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

Joe Pope

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 that is 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 be wide ranging and vary a lot from organization to organization. Consider the model of how professional services organizations get new business shown in Figure 1.

business development funnel

Figure 1: The three stages of the business development funnel

The first two stages of the model, Attracting Prospects and Build Engagement, are traditional marketing functions. The final stage, Turning Opportunities into Clients, is a traditional sales function. In the 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. I 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 it’s 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 some possible stigma 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.

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

See also: Heller Consulting Case Story

Business Development Examples

To be clear on what this 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 with any aspect of delivering the projects that the firm has signed. Instead, her role is exclusively focused on signing new business for her firm—with either new clients or existing ones. 

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 new materials she needs to sell to new accounts.

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

In this example, Bethany is the primary driver of business development but that does not mean she is doing this alone. Imagine she has a colleague Greg who is a lead architect at the firm. While Greg’s first focus is delivering for his clients, business development—and even marketing—should still be a part of his professional life. Perhaps Greg attends an industry conference with Bethany, he as a speaker and expert and her as the primary networker. The business development dynamic should not end with Bethany and 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 for business development to not be ad hoc, but done strategically. Let’s talk about that now.

Strategic Business Development

Not all business development is of equal impact. In fact a lot of the activities of many professionals are very opportunistic and tactical in nature.This is especially true with many seller-doers. 

Caught between the pressures of client work and an urgent need for new business they cast about for something quick and easy 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 for your highest priority services using brand promises that you can deliver upon.

 Deciding which targets to pursue and strategies to employ to develop new business is actually a high stakes decision. A good strategy, well implemented, can drive high levels of growth and profitability. A faulty 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, “this is how we have always done it.” In a later section we’ll cover how to develop your strategic business development plan. But first we’ll cover some of the strategies that may 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 with today’s buyers .

Networking is probably the most universally used business development strategy. It’s built on the theory 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 do develop in that way. And if you are networking with your target audience, you can develop new business. But there are limitations. Today’s buyers 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.

The 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.

Clearly, referrals do happen, 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 do not know the full range of how 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 recent study puts the 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 over 1000 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
  • Speaking at targeted conferences or events
  • Live product/service demonstrations
  • Presenting in educational webinars
  • Pursuing industry award opportunities
  • Business development materials
  • Email marketing campaigns
  • Conducting and publishing original research
  • Networking at targeted conferences or events

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 three 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 who grow faster have a skill advantage within their marketing and business development teams.

business development strategy plan

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. Activities like the proposal development see business development team resources manage and produce a strong proposal quickly, including the right stakeholders, and without sacrificing quality.

The next most important skill is simplifying complex concepts. In business development conversations, it is vital that team members are strong communicators of your firm’s service offerings and capabilities. Those who are able to take a comlex scope of work and communicate it in a way that a potential buyer can understand. Speaking in industry jargon or overly complicated charts is a fast way to see a business lead become unresponsive. 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 face-to-face networking. Despite the hiatus of many in-person events, high growth firms still reported that strong networking skills are a top skill enjoyed by their firms. Strong face-to-face networking skills are as much of an art as it is a science. While some can be more charismatic than others, everyone can prepare their teams with the resources and plan they need to succeed in a networking environment.

Review the other business development and marketing skills in the figure above and determine which skills your team should aim to develop. Strategy development for planning your business development plan, research for understanding the competitive landscape and industry trends, and social media prowess all play an important role in business development, too. 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? This “positioning” as it is often called, needs to be true, provable and relevant to the prospect at the time they are choosing which firm to work with. Be sure 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 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.

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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 works with the 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 nurturing. 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.

Online and Traditional Marketing

Figure 2. Online and offline marketing techniques

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 affect 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.

business development strategy plan

Free Resource

The Business Development Guide

Lee

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

  • For hands-on help developing a high-performance business development plan, register for our  Visible Firm ®  course  through Hinge University.
  • Keep pace with the marketplace, generate leads and build your reputation all at once:  Marketing Planning Guide.
  • Find out how to turn your firm into a high-visibility, high-growth business. Download our free executive guide,  The Visible Firm® , in which we layout a detailed roadmap of this research-based program.
  • For more insights, check out our blog post, How to Develop a Winning Go-to-Market Strategy for Your Firm  

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How to Develop a Business Strategy: 6 Steps

colleagues developing a business strategy using sticky notes on glass window

  • 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.

Access your free e-book today.

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 framework

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.

Business Strategy | Simplify Strategy to Make the Greatest Business Impact | Learn More

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.

Which HBS Online Strategy Course is Right for You? | Download Your Free Flowchart

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 .

business development strategy plan

About the Author

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.

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Strategic Business Alignment

Your guide to creating a strategic business development plan.

business development strategy plan

The People Strategy Leaders Podcast

business development strategy plan

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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Chandler Barr is the VP of Sales at Engagedly and is focused on driving a culture of progress over perfection in a no-fault environment where employees are secure and encouraged to think creatively to solve problems. Chandler is a seasoned leader that has scaled sales teams for SaaS startups and multibillion-dollar publicly traded tech companies, as well as, led Marines to accomplish the mission during hardships overseas.

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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
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Business Development: Definition, Strategies, Steps & Skills

Why more and more companies worldwide are embracing this planning process

business development strategy plan

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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A strong business development strategy allows your business to create strong relationships with promising prospects and generate revenue.

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If you ask 10 professionals what business development, or ‘biz dev,’ is, you’ll likely get 10 different answers.

To some, business development is just another term for sales. Many view it as the process of forming strategic partnerships. Others define it as a marketing tactic.

Business development expert Scott Pollack describes it best : “Business development is the creation of long-term value for an organization from customers, markets and relationships.”

This makes business development unique from other professional fields because the day-to-day tasks vary greatly by industry and by the specific needs of each organization. It is often the link between several different departments, such as marketing, branding and sales, and business development professionals collaborate with these teams to discover opportunities and develop relationships that ultimately have a positive impact on the organization.

