Business development is building your business by leveraging relationships, value and timing. While relationships and value propositions are easily understood, many entrepreneurs don’t quite seem to realize the role of timing in business development.
To successfully conclude a business deal, you have to figure out the speed at which you should proceed. Try and push a deal before your client is ready, and you risk alienating the client. Too slow or not responding fast enough will achieve the same result. The trick in business development therefore, is to get the timing just right.
Of course, this is easier said than done and new entrepreneurs especially, will find the going tough because getting the timing right, is a matter of perception, judgment, instinct and experience. Business development and corporate strategy development need to revolve not around what your business needs but what your client needs.
While planning the strategy development of your business, you not only have to figure out your client needs, you have to realize your business idea, and of course, that your clients will work at their own time, and in their own way.
Corporate strategy development is a very important business planning activity. It is important in both; public and private sector areas such as power generation, research, education and so on.
Corporate strategy development and the decision making processes should end with a roadmap on how to achieve them. The goal of strategy development mechanisms assumes importance especially when high-stake financial risks and long-term business activities are involved.
One of the core goals in corporate strategy development is to develop it in a manner that makes it easy to be converted into an action plan.
Most corporate strategy development goals address high level goals but often fail to get translated into day-to-day projects and short-term goals.
The manager corporate development must come up with specific, time bound goals or objectives such as:
- Top Rank Objective (TRO),
- Second Rank Objective
- Third Rank Objective, etc.
- When setting out the rank for any objective, the ones at the top answers the question “Why?” whereas the ones lower down answers the question “How?”.
The manager corporate development must ensure that all goals and objects that are a part of the corporate strategy development should be compatible with one another and together they form a whole which would be the top rank objective of the business.
Corporate strategy development is not an easy task. If your company would like expert help in business development or corporate strategy development, come and talk to us, we would be glad to provide you with expert help in developing your corporate strategy.
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