8 Digestible Tips To Help You Sustainably Grow Your Business To New And Dizzy Heights

This is the sign you've been looking for. 8 Tips to help you sustainably grow your business

Business development refers to creating long-term value for an organisation with assistance from consumers, markets and stakeholders. In simpler terms, it is the combination of various relationships to create prospects for future growth. If implemented properly, an effective business development strategy has great potential for any organisation.

 

Here are some business tips that will help you grow your business:

  1. Your human resources is an investment: One of the most important aspects in a business development process is ensuring you have an effective human resources department. Valuable employees help in increasing sales, attracting new customers and retaining existing customers. It is also important to keep employees motivated and satisfied through leadership and development programmes.
  2. Cashflow is King: You need to keep cash flow constantly flowing to ensure the proper functioning of an organisation. Irregular cash flow will negatively impact the organisation’s operations, ultimately affecting its development.
  3. Marketing is King II: For any organisation to survive, it must have a proper marketing plan in place to attract the consumers’ attention. Marketing strategies can include hoardings, banners, online advertisements and newspapers.
  4. Be Unique: Having a quality product or service may not be enough to attract consumers, so it is important for your product or service to have a USP. This will help attract more customers and retain existing customers.
  5. A Brand is more than your logo: Creating a brand for your organisation and its products is important as it helps customers in identifying with your organisation. For example, Nike is identifiable by its iconic logo, the ‘correct’ symbol, and it’s “Just Do It” slogan. Having a recognisable brand builds brand loyalty, helps in expansion and adds value to your organisation.
  6. Sales are not the same as Business Development: These two activities are not the same; sales is a relatively small aspect of the overall business development picture.
  7. Know the Officials: Company’s cannot survive without the assistance and permission of the concerned regulatory authorities. In addition, maintaining a good relationship with such regulatory bodies may help your organisation in obtaining certain benefits.
  8. Engage closely: It is important for you to stay in contact with your customers to gain valuable feedback with regards to your products and services. This feedback can also be used to improve the quality of your products.

Tips for successful business development:

  1. Do not hire people for the sake of it: According to Derek Ting, co-founder and CEO of TextNow, “Your people are your most valuable asset but adding more people doesn’t necessarily mean increased productivity and output. Rather, it’s more effective to make sure you have the right people, with the right skills, focused on the right problems and opportunities. It’s also important to make sure your people are aligned with your business philosophy and culture.”
  2. Importance of background checks and identifying customer opportunities: Before interacting with distributors and other third-parties, ensure you carry out a background check if their work is legitimate. It is also important to identify potential customer opportunities as it helps in the organisation’s business development.
  3. Focus on the quantitative aspect: It is advisable for organisations not to build their businesses around qualitative value propositions. Focusing on qualitative values such as more customers, greater revenue and less cost, helps in improving the business development aspect of your organisation.
  4. Allocate responsibilities to your employees: Successful develop your business, it is important to set responsibilities to your employees so that the organisation can achieve its goals. It also helps in motivating employees as they feel they are a part of the bigger picture.
  5. Obtain legal counsel: A legal agreement helps in analysing your business arrangement and it includes commercial terms with regards to the failure of the business proposition. In such cases, the business development manager and legal counsel assess the business opportunity and the risks involved.

How to develop a business strategy

Business strategy can be explained with a simple quote from American academic Michael Porter who said, “The essence of strategy is choosing what not to do.”

Developing a business strategy can be difficult if you do not know what to include and exclude. A business strategy should be easy to define and easy to understand. If you are still confused, here are a few steps that will help you in developing an effective business strategy:

  1. Conduct a SWOT (strength, weakness, opportunities and threats) analysis: Conducting a SWOT analysis will help you in assessing the areas in which your organisation is lacking or requires improvement. This will help you determine how to proceed with your strategy planning. Also, keep in mind that when you are determining company objectives, ensure you take the SMART criteria into account
  2. Prepare a vision statement: When you are creating business plans for your organisation, it is important to prepare a vision statement first. This statement includes medium and long-term aims for the organisation.
  3. Prepare a mission statement: Similar to the vision statement, the mission statement contains the organisation’s purpose along with the primary objectives. Before preparing this statement, you should ask yourself:
    1. What do we do?
    2. How do we go about it?
    3. Who is our target audience?
    4. What is our ultimate purpose and goal?
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[…] dream for a new product or service, Innovolo has the expertise to empower the process and give you real results. We’ve worked with diverse public and private sectors and industries from construction to […]

Definitely good tips on the ins and outs of growing your business. When looking at new product ideas, I think it’s key to pay close attention to the market and find out what’s missing and how your startup can fill that void. Cashflow, permissions, vision and analysis are key factors too.

I agree with everything. On particular on the fact that Marketing is King. In my eyes this is where the fun starts. It us basically the center of any industry where idea generation begins and everything else follows. At the end of the day it all boils down to how much audience a product has. Marketing may spell the difference between success or failure.

Glad to have read this article. I am always thinking how to make money from my idea. These are very good business tips!

Indeed a good human resource is integral. It can also boost innovation a whole lot.

These eight tips if applied well can improve new product development within any company. That makes them super vital for any business.

Thanks for highlighting the importance of being unique. This should also show in the product design.

Having a good business development plan ensures that you always have the best problem solution. It’s definitely something every business should strive to have.

How does business development tie to physical product development? Do cover that in a future post

Doing a SWOT analysis really helps with idea generation. I am very happy to see you point it out.

Product design and Problem solution are key things to hold onto in business growths. With this, physical product development can be achieved.

I totally agree that cashflow and marketing are both king. The latter however works well when a company is good enough to create ideas consistently.

New product ideas are practically impossible without a sound business strategy. That in itself underpins the importance of the information presented in this article.

Thank you for noting that sales and business development are not the same. That should shape the process when trying to commercialise your ideas.

Any company that thrives in innovation in Cornwall definitely has a robust business strategy.

I wish more UK companies could apply these principles more religiously.

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