business development planning - amazon s3...business development plan 3 decide where to focus your...
TRANSCRIPT
Business Development PlanningA guide for technical experts
INTRODUCTION p3
STEP 1 p4 Decide where to focus your efforts
STEP 2 p5 Analyse the market
STEP 3 p6 Consider your current position
STEP 4 p6 Your 3 year vision
STEP 5 p7 12 month objectives
STEP 6 p8 3 month actions
SUMMARY p9
GET IN TOUCH p10
We all struggle to find the time for business development and client management activity. They key is learning how to maximise the limited time and resource you have.
This guide takes you through the fundamentals of successful business development planning, including:
Where to focus your efforts Analysing the market Brainstorming your vision
Effective business development planning will help you unlock more opportunities and win more – and better – work.
contents
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Business development activity among professional and engineering consultancy firms is often carried out in a ‘seller-doer’ environment. In practical terms this means that those who are delivering the work also have a responsibility for winning the work.
This guide is aimed at those technical experts who are tasked with growing their part of the business.
Sometimes these people will have a team working with them and sometimes they are operating alone. Either way, a key ingredient to success is having a well-developed plan.
STEP 1: Decide where to focus your efforts
STEP 2: Analyse the market
STEP 3: Consider your current position in the market
STEP 4: Brainstorm your 3 year vision
STEP 5: Consider your 12 month objectives
STEP 6: Agree a rolling 3 month action plan
Read on for detailed advice and objectives for each of these key components
Business development for technical experts
INTRODUCTION
Key components to a successful business development plan
3
Decide where to focus your efforts
STEP 1
The first step of a business development plan is to decide where the focus is going to be. Most BD plans will have one of the following at the centre:
Industry sector Client or client group Region Office
The decision on where to focus your energy and efforts is arguably the most important of all. If we embark on this journey it is essential we can achieve returns on our investment. Factors to consider when deciding on where to aim your BD plan should include:
What is the value of the market? What percentage of the market could we hope to win? Do we already have a good reputation? What are the barriers to entering/growing our market share? Who are the dominant players? What is our pitch – can we clearly articulate “Why us”?
It is essential we can achieve
returns on our investment
4
STEP 2
Analyse the marketAnalysing the market you have decided on will help you ensure your marketing activity is precisely targeted. You are about to embark on a potentially costly exercise, you want to be sure that your investment hits the mark and delivers you the prizes you seek. Market analysis should include these elements:
Who are your competitors What are they offering/what’s their USP/at what price point Carry out a SWOT analysis Define your Value Proposition Who are the relevant trade bodies/industry associations Evaluate your reputation and relationships
Ensure your marketing activity is precisely targeted
5
Consider your current market position
STEP 3
As the old joke goes: “If you want to go there, I wouldn’t start from here…”
Your starting point is important and you need to consider the following:
Understanding how your business is perceived
Your current share of the available market
The strength of your brand
STEP 4
Brainstorm your 3 year visionThree years is a good time frame for a business development vision. Not too far away as to fall into the “who knows where we’ll be” category but long enough for change to happen. Consider the impact and influence of the following:
The political landscape – local, national and global Economics and the effect on your target markets Technology – what is happening in terms of market disruptors and changes caused by tech
Environmental considerations – what is the impact of regulation and legislation
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Objectives need to be
specific, achievable, measurable
12 month objectivesSTEP 5
Once you have a clear picture of the 3 year vision you need to break it down. The first step is to decide what needs to happen over the next 12 months to keep your vision on track. Objectives need to be SAM (specific, achievable, measurable). For example:
In 12 months from today we will have:
Designed and implemented our Sector Plans Recruited three people into the (xyz) team Designed and delivered a seminar on (subject y) Spoken at (named) event Written four articles and been published in (named) journals Completed six initial meetings with new clients
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3 month actionsSTEP 6
You have reached the important bit – putting the plan into action. We have seen many great plans developed with a lot of time, effort and energy only to sit and gather dust. But this is where you get the return on investment!
Some tips for ensuring actions actually happen:
Ensure the action owners have both the skill and the will to carry out their tasks Make the actions SMART – specific, measurable, actionable, relevant, timely Use someone on the team to be an ‘action checker’ (we all need a reminder from time to time!)
Have the team decide and agree a ‘charter’ of behaviour (including what happens if you can’t complete a designated task)
This is where you get the return on
investment!
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Summary Balancing fee earning time with business development time is one of the biggest challenges for our clients. But effective planning will ensure you maximise your time and resources.
The key to kick-starting an effective business development plan is to take a step back. Evaluate your business, your team and your value proposition. Then evaluate the market and your competitors.
Once you know your position – including strengths, weaknesses, opportunities and threats – you can start looking forward. Where do you want to be in 3 months, 12 months and 3 years?
Effective business development planning is about identifying your vision, managing your time efficiently and embracing teamwork.
For more information go to ‘How we help you grow’ on our website www.questas.co.uk/maximising-time
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