Sales vs. business development

It’s easy to view business development as a sales process, but they’re not quite the same job.

The main objective of sales is to close deals with customers to drive revenue and maintain a high profit margin. A salesperson works at the end of the sales funnel to close deals, ensure products or services are delivered, and create repeat customers.

Business development, on the other hand, looks for prospects, nurtures relationships and guides leads toward the sales funnel. It is the process of identifying ideal customers and partnerships, building relationships and developing solutions that can then be handed off to the sales team to close.

While they are two very different roles within an organization, sales and business development work in tandem to generate revenue and grow the business.

Why you need a business development strategy

A strong business development strategy is the roadmap that instructs your team how to find and generate high-value leads to support your long-term goals.

Without a strategy, your team may struggle to find qualifying prospects or, at worst, spend months developing a relationship with prospects who don’t convert.

Business development is the creation of long-term value for an organization from customers, markets and relationships.

Scott Pollack, business development expert

How to create a business development strategy for your business

There are four main steps to take in creating a firm, reliable business development strategy.

Identify your audience

Creating a successful business development strategy starts with identifying your ideal audience. Focus on specific firms or individuals that will propel your business forward. You don’t need to have a large audience, but you do need a high-quality one.

Business development can be a long process, and the relationships you develop may take months or even years to turn into a sale. The last thing you want is to foster a relationship with an unqualified prospect.

Perform market research

Once you have defined your audience, learn everything you can about them. Before you can encourage your audience to work with you, you have to be able to answer the following questions:

  • What are their primary issues?
  • What specific services do they need?
  • How are they solving their problems right now?
  • How does your product or service improve their current situation?

With these questions answered, you can start analyzing your competition. Understand what makes you different from all of your competitors. This is the competitive advantage that you will use to communicate your value to prospects.

Determine which channels to use

The next step is to assess your total revenue goals for the year and determine which channels will help you achieve that target. The most common business development channels are a combination of networking, referrals, advertising, cold calls and content marketing.

  • Networking is one of the oldest and most commonly used business development strategies. Depending on your industry, face-to-face networking may still be the best way to connect with your target audience and build strong relationships. However, this method of networking can be time-consuming and expensive, so many industries have shifted to primarily digital networking through social platforms like LinkedIn.
  • Referrals can be a great business development strategy, as a positive relationship with a satisfied customer can lead you to a whole new network of prospects. Many small businesses get most or all of their business from referrals. However, relying on your clients to drum up business for you is passive and may not always result in steady leads.
  • Paid advertising , especially through digital platforms, is another solid business development tactic. The key to digital advertising is to find your target audience on their preferred platform and start there. If your audience are avid YouTube users, create strong, targeted video ads and post them there. If your audience has a high engagement rate with your brand on Twitter, advertise there.
  • Content marketing has become one of the best ways for companies to interface with their audience and showcase their expertise. In fact, according to the Content Marketing Institute , content marketing generates three times as many leads as outbound marketing and costs 62% less. It has a strong ROI, and it gives your audience the space to discover your brand organically.

Define S.M.A.R.T. goals

For each channel, set S.M.A.R.T—specific, measurable, attainable, relevant, time-related— goals to measure and track your progress. Your business development goals don’t have to be directly tied to generating revenue, but they should involve methods of introducing prospects to your sales funnel.

If you need help or inspiration defining your goals, take a look at these five S.M.A.R.T. goals for business development from Rapidan Inbound.

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9 steps for writing a strategic business development plan Add Add

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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Meet any target: business development plan template

business development strategy plan

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?

business development strategy plan

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.

business development strategy plan

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

business development strategy plan

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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7 strategic planning models, plus 8 frameworks to help you get started

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Strategic planning is vital in defining where your business is going in the next three to five years. With the right strategic planning models and frameworks, you can uncover opportunities, identify risks, and create a strategic plan to fuel your organization’s success. We list the most popular models and frameworks and explain how you can combine them to create a strategic plan that fits your business.

A strategic plan is a great tool to help you hit your business goals . But sometimes, this tool needs to be updated to reflect new business priorities or changing market conditions. If you decide to use a model that already exists, you can benefit from a roadmap that’s already created. The model you choose can improve your knowledge of what works best in your organization, uncover unknown strengths and weaknesses, or help you find out how you can outpace your competitors.

In this article, we cover the most common strategic planning models and frameworks and explain when to use which one. Plus, get tips on how to apply them and which models and frameworks work well together. 

Strategic planning models vs. frameworks

First off: This is not a one-or-nothing scenario. You can use as many or as few strategic planning models and frameworks as you like. 

When your organization undergoes a strategic planning phase, you should first pick a model or two that you want to apply. This will provide you with a basic outline of the steps to take during the strategic planning process.

[Inline illustration] Strategic planning models vs. frameworks (Infographic)

During that process, think of strategic planning frameworks as the tools in your toolbox. Many models suggest starting with a SWOT analysis or defining your vision and mission statements first. Depending on your goals, though, you may want to apply several different frameworks throughout the strategic planning process.

For example, if you’re applying a scenario-based strategic plan, you could start with a SWOT and PEST(LE) analysis to get a better overview of your current standing. If one of the weaknesses you identify has to do with your manufacturing process, you could apply the theory of constraints to improve bottlenecks and mitigate risks. 

Now that you know the difference between the two, learn more about the seven strategic planning models, as well as the eight most commonly used frameworks that go along with them.

[Inline illustration] The seven strategic planning models (Infographic)

1. Basic model

The basic strategic planning model is ideal for establishing your company’s vision, mission, business objectives, and values. This model helps you outline the specific steps you need to take to reach your goals, monitor progress to keep everyone on target, and address issues as they arise.

