for cultural irrelevance.

Reviewed by Darlene Weibye, Cosmetology Instructor, Minnesota State Community and Technical College on 2/1/18

The text is comprehensive and covers the information needed to develop a business plan. The book provides all the means necessary in business planning. read more

The text is comprehensive and covers the information needed to develop a business plan. The book provides all the means necessary in business planning.

The text was accurate, and error-free. I did not find the book to be biased.

The content is up-to-date. I am reviewing the book in 2017, the same year the book was published.

The content was very clear. A business plan sample included operation timelines, start up costs, and all relevant material in starting a business.

The book is very consistent and is well organized.

The book has a table of contents and is broken down into specific chapters. The chapters are not divided into sub topics. I do not feel it is necessary for sub topics because the chapters are brief and to the point.

There is a great flow from chapter to chapter. One topic clearly leads into the next without repeating.

The table of contents has direct links to each chapter. The appearance of the chapters are easy to read and the charts are very beneficial.

Does not appear to have any grammatical errors.

The text is not culturally insensitive or offensive.

I am incorporating some of the text into the salon business course. Very well written book.

Table of Contents

Introduction

• Chapter 1 – Developing a Business Plan
• Chapter 2 – Essential Initial Research
• Chapter 3 – Business Models
• Chapter 4 – Initial Business Plan Draft
• Chapter 5 – Making the Business Plan Realistic
• Chapter 6 – Making the Plan Appeal to Stakeholders and Desirable to the Entrepreneur
• Chapter 7 – Finishing the Business Plan
• Chapter 8 – Business Plan Pitches

References Appendix A – Business Plan Development Checklist and Project Planner Appendix B – Fashion Importers Inc. Business Plan Business Plan Excel Template

Ancillary Material

About the book.

This textbook and its accompanying spreadsheet templates were designed with and for students wanting a practical and easy-to-follow guide for developing a business plan. It follows a unique format that both explains what to do and demonstrates how to do it.

About the Contributors

Dr. Lee Swanson is an Associate Professor of Management and Marketing at the Edwards School of Business at the University of Saskatchewan. His research focuses on entrepreneurship, social entrepreneurship, Aboriginal entrepreneurship, community capacity-building through entrepreneurship, and institutional-stakeholder engagement. Dr. Swanson’s current research is funded through a Social Sciences Humanities Research Council grant and focuses on social and economic capacity building in Northern Saskatchewan and Northern Scandinavia. He is also actively studying Aboriginal community partnerships with resource based companies, entrepreneurship centres at universities, community-based entrepreneurship, and entrepreneurial attitudes and intentions. He teaches upper-year and MBA entrepreneurship classes and conducts seminars on business planning and business development.

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Community weighs in on Huntington Town plan for Melville development

A section of Maxess Road in Melville that would be part of a walkable downtown-style area, with a mix of businesses and housing, if a Town of Huntington development project goes forward. Credit: Newsday/Steve Pfost

The Town of Huntington held the second of three public hearings Tuesday on a plan to transform parts of a Melville office park into a walkable community with housing and small businesses.

Residents came to town hall to weigh in on two resolutions: One to create a Melville Town Center Overlay District and another for a code change that would allow special use permits to build mixed-use four-story buildings on streets surrounding the planned development.

Comments ranged from full support — provided there are tweaks — to outright disapproval of the plan, which could bring up to 3,000 housing units to Melville over the next seven to 10 years if approved. 

The potential effect on drinking water, sewer capacity and more people moving into the community were among concerns voiced by the more than 100 people who signed up to speak.

Dennis Morea, a member of the Sweet Hollow Civic Association and treasurer of the Villas at West Hills Homeowners Association, both in Melville, spoke during the hearing and later said conceptually the town center is a brilliant idea.

“But in my heart of hearts I can’t believe it’s possible,” he said in an interview. “Too many different developers, the town has no leverage with them and there are issues surrounding groundwater and sewers.”

Both resolutions are for areas south of the Long Island Expressway. The town center would run north and south along Maxess Road, with Ruland Road as the southern boundary. The town board has put a cap of 3,000 housing units and said it would pause the acceptance of applications for housing when it reaches 400. There are 18 parcels of land included in the overlay district. 

Mark Hissey, a developer in the Hamptons who lives in Elwood, said before the resolutions are approved he would expect the town board to analyze the environmental and quality of life concerns.

“If the analysis finds this is not a proper thing to do, then it won’t be approved,” he said. “But what they are proposing is better than a concrete wasteland.”

In addition to a walkable downtown-style development, town officials tout as benefits increasing green space, minimizing lunchtime rush hour and charging a fee for the fire and emergency service district.

Approval of the overlay district would allow construction of four-story buildings with commercial operations on the ground floor and residential units on the other floors. Buildings would be set back at least 30 feet, Town Supervisor Ed Smyth said. The current industrial zoning would remain in place.

Some residents criticized town officials for not having plans or renderings for them to consider.

Smyth said what’s being proposed are options that allow developers to come to the town board with ideas of what they would like to do with their properties.

“The town will then weigh the merits of those proposals, hold public hearings on each proposal and then vote on each proposal,” Smyth said. “The developers have to submit plans within the framework that we are proposing. We’re not going to tell them what to build or what color it has to be any more than we are going to tell a resident to paint their house.”

The third public hearing will be at town hall at 7 p.m. on June 11.

Deborah Morris is a native Long Islander and covers the town of Huntington.

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