- JAXONLABS
6-Step Business Development Strategy Checklist
Updated: Jan 30
Without continual growth and progress, such words as improvement, achievement, and success have no meaning. – Benjamin Franklin
Expanding and refining your business is no small feat. Every business, regardless of its size or industry, requires a well-defined strategy for growth and development.
While each business is unique and may have its strengths and weaknesses, there are fundamental steps that every organization can follow to pave the way for sustainable growth.
In this comprehensive guide, we present a 6-step business development strategy checklist that will serve as your roadmap to success.
By meticulously following these steps and integrating them into your business strategy, you can refine your goals, enhance your market presence, and ensure that your business is on a trajectory toward long-term success.
BUSINESS DEVELOPMENT STRATEGY CHECKLIST:
1. DO YOU HAVE A CLEAR VISION OF WHERE YOU WANT TO TAKE YOUR BUSINESS?
The most critical question your business needs to answer when developing a strategic framework is what you want your business and personnel to become.
Your vision sets the course for your business and determines what needs to be done and who needs to be involved. It's the cornerstone of your business development strategy. Let's delve deeper into this essential step.
Think Big Picture. What is your ultimate goal? If you could achieve anything, regardless of difficulty, what would it be?
Break It Into Smaller Parts. Now that we have your end game, can we break that ultimate goal into a few core competencies?
Take the smaller pieces of your goal (1-year, 3-year, five-year goals) and determine which personnel you’ll need to achieve success.
Map out the milestones for each division, and how you will track progress.
Determine a strategy for dealing with disappointment. Yes, this is a reality of life and business. Are you going to Pivot, or Shut Down Activities? What process will be used to determine action?
Think Big Picture
What is your ultimate goal for your business? If you could achieve anything, regardless of the challenges, what would it be? This is your chance to dream big and set your North Star.
Break It Into Smaller Parts
Now that you have your endgame in mind, it's time to break that ultimate goal into smaller, more manageable parts. Consider defining 1-year, 3-year, and five-year goals. For each of these milestones, determine which personnel you'll need to achieve success.
Map Out the Milestones
For each division within your business, map out the milestones that need to be achieved to reach your goals. Be specific about what needs to be accomplished and the timeline for each milestone. Clarity here will be invaluable as you move forward.
Determine a Strategy for Dealing with Disappointment
In the world of business, setbacks and disappointments are realities. It's important to have a clear strategy for how you will respond to these challenges. Will you pivot and adapt, or will you need to shut down certain activities? Establish a process for evaluating your options and determining the best course of action based on the circumstances.
BUSINESS DEVELOPMENT STRATEGY CHECKLIST: 2. DETERMINE YOUR MARKET, AND WHY THEY NEED WHAT YOU’RE BUILDING
The second part of our business development strategy checklist is creating a target market and understanding the psychological factors that will influence the acceptance of your product/offer.
What basic need does your product or service appeal to?
What is your product or service life cycle?
Who is your ideal customer? Who would you enjoy working with? Which segment of people are most likely to relate to this need?
Write a short paragraph describing your ideal customer. Their physical and psychological factors. HOW they found your product, and WHY they are willing to accept the terms your business offers them.
What Basic Need Does Your Product or Service Appeal To?
At the core of any successful business is the ability to address a fundamental need or problem faced by your target audience. What is the specific need that your product or service fulfills? Define it clearly.
What is Your Product or Service Life-Cycle?
To make informed decisions about your business's future, it's crucial to understand where your product or service stands in its life cycle. Is it a new innovation, a mature offering, or something in between? The life-cycle stage will impact your strategy.
Identify Your Ideal Customer
Not all customers are created equal, and some are a better fit for your business than others. Define your ideal customer profile, including their demographics, psychographics, and behavioral traits.
Craft a Detailed Customer Persona
Take a step further and create a detailed customer persona that goes beyond demographics. Describe their physical and psychological characteristics. How do they find your product or service, and why are they willing to accept the terms your business offers them?