If it’s your first strategic planning session, the basic model is the way to go. Later on, you can embellish it with other models to adjust or rewrite your business strategy as needed. Let’s take a look at what kinds of businesses can benefit from this strategic planning model and how to apply it.

Small businesses or organizations

Companies with little to no strategic planning experience

Organizations with few resources 

Write your mission statement. Gather your planning team and have a brainstorming session. The more ideas you can collect early in this step, the more fun and rewarding the analysis phase will feel.

Identify your organization’s goals . Setting clear business goals will increase your team’s performance and positively impact their motivation.

Outline strategies that will help you reach your goals. Ask yourself what steps you have to take in order to reach these goals and break them down into long-term, mid-term, and short-term goals .

Create action plans to implement each of the strategies above. Action plans will keep teams motivated and your organization on target.

Monitor and revise the plan as you go . As with any strategic plan, it’s important to closely monitor if your company is implementing it successfully and how you can adjust it for a better outcome.

2. Issue-based model

Also called goal-based planning model, this is essentially an extension of the basic strategic planning model. It’s a bit more dynamic and very popular for companies that want to create a more comprehensive plan.

Organizations with basic strategic planning experience

Businesses that are looking for a more comprehensive plan

Conduct a SWOT analysis . Assess your organization’s strengths, weaknesses, opportunities, and threats with a SWOT analysis to get a better overview of what your strategic plan should focus on. We’ll give into how to conduct a SWOT analysis when we get into the strategic planning frameworks below.

Identify and prioritize major issues and/or goals. Based on your SWOT analysis, identify and prioritize what your strategic plan should focus on this time around.

Develop your main strategies that address these issues and/or goals. Aim to develop one overarching strategy that addresses your highest-priority goal and/or issue to keep this process as simple as possible.

Update or create a mission and vision statement . Make sure that your business’s statements align with your new or updated strategy. If you haven’t already, this is also a chance for you to define your organization’s values.

Create action plans. These will help you address your organization’s goals, resource needs, roles, and responsibilities. 

Develop a yearly operational plan document. This model works best if your business repeats the strategic plan implementation process on an annual basis, so use a yearly operational plan to capture your goals, progress, and opportunities for next time.

Allocate resources for your year-one operational plan. Whether you need funding or dedicated team members to implement your first strategic plan, now is the time to allocate all the resources you’ll need.

Monitor and revise the strategic plan. Record your lessons learned in the operational plan so you can revisit and improve it for the next strategic planning phase.

The issue-based plan can repeat on an annual basis (or less often once you resolve the issues). It’s important to update the plan every time it’s in action to ensure it’s still doing the best it can for your organization.

You don’t have to repeat the full process every year—rather, focus on what’s a priority during this run.

3. Alignment model

This model is also called strategic alignment model (SAM) and is one of the most popular strategic planning models. It helps you align your business and IT strategies with your organization’s strategic goals. 

You’ll have to consider four equally important, yet different perspectives when applying the alignment strategic planning model:

Strategy execution: The business strategy driving the model

Technology potential: The IT strategy supporting the business strategy

Competitive potential: Emerging IT capabilities that can create new products and services

Service level: Team members dedicated to creating the best IT system in the organization

Ideally, your strategy will check off all the criteria above—however, it’s more likely you’ll have to find a compromise. 

Here’s how to create a strategic plan using the alignment model and what kinds of companies can benefit from it.

Organizations that need to fine-tune their strategies

Businesses that want to uncover issues that prevent them from aligning with their mission

Companies that want to reassess objectives or correct problem areas that prevent them from growing

Outline your organization’s mission, programs, resources, and where support is needed. Before you can improve your statements and approaches, you need to define what exactly they are.

Identify what internal processes are working and which ones aren’t. Pinpoint which processes are causing problems, creating bottlenecks , or could otherwise use improving. Then prioritize which internal processes will have the biggest positive impact on your business.

Identify solutions. Work with the respective teams when you’re creating a new strategy to benefit from their experience and perspective on the current situation.

Update your strategic plan with the solutions. Update your strategic plan and monitor if implementing it is setting your business up for improvement or growth. If not, you may have to return to the drawing board and update your strategic plan with new solutions.

4. Scenario model

The scenario model works great if you combine it with other models like the basic or issue-based model. This model is particularly helpful if you need to consider external factors as well. These can be government regulations, technical, or demographic changes that may impact your business.

Organizations trying to identify strategic issues and goals caused by external factors

Identify external factors that influence your organization. For example, you should consider demographic, regulation, or environmental factors.

Review the worst case scenario the above factors could have on your organization. If you know what the worst case scenario for your business looks like, it’ll be much easier to prepare for it. Besides, it’ll take some of the pressure and surprise out of the mix, should a scenario similar to the one you create actually occur.

Identify and discuss two additional hypothetical organizational scenarios. On top of your worst case scenario, you’ll also want to define the best case and average case scenarios. Keep in mind that the worst case scenario from the previous step can often provoke strong motivation to change your organization for the better. However, discussing the other two will allow you to focus on the positive—the opportunities your business may have ahead.

Identify and suggest potential strategies or solutions. Everyone on the team should now brainstorm different ways your business could potentially respond to each of the three scenarios. Discuss the proposed strategies as a team afterward.

Uncover common considerations or strategies for your organization. There’s a good chance that your teammates come up with similar solutions. Decide which ones you like best as a team or create a new one together.

Identify the most likely scenario and the most reasonable strategy. Finally, examine which of the three scenarios is most likely to occur in the next three to five years and how your business should respond to potential changes.

5. Self-organizing model

Also called the organic planning model, the self-organizing model is a bit different from the linear approaches of the other models. You’ll have to be very patient with this method. 

This strategic planning model is all about focusing on the learning and growing process rather than achieving a specific goal. Since the organic model concentrates on continuous improvement , the process is never really over.

