Are you thinking about what new business development strategies can help expand and broaden your organization’s capabilities? Looking for new ways for your firm to actually make more money without the need for calling in business development consultants?
This type of business strategy development requires some key analysis of your current business model and the type of future changes you’re going to have to make this model.
Here I’ll show you four key elements to show where change and improvement should be focused for optimum results.
Your value proposition
The starting point with any new business development is to look at the value proposition your firm intends to provide. In plain terms this involves establishing what type of benefits you’re going to be providing to the customer.
This applies whether you are producing offering services or concentrate on new product design & development.
Business development strategies tip #1: Refocus on your value proposition
- Revisit some of your market research (or perform new customer surveys) to establish what the true benefits of your product actually are to customers. Assess if there are any benefits which you are product currently doesn’t provide but could easily incorporate. Use consultants versed in business process modeling & design if you don’t have experts in-house to manage this.
The front-end (customer relationships, segments and channels) of your business model
The customer facing elements of your business model is crucial to getting right. The relationship you establish with your customers over time help increase loyalty and you need to make it as easy as possible for the right people to be buying your products.
New business development strategies tip #2: Make it easy for the right people to buy your products
- Customer relationships: You need to establish and sustain customer relationships to start out with. Use effective targeted promotion to get through to your customer base. Use customer loyalty surveys to work out new ways of maintaining your brands loyalty in the market and then implement various customer retention strategies.
- Customer segments: Identify what customer segments you want to target initially and then start targeting additional segments as you realize how your product value could be applied to other segments. A customer-driven promotion & marketing strategy should aim to target well-defined segments.
- Sales channels: Test out different sales outlets and sales channels. Include online as well as retail shops. Vary the number of affiliates and different resellers use. Make it simple for people to find your products.
The back-end (key activities, resources and partners) of your business model
All business strategy development needs to work out how the resources within your firm are performed activities in order to deliver your value proposition. This may even include the various partnerships you make a business development consulting firms.
The more effectively they can do this, better quality product/service you be providing.
Business development strategies tip #3: Turbo-charge your resources, capabilities and activities
- Key resources: Hire the right people from the very start when ensure you have adequate training for all staff. Identify ongoing training plans to broaden each employee skill set. My post on fundamentals for running your business details some of the skills needed to be a driven & motivational business leader.
- Key activities: Identify bottlenecks in your production process. Establish operational procedures which can be standardized, analyzed and repeatedly tested for improvement.
- Key partners: Establish if any of your work can be outsourced in order to upscale your production capacity. Consider using business development consulting firms to locate key flaws in your resources/activities and reach out to key partners who can facilitate upscaling your organization’s output.
Cost structure and revenue streams
At its heart, all new business development strategies are striving to work out ways to reduce your cost structure and increase your revenues. All previous strategies should be evaluated on these two factors
New business development strategies tip #4: Reduce your costs and increase the quality & quantity of revenue streams
- Cost structure: Evaluate where cost benefits can be made. Assess the amount of waste in operational procedures and run materials and try to limit this. Identify elements of your organizations activities which can be easily outsourced without ruining the intellectual property of your firm (via a policy of strategic cost management).
- Revenue streams: Analyze new ways of bringing in revenue to your firm. Could your products be sold in different ways (e.g. leasing, renting, etc.)?
How to start a business with no money.