Creating a business development strategy requires a collaborative effort from the entire business team. A key aspect of creating an effective business development plan is looking back and evaluating what worked and didn't work.

1. TOM CUTSHALL
T O M C U T S H A L L . U S
CREATING AN
EFFECTIVE BUSINESS
DEVELOPMENT
STRATEGY

2. T O M C U T S H A L L . U S
Each year, businesses pull their team together to
collaborate on next year’s goals and where they see
themselves one year from now. This team effort transforms
into a business development strategy that everyone can get
behind. Implementing the strategy into the everyday
business practices of each part of the team is crucial to
achieving the team goals and growing as a business. This
article will explain what is included in making an effective
business development strategy.

3. EVALUATEBefore you can start thinking of new
and exciting ideas for the future you
need to look to your past and evaluate
efforts that did and did not work.
Reference back to last year’s business
development strategy and dig deep into
the effectiveness of those efforts. The
more you can accurately pinpoint your
faults and successes in previous
business development strategies the
better you can create new and effective
ones. Be aware of what is changing in
the business environment around you.
A new year brings on new challenges
within your field. Be cognizant of any
legal changes that apply to your
business because they could easily
affect the way you conduct yourself as
a business.

4. NETWORKING
One of the pinnacle points of creating
an effective business development
strategy is networking. Networking
serves a plethora of needs for a
business and should be one of the top
priorities in any business development
strategy. Attend business networking
events to get your brand recognized.
Network with your target audience
through events or social media
platforms. A key to networking with
your audience is to know what ways
they interact with your brand the most.
Strive to always be on top of how your
target audience interacts online and
develop strategies to reach them.

5. RESOURCES
Any good business development
strategy has to have resources at their
disposal to implement the strategy. A
good portion of your strategy should
go into outline what your exact costs
are going to be to successfully execute
the plan. When you are breaking down
each factor of your strategy such as
the networking and marketing efforts,
you want to be calculating your
estimated budget in the process. A
varying amount of technology is going
to be used to track the impact of your
development strategy. Consider the
costs of these technologies when
creating your budget, so you have
accurate measurements of your impact.
TOMCUTSHALL.US