Lethbridge, AB T1K 7L8
BUSINESS DEVELOPMENT METHOD
A bit of inspiration goes a long way
noW, TELL ME WHERE IT HURTS...
Success is almost always the result of working harder AND working smarter. It is almost never a result of just good luck. It usually starts with a great plan that is adusted as time goes by and feedback collected. Over the years and across numerous firms, we’ve learned how steps on the growth ladder are laid out. Follow our story and see if you too can spot the logic behind it
STEP ONE: THE GAP ANALYSIS
Creating a plan for Business Development Success stars with gaining a clear understanding the enterprise’s strategic goals. This defines the destination where we want the business journey needs to take us.
- What does a succesful outcome look like?
- What makes this such a desirable outcome?
- What other outcomes are being contemplated?
- What are the timelines that are expected to occur?
- What are the metrics to be used for defining success?
Once you have identified the best possible outcomes, you need to clearly define your starting point.
- What are your current metrics for all the relevant parameters?
- What are your revenues, margins, overhead and earings?
- Who are your primary and secondary competitors?
- What is your market share?
- What is your unique selling proposition?
- What are your strategic competitive advantages?
- When did you update your SWOT and review your PESTLE analysis?
With both a starting point and a destination defined, you are ready to begin your journey from beginning to end, starting with your GAP ANALYSIS.
- What are the obstacles standing in your path?
- Is it easier to go over, around or under those obstacles?
- What technical, financial, intellectual or legal resources are needed to circumvent those obstacles?
STEP TWO: IDENTIFYING OPTIONS
What is the best strategy for obtaining these resources? For example could any of these work?
- Restructuring
- Partnerships
- Mergers
- Buy Outs
- Funding options
- Borrowing
- Investors
- Crowdfunding
- Grants
- Pruning
What options for growth are worthy of your consideration?
- Expansion
- Franchising
- Patenting
- Licensing
- Autmomation
- Marketing
- Product Development
- New Technology Adoption
- Outsourcing, Offshoring, Onshoring
STEP THREE: DESIGNING THE PLAN
What is the most effective way to get from here to there?
- Time frames
- Milestones
- SWOT Checklist
- Exploiting your Strenths
- Overcoming your Weaknesses
- Grasping your Opportunities
- Defending your Threats
- Your funding options
What are the considerations for each option?
- Political landscape
- Economic scenarios
- Social context
- Technology shifts
- Legal imitations
- Environmental aspects
STEP FOUR: IMPLEMENTATION
What is the best strategy for obtaining these resources? For example could any of these work?
- Restructuring
- Partnerships
- Mergers
- Buy Outs
- Borrowing
- Investors
- Crowdfunding
- Shedding losers
- Business Continuity
What options for growth are worthy of your consideration?
- Expansion Strategies
- Franchising
- Licensing
- Patenting
- Marketing
- Technologies