Building a Business Development Strategy
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The document discusses developing a business development strategy and 2009 business plan. It focuses on reviewing performance in 2008, identifying trends and areas for improvement, conducting a SWOT analysis, defining target market sectors and key clients, developing a pricing strategy, analyzing competitors, and setting achievable yet aggressive production goals with accountability measures. The overall goal is to use the strategic planning process to guide business growth and access funding in the new year.
Building a Business Development Strategy
- 1. Business Development Strategy Session In this session, we will be discussing two points, keeping in mind the current economic trends and conditions. Client Development Strategy 2009 Business Plan
- 2. Business Development Strategy Rewind 2008 Look Ahead to 2009 Review Your Business From your review, do From Last Year you need to establish What Did You – (or reestablish) a niche Focus On? (Niche) specialty? Do on a Partner Basis? What trends have Bill? emerged, and are Cash-In? emerging, in 2009? How much was repeat Where could you ‘trim business?? the fat’ from your rewind?
- 3. Importance of a Business Plan Your Business Plan serves as the Compass for the future direction of your business Sets Strategy Helps You Get Funding New Hires, More Tools – Business Growth Management Tool Daily Direction
- 4. SWOT Analysis Be Specific Everything in your SWOT analysis should be specific, quantifiable I.E. – “The Market is Soft” is not sufficient for a weakness or threat/risk “There is a softening in the market within HR as it relates to functionally specific positions – there is a THREAT of companies exchanging Recruiters and Benefits Managers for HR Generalists with more rounded exp.”
- 5. Market Sectors/Clients Rome Was Not Built in A Day – Your Practice Should Not Be, Either… How are you establishing who you are going to work with (target) in the next 12 months? How many have asked clients what percentage of the client’s total recruitment budget is allotted to them?
- 6. What Makes a Key Account? What are 3 Things that Make an Account a “Key Account?” If you don’t have any ‘key accounts,’ how do you build one?
- 7. Job Orders and Pricing Develop a Pricing Strategy Per Desk When You talk to a client about our fees, there should be a method behind how you work and what goes with each type of service: Partnered Contingent
- 8. Looking at the Competition It is CRITICAL to know your major competitors. Who are your top 3 competitors? What is their differentiation? What competitive information have you surfaced? Do you ask your clients about their “other firms?”
- 9. Production Three Biggest Issues with the Plans: 1. Achievable, yet aggressive goals 2. Accountability with yourself to your plan How often do you review against your plan? If you get off plan, do you have measures in place to get back on track? 3. Really understanding your marketplace Have a viable niche specialty from which to grow Remember, flowers start as seeds Knowing what level(s) you are going to target
Editor's Notes
- #5: See SWOT Template