Large organizations that can afford to take their time

Businesses that prefer a more naturalistic, organic planning approach that revolves around common values, communication, and shared reflection

Companies that have a clear understanding of their vision

Define and communicate your organization’s cultural values . Your team can only think clearly and with solutions in mind when they have a clear understanding of your organization's values.

Communicate the planning group’s vision for the organization. Define and communicate the vision with everyone involved in the strategic planning process. This will align everyone’s ideas with your company’s vision.

Discuss what processes will help realize the organization’s vision on a regular basis. Meet every quarter to discuss strategies or tactics that will move your organization closer to realizing your vision.

6. Real-time model

This fluid model can help organizations that deal with rapid changes to their work environment. There are three levels of success in the real-time model: 

Organizational: At the organizational level, you’re forming strategies in response to opportunities or trends.

Programmatic: At the programmatic level, you have to decide how to respond to specific outcomes or environmental changes.

Operational: On the operational level, you will study internal systems, policies, and people to develop a strategy for your company.

Figuring out your competitive advantage can be difficult, but this is absolutely crucial to ensure success. Whether it’s a unique asset or strength your organization has or an outstanding execution of services or programs—it’s important that you can set yourself apart from others in the industry to succeed.

Companies that need to react quickly to changing environments

Businesses that are seeking new tools to help them align with their organizational strategy

Define your mission and vision statement. If you ever feel stuck formulating your company’s mission or vision statement, take a look at those of others. Maybe Asana’s vision statement sparks some inspiration.

Research, understand, and learn from competitor strategy and market trends. Pick a handful of competitors in your industry and find out how they’ve created success for themselves. How did they handle setbacks or challenges? What kinds of challenges did they even encounter? Are these common scenarios in the market? Learn from your competitors by finding out as much as you can about them.

Study external environments. At this point, you can combine the real-time model with the scenario model to find solutions to threats and opportunities outside of your control.

Conduct a SWOT analysis of your internal processes, systems, and resources. Besides the external factors your team has to consider, it’s also important to look at your company’s internal environment and how well you’re prepared for different scenarios.

Develop a strategy. Discuss the results of your SWOT analysis to develop a business strategy that builds toward organizational, programmatic, and operational success.

Rinse and repeat. Monitor how well the new strategy is working for your organization and repeat the planning process as needed to ensure you’re on top or, perhaps, ahead of the game. 

7. Inspirational model

This last strategic planning model is perfect to inspire and energize your team as they work toward your organization’s goals. It’s also a great way to introduce or reconnect your employees to your business strategy after a merger or acquisition.

Businesses with a dynamic and inspired start-up culture

Organizations looking for inspiration to reinvigorate the creative process

Companies looking for quick solutions and strategy shifts

Gather your team to discuss an inspirational vision for your organization. The more people you can gather for this process, the more input you will receive.

Brainstorm big, hairy audacious goals and ideas. Encouraging your team not to hold back with ideas that may seem ridiculous will do two things: for one, it will mitigate the fear of contributing bad ideas. But more importantly, it may lead to a genius idea or suggestion that your team wouldn’t have thought of if they felt like they had to think inside of the box.

Assess your organization’s resources. Find out if your company has the resources to implement your new ideas. If they don’t, you’ll have to either adjust your strategy or allocate more resources.

Develop a strategy balancing your resources and brainstorming ideas. Far-fetched ideas can grow into amazing opportunities but they can also bear great risk. Make sure to balance ideas with your strategic direction. 

Now, let’s dive into the most commonly used strategic frameworks.

8. SWOT analysis framework

One of the most popular strategic planning frameworks is the SWOT analysis . A SWOT analysis is a great first step in identifying areas of opportunity and risk—which can help you create a strategic plan that accounts for growth and prepares for threats.

SWOT stands for strengths, weaknesses, opportunities, and threats. Here’s an example:

[Inline illustration] SWOT analysis (Example)

9. OKRs framework

A big part of strategic planning is setting goals for your company. That’s where OKRs come into play. 

OKRs stand for objective and key results—this goal-setting framework helps your organization set and achieve goals. It provides a somewhat holistic approach that you can use to connect your team’s work to your organization’s big-picture goals.  When team members understand how their individual work contributes to the organization’s success, they tend to be more motivated and produce better results

10. Balanced scorecard (BSC) framework

The balanced scorecard is a popular strategic framework for businesses that want to take a more holistic approach rather than just focus on their financial performance. It was designed by David Norton and Robert Kaplan in the 1990s, it’s used by companies around the globe to: 

Communicate goals

Align their team’s daily work with their company’s strategy

Prioritize products, services, and projects

Monitor their progress toward their strategic goals

Your balanced scorecard will outline four main business perspectives:

Customers or clients , meaning their value, satisfaction, and/or retention

Financial , meaning your effectiveness in using resources and your financial performance

Internal process , meaning your business’s quality and efficiency

Organizational capacity , meaning your organizational culture, infrastructure and technology, and human resources

With the help of a strategy map, you can visualize and communicate how your company is creating value. A strategy map is a simple graphic that shows cause-and-effect connections between strategic objectives. 

The balanced scorecard framework is an amazing tool to use from outlining your mission, vision, and values all the way to implementing your strategic plan .

You can use an integration like Lucidchart to create strategy maps for your business in Asana.

11. Porter’s Five Forces framework

If you’re using the real-time strategic planning model, Porter’s Five Forces are a great framework to apply. You can use it to find out what your product’s or service’s competitive advantage is before entering the market.

Developed by Michael E. Porter , the framework outlines five forces you have to be aware of and monitor:

[Inline illustration] Porter’s Five Forces framework (Infographic)

Threat of new industry entrants: Any new entry into the market results in increased pressure on prices and costs. 

Competition in the industry: The more competitors that exist, the more difficult it will be for you to create value in the market with your product or service.