Expand Your Business and Brand Knowledge!
Delve deeper into the world of business and brand development with our expert insights and strategies to elevate your business:
JaxonLabs 6-Step Business Development Checklist: Uncover the key steps to take your business to new heights. This checklist is your roadmap to success.
Mastering Business Systems: A Strategic Guide: Dive into the world of business systems and learn how to implement strategies that streamline operations and boost efficiency.
The Power of Corporate Retreats: Building Teams, Shaping Leaders, and Culture: Discover how corporate retreats can transform your team dynamics, leadership, and organizational culture.
Why your data is the fuel that powers innovation: Understand the critical role of data in driving innovation and how you can leverage it for your business's growth.
What is Brand Building?: Get to grips with the fundamentals of brand building and learn how to create a powerful brand identity that resonates with your audience.
BUSINESS DEVELOPMENT STRATEGY CHECKLIST: 3. YOU’LL NEED THE TOOLS TO COMMUNICATE YOUR VALUE
We know your goals, the personnel who are going to be involved, who our target market is, and their psychological traits. Now we need to communicate everything to the customer.
What tools do you need?
Does your corporate identity match your mission?
What sales material/content will you need?
What language and tone will you use to deliver your value proposition?
Which Marketing Channels are you’re going to use to find potential clients?
Do you have a balanced strategy for Outbound and Inbound Marketing?
Align Corporate Identity with Mission
Your corporate identity, including your branding, should align seamlessly with your mission and values. It's essential that your branding accurately represents what your business stands for.
Define Sales Material and Content
Identify the sales materials and content you'll need to convey your value proposition to potential clients. This can include brochures, presentations, website content, and more.
Language and Tone
Determine the language and tone you'll use to deliver your value proposition. Consider your target audience and the message you want to convey. A consistent and appropriate tone is crucial for building trust.
Marketing Channels
Decide which marketing channels you'll leverage to reach potential clients. Different channels may be more effective depending on your industry and target audience. Consider both traditional and digital marketing avenues.
Balanced Marketing Strategy
A well-rounded marketing strategy includes both outbound and inbound marketing. Outbound efforts involve reaching out to potential clients directly, while inbound focuses on creating valuable content that attracts them to your business. Balance your approach to maximize results.
BUSINESS DEVELOPMENT STRATEGY CHECKLIST: 4. TIME TO CONNECT WITH PROSPECTIVE BUYERS
Time to make contact! Here are a few questions to ask yourself about how you’ll handle prospect interactions.
Marketing is a process; You need to design a series of interactions that you can use to gain interest, then nurture your relationship.
How will you get attention? How will you provide value? How will you deliver your Sales Pitch?
Once the prospect is in front of you, do you have a process for understanding their needs BEFORE you present your solution?
How will you follow up with Leads?
Do you have an offer that will be difficult for your prospect to refuse? Sometimes it is nice to provide a little bit of value up front to win the prospect over. Aka. The Freemium Model.
How are you nurturing clients to generate referrals for your business?
Marketing as a Process
Understand that marketing is not a one-time event but a process that involves designing a series of interactions with potential clients. These interactions should be strategically planned to gain their interest and nurture your relationship with them.
Attention and Value
Consider how you will capture the attention of your target audience and provide them with value. What will set your business apart and make them eager to engage with you?
Delivering Your Sales Pitch
When the prospect is in front of you, how will you effectively deliver your sales pitch? It's essential to have a structured approach that highlights the benefits of your product or service.
Follow-Up Strategies
Don't let leads slip through the cracks. Establish a clear follow-up plan to maintain communication with potential clients and move them further down the sales funnel.
Irresistible Offers
Do you have an offer that will be difficult for your prospects to refuse? Sometimes, providing a bit of value upfront, such as a freemium model, can be the key to winning them over.
