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Business Development Strategy Pdf
Thank you for downloading our free product. Only one user is allowed to download up to 2 free products. Please go ahead and upgrade your subscription to a PAY one to download more products. thank you Despite what many people believe, a comprehensive growth strategy is not just about getting more customers and selling more goods. I mean, getting customers is very important but there is more
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, where I explain how to establish businesses and startups that leverage artificial intelligence and other technologies in sales communication.
And if you are looking for a comprehensive strategic growth plan, then you are on the right page, then read on.
As explained in the principles of our business strategy, the first order of business for any executive is to have a basic business under control, which means ensuring that the products and services of the business occupy a profitable market position and.
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Once you realize this, you can then turn your attention to growth, and start thinking about different ways to maximize the value of your business in the foreseeable future.
In an ideal world, we would hope that the executives open only after the growth initiatives that benefit their organization, but in reality, we have all seen how the pressure of demanding shareholders and investors, and misguided incentives, can lead to a company sometimes. pursue growth
In general, we say that the growth strategy is complete when the combination of the following conditions is met:
For this reason, you should always pay attention to the “cost” of your business growth (both financial and non-financial) and how sustainable you think this business is for the long term.
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In this article, we explore the various ways you can grow any business and provide some ideas to help you create your growth plan. Here are some of the things we will discuss:
We have included several charts, links, and other references to help you improve your understanding of good growth strategies. We’ve also created a mind map with all the growth options we’ve covered for you to download and make notes as you go through this article.
This mindmap also provides a visual representation of the strategic choices you must make as a business executive when developing a new growth strategy.
) or “Free Cash Flow” (usually just called FCF), a concept that we see in more detail in our financial analysis section.
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Your job as a business executive is to explore how this list relates to your organization and make an educated decision about which path you believe will have the greatest impact on your bottom line.
Your collection of chosen paths is the core of your growth strategy, which together with your strategic positioning plan and execution system, gives you everything you need to succeed in creating and implementing your organization’s strategy.
While the growth strategy can generally be described as a group of business initiatives aimed at improving the bottom line of a company, I like to speak in terms of an executive plan for.
Organizational growth, the initiative of the executive team chooses to maximize value in the foreseeable future.
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Not all growth paths will have the same impact on the business, and for that reason, you need to narrow down the world of initiatives.
Return after a handful that will give the most impact in a certain period, with the least amount of effort and resources.
That is why your plan to grow must be strategic in nature, because in the end, no company has unlimited resources or management bandwidth to pursue all the opportunities presented to it, so you must carefully choose the things that will spend attention and resources. on them. .
This translates into a growth plan that seeks to do more of what works, get better at it, and find new ways to create value, which leads to a synergistic and balanced approach to growth.
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I also find this category useful in explaining sources of growth in executive meetings and making better resource allocation decisions.
But beyond categorizing growth opportunities, the more fundamental problem you often face is the actual choice of which growth initiatives you should focus your efforts on.
The best way to start a growth plan is by estimating the growth “gap” that we need to fill with new businesses.
For example, let’s say that you plan your strategy for the next five years and your goal is to grow 15 percent a year. If your operating business is expected to generate $100 million in net income this year, and you expect it to grow at a rate of 9 percent per year, then you can easily calculate what income your new business will generate. every year. .
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Having indicative numbers for the pay gap can help you better understand what kind of growth initiatives will be implemented.
For example, in the case above you will know that the growth strategy initiative you choose should be such that it can deliver a net income of $47 million at the end of five years, which can help you prioritize and facilitate its selection.
A good way to brainstorm actionable initiatives is to go through each growth path we mentioned earlier, asking simple questions like:
Ideas that show the most potential can then be developed to better understand the types of benefits that can be generated, the level of investment required, the partnerships and capabilities that will be built, etc.
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There is no perfect approach to selecting strategic growth opportunities because the selection must conform to the company’s various preferences (including returns) and meet current strategic goals.
Our recommendation is to choose a handful of the most important investment parameters for your company (such as net income, required investment, return, inventory options or just for strategic reasons), then “fill the growth gap” starting with initiatives that promise to do. the best of these parameters until the gap is closed.
In an ideal situation, you will end up with a balanced growth strategy in all three buckets of McKinsey’s (expansion, creation, and optimization), but in reality, you will most likely end up with a strong bias towards a certain category, which is based on. in the dominant strategic goal of the moment, which is ok in our experience.
The next step is to work on your 5-year model which is the subject of the next section.
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Mentality, where you seek to maximize the value that the portfolio creates as a whole over some time, usually five years.
This gives you a 5-year growth model, which will help you better balance efforts across different business units and make better capital allocation decisions.
Putting all your eggs in one basket is always a risk, and while it is true that many companies have won big bets on new products and technologies, there is a difference between betting “big” on growth initiatives and betting “everything”.
In your growth initiative cut across several markets, business units or products that can be opened at different times in the future.
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By creating such a map, you can easily track all the opportunities in your pipeline, better balance resources across each of them.
Unless you can tell how much each business contributes to the growth of your company, you will not be able to get more from them. You know, when Peter Drucker said that “
If you understand how each business unit, product or optimized experience contributes to the company’s growth, you can double down on the things that work, pay attention to the things that don’t, and find opportunities for improvement.
, created by Michael Treacy and Jim Sims that allows you to create a beautiful waterfall that shows how much your income breaks down for a certain period, which is very useful.