Bargaining power of suppliers: Suppliers can wield more power if there are less alternatives for buyers or it’s expensive, time consuming, or difficult to switch to a different supplier.

Bargaining power of buyers: Buyers can wield more power if the same product or service is available elsewhere with little to no difference in quality.

Threat of substitutes: If another company already covers the market’s needs, you’ll have to create a better product or service or make it available for a lower price at the same quality in order to compete.

Remember, industry structures aren’t static. The more dynamic your strategic plan is, the better you’ll be able to compete in a market.

12. VRIO framework

The VRIO framework is another strategic planning tool designed to help you evaluate your competitive advantage. VRIO stands for value, rarity, imitability, and organization.

It’s a resource-based theory developed by Jay Barney. With this framework, you can study your firmed resources and find out whether or not your company can transform them into sustained competitive advantages. 

Firmed resources can be tangible (e.g., cash, tools, inventory, etc.) or intangible (e.g., copyrights, trademarks, organizational culture, etc.). Whether these resources will actually help your business once you enter the market depends on four qualities:

Valuable : Will this resource either increase your revenue or decrease your costs and thereby create value for your business?

Rare : Are the resources you’re using rare or can others use your resources as well and therefore easily provide the same product or service?

Inimitable : Are your resources either inimitable or non-substitutable? In other words, how unique and complex are your resources?

Organizational: Are you organized enough to use your resources in a way that captures their value, rarity, and inimitability?

It’s important that your resources check all the boxes above so you can ensure that you have sustained competitive advantage over others in the industry.

13. Theory of Constraints (TOC) framework

If the reason you’re currently in a strategic planning process is because you’re trying to mitigate risks or uncover issues that could hurt your business—this framework should be in your toolkit.

The theory of constraints (TOC) is a problem-solving framework that can help you identify limiting factors or bottlenecks preventing your organization from hitting OKRs or KPIs . 

Whether it’s a policy, market, or recourse constraint—you can apply the theory of constraints to solve potential problems, respond to issues, and empower your team to improve their work with the resources they have.

14. PEST/PESTLE analysis framework

The idea of the PEST analysis is similar to that of the SWOT analysis except that you’re focusing on external factors and solutions. It’s a great framework to combine with the scenario-based strategic planning model as it helps you define external factors connected to your business’s success.

PEST stands for political, economic, sociological, and technological factors. Depending on your business model, you may want to expand this framework to include legal and environmental factors as well (PESTLE). These are the most common factors you can include in a PESTLE analysis:

Political: Taxes, trade tariffs, conflicts

Economic: Interest and inflation rate, economic growth patterns, unemployment rate

Social: Demographics, education, media, health

Technological: Communication, information technology, research and development, patents

Legal: Regulatory bodies, environmental regulations, consumer protection

Environmental: Climate, geographical location, environmental offsets

15. Hoshin Kanri framework

Hoshin Kanri is a great tool to communicate and implement strategic goals. It’s a planning system that involves the entire organization in the strategic planning process. The term is Japanese and stands for “compass management” and is also known as policy management. 

This strategic planning framework is a top-down approach that starts with your leadership team defining long-term goals which are then aligned and communicated with every team member in the company. 

You should hold regular meetings to monitor progress and update the timeline to ensure that every teammate’s contributions are aligned with the overarching company goals.

Stick to your strategic goals

Whether you’re a small business just starting out or a nonprofit organization with decades of experience, strategic planning is a crucial step in your journey to success. 

If you’re looking for a tool that can help you and your team define, organize, and implement your strategic goals, Asana is here to help. Our goal-setting software allows you to connect all of your team members in one place, visualize progress, and stay on target.

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6 Steps to Make Your Strategic Plan Really Strategic

  • Graham Kenny

business development strategy plan

You don’t need dozens of strategic goals.

Many strategic plans aren’t strategic, or even plans. To fix that, try a six step process: first, identify key stakeholders. Second, identify a specific, very important key stakeholder: your target customer. Third, figure out what these stakeholders want from you. Fourth, figure out what you want from them. Fifth, design your strategy around these requirements. Sixth, focus on continuously improving this plan.

Why is it that when a group of managers gets together for a strategic planning session they often emerge with a document that’s devoid of “strategy”, and often not even a plan ?

business development strategy plan

  • Graham Kenny is CEO of  Strategic Factors and author of the book Strategy Discovery.   He is a recognized expert in strategy and performance measurement who helps managers, executives, and boards create successful organizations in the private, public, and not-for-profit sectors. He has been a professor of management in universities in the U.S., and Canada.  You can connect to or follow him on  LinkedIn .

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How to Create a Business Development Strategy for Your Sales Team [Template]

Clint Fontanella

Updated: May 19, 2021

Published: June 05, 2019

Before HubSpot was named "HubSpot," it was LegalSpot.

sales team creating a Business Development Strategy

According to Brian Halligan , LegalSpot was going to be "a suite of applications that helped you manage your law firm." He and Dharmesh Shah then "tinkered" with their business model until they transformed it into the universal Marketing, Sales, and Customer Service Hub it is today.

The moral of the story? Brian and Dharmesh had a business plan from the start. They created a development process that fostered growth and strategized for long-term success. That's what propelled a lunch table idea into the first software for Inbound Marketing .

Free Download: Sales Plan Template

If you want your business to grow, you need a business development process that's organized and consistent. If you're not sure where to start, let's begin with discussing what a business development process is and how to create a strategy to improve it. Then, we'll wrap up with a free template you can use to implement a plan at your company.

Business Development Process

The business development process refers to the steps your business takes to improve the organization as a whole. This includes everything you do to attract, engage, and delight your customers. Outlining this process helps your team understand current business conditions and set goals for the future.

It's important that your sales team understands your business development process because they can use that knowledge to set annual sales targets.

For example, let's say your business development team finds that your U.S. sales are growing and are projected to hit five million dollars in five years. With this information at hand, sales management can set hiring goals and review sales strategies to ensure they meet their projected growth.