Nurturing Clients and Generating Referrals
Consider strategies for nurturing your clients after the initial sale. Happy clients can become advocates for your business and a valuable source of referrals. Create a plan for cultivating these relationships.
BUSINESS DEVELOPMENT STRATEGY CHECKLIST: 5. CREATE A FEEDBACK LOOP THAT IMPROVES PRODUCT QUALITY & CONSUMER EXPERIENCE
The second most important section of the business development checklist. Pareto’s Law states that 80% of our success comes from 20% of our efforts.
JaxonLabs is all about focusing on the 20% of effort that brings 80% of our success and compounding it.
Refine your model, product, and delivery as you gain feedback.
How will you track your success? Which analytics systems will you use?
Is your management team ready to accept the results and make changes where the data supports action?
Develop a timeframe to review progress. Give your ideas enough time to produce actionable results. Don’t over-invest in losing ideas.
Try testing different strategies on different segments and monitor behavior. Take winning strategies and invest more resources in them.
Tracking Success
Determine how you will track your success. What metrics and key performance indicators (KPIs) will you use to measure the effectiveness of your business development efforts?
Data-Driven Decision Making
Ensure that your management team is ready to accept the results and make changes where the data supports action. Embrace a data-driven approach to decision-making.
Review Progress
Establish a timeframe for reviewing your progress. Allow your ideas and strategies enough time to produce actionable results, but don't over-invest in initiatives that are not yielding the desired outcomes.
Test and Iterate
Consider testing different strategies on different segments of your target audience and monitor their behavior. Identify winning strategies and allocate more resources to them for accelerated growth.
BUSINESS DEVELOPMENT STRATEGY CHECKLIST: 6. HAVE A WINNING MINDSET TO SUPPORT YOUR STRATEGIC FRAMEWORK
Last but certainly not least, the success of your business development strategy hinges on the mindset and determination of your team. Do you have the right attitude and resilience to execute your strategy effectively?
Persistence and Fortitude
Business development demands an investment of time, energy, and capital. It's not a journey for the faint of heart, but it can yield tremendous rewards for those who navigate the challenges with a strong will to succeed and a willingness to learn.
Embracing Challenges
Acknowledge that challenges and obstacles will arise along the way. Rather than viewing them as setbacks, consider them as opportunities for growth and learning. Embrace challenges with determination.
Elevate Your Business with JaxonLabs Expertise!
Interested in taking your business to the next level? Discover the unique services JaxonLabs offers, each tailored to boost your business's innovation, brand strategy, and development:
Innovation Coaching: Transform your business approach with our Innovation Coaching. Learn how to foster a culture of innovation, embrace creative solutions, and stay ahead in today's fast-paced market.
Brand Strategy Consulting: Develop a winning brand strategy with our expert consulting. We'll help you define your brand's core values, position your brand in the market, and create a lasting impact on your audience.
Brand Development Services: From concept to execution, our Brand Development Services are designed to build a strong, cohesive brand identity that resonates with your customers and stands out in the marketplace.
Conclusion
In conclusion, this comprehensive 6-step business development strategy checklist serves as a roadmap to success for businesses looking to grow and refine their goals.
Each step, from defining your vision to cultivating a winning mindset, plays a vital role in your business's development journey. By meticulously following these steps and adapting them to your unique circumstances, you can position your business for sustainable growth and long-term success.
Now, it's time to put this checklist into action within your organization. Implement these strategies, refine them as needed, and stay committed to your long-term vision.
Remember that business development is an ongoing process, and your ability to adapt and innovate will be key to your success. Subscribe to our newsletter for the latest insights and resources to support your business development journey.
Don't miss out on the opportunity to stay ahead of the competition and take your business to new heights.
Subscribe for the latest insights delivered to your inbox
Don't miss out on the latest insights about people, brands, and concepts in the world of marketing! Stay ahead of the game and gain valuable knowledge that will help you take your marketing strategies to the next level.