Once you hash out your business development process, you'll need a plan that improves it over time. To help you get started, let's go over what a business development strategy is and how you can implement one at your company.

Business Development Strategy

A business development strategy is a detailed plan outlining how an organization will grow and succeed over time. Companies use business development strategy to address specific business needs that influence the organization's growth. By creating a long-term development plan, marketing, sales, and customer service departments have a better understanding of how their work contributes to the business's success.

If your company doesn't have a development strategy, or you're unsure about how to make one, let's go over the steps to creating a plan in the next section.

Business Development Strategy Plan

1. mission statement and background.

Your business development strategy should begin with outlining your company's purpose as well as any relevant background information. This includes your mission statement, vision statement, and company history. Having this information front and center makes your organization's intentions clear to the reader and present throughout the document.

Before you start describing your goals and strategies, it's important to highlight the employees that will make this plan possible. You should outline who your sales leadership consists of, the team's overall structure, and any new hires that join the organization. This not only develops a chain of command, but it also helps you identify hiring needs and fill vacant positions.

3. Target Market

Once we have the background information out of the way, the next step is to describe your target audience. You'll need to identify who your product or service is designed for and how you'll segment this audience for your sales team. You should also discuss audiences that shouldn't be pursued to ensure your team is engaging with qualified leads.

The best place to start is by describing the location of your target audience. Are they nation-wide or region-based? If region-based, how will you reach them?

Then, include your buyer personas . Buyer personas are representations of your ideal customers based on market research and existing customer data. This will highlight to your sales team the exact type of customer they should be pursuing.

4. Tools, Software, and Resources

The next section should describe the tools, software, and resources that will help you achieve your goals. This includes your CRM , marketing automation, social media, and customer service tools. These assets streamline functions and store valuable information about your customers. Your sales team should be aware of each of these tools as they may be useful for closing a deal.

While your sales team may work with a variety of tools, there are some core ones that should always be listed in this section. For example, email and calling software are essential tools for sales teams. Without them, your salespeople wouldn't be able to effectively communicate with your customer base.

5. Positioning

The positioning section should describe how your product or service is viewed in your industry. Start by outlining the market conditions, then explain how your business brings value to the industry. This information is important for new hires who need to understand how your company is different from competitors.

You can take it one step further by including a competitor analysis as well. A competitor analysis highlights your company's strengths and weaknesses and provides counterpoints to address your organization's flaws. This will help your sales team maintain consistency when communicating with customers.

6. Marketing Strategy

This section should include an overview of your entire marketing strategy. This includes any email, blog, event, video, social media, or direct mail campaigns. It's important for marketing and sales teams to work together, so your team will need to know which campaigns are being executed and when.

7. Prospecting Strategy

Your prospecting strategy should describe the steps your sales team will take to qualify leads. If this process is inconsistent, your team will have trouble closing deals. Be sure to list each step in your prospecting strategy so your team knows exactly how to engage customers.

You should first list your criteria for reaching out to a prospect. Explain what a prospect has to do in order to be viewed as a good fit for a sales pitch. Then, describe your inbound and outbound prospecting strategy. These are the steps your team takes to convert a prospect into a customer.

Now, it's time to set goals. Determine what your sales targets are and list them in this section for your team to see. This should include metrics like revenue, deals closed, and units sold. Make these goals clear to your team and keep them relevant to your work over time. If there are any lulls or declines, remind your team about your goals and what they can do to achieve them.

9. Action Plan

Once your goals are set, you'll need a plan to achieve them. This section is reserved for the steps your sales team will take to hit your goals. This includes the number of calls they'll make, locations they'll visit, and high-profile clients they'll work with. Making these quotas clear provides your team with a realistic strategy for meeting your goals.

You should conclude your business development strategy by outlining your sales budget. Explain how much you're willing to spend on your sales initiatives and forecast what you predict the actual amount will be. Be sure to consider factors like payroll, commission, travel, food, and anything else that keeps your sales team operating.

Business Development Strategy Plan Template

Now that you're familiar with every aspect of a business development strategy, it's time to create one for your sales team. To help, we put together the free template below that you can download here .

Business-Development-Strategy-Plan-Template

For more ways to improve business strategy, read about these business development skills .

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Outline your company's sales strategy in one simple, coherent plan.

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Business development plan: A step-by-step approach

Lucia Piseddu

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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 .

the business development school - the business development plan template

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.

the business development school - business development plan market research

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.

the business development school - business development plan competitor research

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:

the business development school - buyer persona template

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 .

the business development school - job-to-be-done framework

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

the business development school - value proposition design template

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.

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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Business Development Strategy Template

Business Development Strategy Template

What Is A Business Development Strategy?

A business development strategy is an action plan a company takes to achieve growth and expansion. It involves identifying and seizing opportunities, cultivating relationships, and implementing initiatives to increase revenue, market share, and overall profitability.

At its core, a business development strategy focuses on exploring new markets and developing new products or services. It involves a proactive and systematic approach to gain a competitive advantage in the market or industry to position the business for long-term success.

Business development strategies can vary depending on the industry, target market, and company goals. They often involve conducting market research, identifying potential customers or markets, and establishing strategic alliances or partnerships. Additionally, these strategies may include activities such as sales and marketing initiatives, product development, mergers and acquisitions, and entering new geographic regions.

What Is A Business Development Plan Template?

A business development plan template is a pre-designed framework that serves as a roadmap for creating a strategic plan to drive business growth. It provides a structured format for organizations to define their objectives, analyze their current situation, identify opportunities, and outline the steps needed to achieve their business development goals.

What's Included In This Business Development Strategy Template?

  • 3 focus areas
  • 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Once you have set your template, you can also create up to two dashboards for real-time performance monitoring.

And yes - you get free access with no credit card required. ✅

#1 Strategy Execution Platform Learn how to get more value out of your free template! Book a demo

Who Is This Business Development Strategy Template For?

This Business Development Strategy Template is for organizations of all sizes and industries that need to focus on business development for growth.

Whether you're a startup looking to gain traction, a small business aiming for expansion, or an established company seeking to innovate and stay ahead, this template will guide you in creating a comprehensive and effective growth strategy.

No matter the stage or size of your business, the Business Development Strategy template equips you with the tools, insights, and structure necessary to propel your growth, enhance your competitive advantage, and achieve your business objectives.

How To Use The Business Development Plan Template

Creating your Business Development Plan from scratch can be a heavy task. Our Business Development Strategy Template can help you streamline the planning process, so you can quickly get into the important part: the execution phase!

Just get into the template and follow these easy steps:

1. Define clear examples of your focus areas

The first step in creating a business development strategy is to define the focus areas . These are the areas of the business that need to be prioritized in order to achieve the desired results.

How to determine the right focus areas?

Defining the right focus areas is crucial for a successful business development strategy.

Here are some recommendations to help you identify and prioritize your focus areas effectively:

  • Align business goals : Align your focus areas with your organization's overall goals and objectives. Ensure that your focus areas directly contribute to the larger strategic vision of the company, such as revenue growth, market expansion, or product diversification.
  • Conduct a SWOT Analysis : Perform a thorough SWOT analysis to identify strengths, weaknesses, opportunities, and threats. Leverage your strengths, address weaknesses, and capitalize on opportunities while mitigating threats.
  • Analyze market trends & customer needs : Stay updated on market trends and customer preferences. Conduct market research to identify emerging opportunities and fulfill unmet customer needs. Align your focus areas with market trends and customer requirements to position your business for growth and differentiation.
  • Identify your target audience : Define your ideal customer profile and target audience based on demographics, psychographics, and behavior. This enables you to focus resources and tailor marketing efforts to reach and engage the right customers.
  • Consider the competitive landscape : Evaluate competitors and their strategies. Identify areas for gaining a competitive advantage or differentiating your offerings, such as pricing or marketing strategies. Look for market gaps to fill or areas to outperform competitors.
  • Engage key stakeholders : Involve senior management, department heads, and key employees in defining focus areas. Seek input from relevant stakeholders to gain diverse perspectives and ensure a broader understanding of the organization's needs and priorities.

Examples of focus areas for your Business Development Plan

Consider the following options when defining your focus areas based on your organization's priorities:

  • Market Expansion : Expand into new markets or increase market share in existing ones by targeting specific regions, demographics, or industries.
  • Product Development : Develop new products or enhance existing ones to better meet customer needs and preferences.
  • Customer Acquisition : Focus on acquiring new customers through marketing campaigns, lead generation, or sales process improvements.
  • Customer Retention : Improve customer loyalty and retention rates by enhancing support, implementing loyalty programs, or other customer satisfaction initiatives.
  • Strategic Partnerships : Establish partnerships with other businesses to expand reach, access new markets, or leverage complementary resources.
  • Operational Efficiency : Streamline workflows, adopt new technologies, or implement cost-saving measures to improve operational processes.
  • Branding and Marketing : Build a strong brand presence and implement effective marketing strategies, such as enhancing brand identity, optimizing digital marketing efforts, or exploring new advertising channels.
  • Talent Acquisition and Development : Attract and retain top talent through recruitment strategies, employee training and development programs, or by improving company culture.
For our Business Development Strategy Template we've defined the following focus areas: Increase Market Share, Increase Revenue, and Improve Customer Retention . You can easily customize them to fit your organization's needs.

2. Think about the objectives that could fall under that focus area

Once you identified your focus areas, it's time to think about the objectives that could fall under each of them. Objectives are specific goals that are designed to help you achieve the desired results from each focus area.

Here are some examples of objectives in our Business Development Plan Template for each focus area:

Increase Market Share

  • Expand customer base
  • Increase brand awareness
  • Diversify offerings to capture new market segments

Increase Revenue

  • Increase Sales
  • Implement cross-selling and upselling strategies

Enhance Operational Efficiency

  • Streamline internal processes and workflows
  • Improve resource utilization and allocation
  • Enhance operational scalability to support business growth

3. Set measurable targets (KPIs) to tackle the objective

Key Performance Indicators (KPIs) are the metrics that help to measure progress towards the objectives.

Examples of KPIs related to the objectives in the focus area of Increase Market Share could be:

Objective : Expand customer base

  • KPI : Increase the number of new customers acquired through referrals by 20%

Objective : Increase brand awareness

  • KPI : Boost brand recognition by increasing social media followers by 25%

Objective : Diversify offerings to capture new market segments

  • KPI : Expand market reach by entering 3 new market segments

Setting measurable targets is crucial for tracking progress and evaluating the success of your strategic business development plan. Make sure that your targets are specific, measurable, attainable, relevant, and time-bound (SMART).

Regularly monitor and assess your KPIs to stay on track and make adjustments as necessary to drive success.

💡Pro Tip: To simplify tracking and ensure progress, break down your long-term goals into short-term milestones with specific target dates. This approach helps you stay on top of your expected progress.

4. Implement related projects to achieve the KPIs

Once the KPIs have been set, it's time to implement related projects to achieve them. Projects should be specific and actionable, and they should be designed to help you reach your desired outcomes.

Examples of projects could include:

  • Project : Implement targeted lead generation campaigns through content marketing strategies.
  • Project : Create a detailed marketing plan encompassing strategies across multiple channels.
  • Project : Leverage customer feedback and market insights to identify new business opportunities.
💡Pro Tip: To promote accountability, make sure every KPI and project has an assigned owner that will be responsible for that initiative. You can also add collaborators, and share the plan amongst the business development team and team members from different business units to ensure everyone is aligned.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform is a powerful tool designed to help organizations create and manage business development strategies. It provides an easy-to-use interface for creating strategies, setting measurable targets, and implementing related projects. With its powerful analytics tools, Cascade allows you to track and measure progress and see faster results from your strategy.

Here are some key features to ensure your business development strategy’s success:

  • Integrations : Seamlessly connect Cascade with your team's preferred tools, consolidating all your information in one place. Benefit from over 1,000 integrations, ranging from communication platforms like Slack and MS Teams to project management tools such as Jira.
  • Reports : Generate concise real-time snapshot reports, ideal for presenting large volumes of data in an easily understandable format. Create executive summary reports for your leadership team within minutes, providing them with the key insights they need.
  • Dashboards : Monitor and understand progress, using powerful data displayed with beautiful simplicity by building the perfect strategy dashboard powered by automated goal tracking. You can share these dashboards with anyone, both internally and externally, allowing for effective collaboration and transparency.

business development strategy plan

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  • Business Transformation Strategy Template
  • Business Growth Strategy Template
  • Business Marketing Strategy Template
  • Business Action Plan Template
  • Sales Strategy Template
  • New Business Development Strategy Template

Business Tips from SCORE: A business plan gives owners a guide to their operations

One of the sure ways of launching a business that will fail is not to plan its launch and growth.

Most budding entrepreneurs’ eyes roll back in their head when they hear “business plan.” It doesn’t have to be complicated or voluminous. It might be as simple as a one-page Business Model Canvas – BMC − plan or if needed a deeper dive with a full business plan . But there’s no better way to think through important issues and gain focus in your business than by creating a guide.

Not only will building a business plan help you get a better handle on where you are and how you’ll grow, but it’s an absolute necessity if you seek outside investment.

A business model is a way of describing how the enterprise will make money.  Strategyzer’s Business Model Canvas is a 9-block process that explores, initially, value proposition (your offer, but not what you are selling), customer segments (to whom are you making the offer(s)), communication channels (how will you reach your customer segments). Then validate your assumptions. Then follow-up with customer relationships , activities, resource and strategic partners , expenses and revenue streams . The right side of the BMC canvas focuses on the customer and market or external factors that are not totally under your control. The left side focuses on the internal that is mostly in your control. The middle is the value proposition that represents the exchange of value between your customers and your business.

Here’s an easy guide on how to build a business plan step-by-step.

Step 1: Describe the “Big Idea” in an executive summary

Think of the executive summary as an explanation of your unique selling proposition. You want someone to be able to immediately grasp what your company does and the value you bring to the market.

This section should include a mission statement, brief explanations of the products or services you plan to offer, a basic introduction of key team members and where your company is located. If you’re seeking financing, you’ll also need to include basic information about your finances and plans for use of borrowed funds.

Step 2: Conduct a market analysis

This is where you’ll get into more detail by describing your industry and where your business fits into its landscape. Some questions to answer:

  • What exactly does your business do? 
  • What do you sell and why do you sell it? 
  • Why is your product or service needed? 
  • Who’s going to benefit from the products or services you provide?

Step 3: Introduce your team with a company description

In this section, include information like the legally registered name of your company, your business address, the company’s legal structure (LLC, sole proprietorship, etc.) and key team members. 

If your company is large, consider using an organizational chart to show who’s in charge of what. Also, include any special skills or unique experience your team has that will help advance your mission.

Step 4: Describe the value of your products and services

Piggyback on what you wrote in your market analysis to give details about your products and/or services. Give a thorough explanation of what your product or service does, how it works, your pricing structure, your ideal customer and your distribution strategy.

If you have intellectual property like patents, copyrights or trademarks, mention those as well, along with any research you plan to conduct or have completed.

Step 5: Describe your “go to market” strategy with a marketing and sales plan

How are you going to acquire customers? How are you going to create loyalty? There’s no right or wrong strategy here, only the strategy that makes sense given your current circumstances, the market and your customers’ attitudes. Over time, this may evolve, which is fine!

You can describe your sales process, how you’ll initially attract prospects, how you’ll deepen that attraction into a purchase, what a typical sales cycle might look like, what happens after the sale and so on. 

Step 6: Dive into the numbers with a financial analysis

Depending on how long you’ve been in business, you may not have a lot of concrete numbers for this section. Or, you may have a lot.

If you’re a startup, you’ll have to supply financial projections — forecasted income statements and balance sheets, for example. Be detailed for the first year, breaking down your projections quarterly or, even better, monthly.

If you’re established and are writing the plan to guide your growth strategy, you should include profit and loss statements, balance sheets, cash flow statements, a section for metrics like profit margin and a statement of your total assets and debts. This is also a great place to include any charts and graphs that help tell the financial story of your business. 

Step 7: If you need funding, explain why and for what 

If you’re seeking outside investment, use this section to provide details about your capital needs. How much do you anticipate needing over the next three to five years, what will it be used for, what are the terms you’re seeking, what opportunities will it allow you to exploit, and how will it help you meet your growth targets? And, don’t forget to include your “skin in the game” investment.  A critical step for lender evaluations.

Step 8: Anything else to include?

If you want to include additional information — resumes, leases, permits, bank statements, contracts, photos, charts, diagrams, etc. — include them at the end of your plan in an appendix.

Regardless of which format you select remember that a business plan is a guide, compass and companion for you to reach your business objectives.

Contributed by Marc L. Goldberg, Certified Mentor, SCORE Cape Cod & the Islands, www.score.org/capecod , 508-775-4884.  A SCORE Mentor Can Help You Build a Detailed Business Plan.  Sources: ASK Score 2023, An Easy Guide to the Business Model Canvas, Creately Blog, May 18, 2022.

  Thanks to our subscribers, who help make this coverage possible. If you are not a subscriber, please consider supporting quality local journalism with a Cape Cod Times subscription.  Here are our subscription plans.    

COMMENTS

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