business plan development plan

Write a business development plan

Now that you’re in the growth stage of your business, set things in motion with a business development plan.

A business development plan sets goals for growth and explains how you will achieve them. It can have a short-term or long-term focus. Review and revise your plan as often as you can. And keep building on it as your business evolves.

How to write a business development plan

Your business development plan is your roadmap to growth, so make it clear, specific and realistic.

What to include in a business development plan

• Opportunities for growth: Identify where growth will come from – whether it’s in creating new products, adding more services, breaking into new markets, or a combination of these.
• Funding plan: Determine how you’ll fund your business growth. How much capital do you already have? How much more do you need and how will you get it? Check out our guide on financing your business.
• Financial goals: Work out what revenue, costs and profits you’ll have if things stay the same. Use those numbers as a basis for setting new, more ambitious financial goals.
• Operational needs: Identify what things about your business will need to change in order to achieve growth. Will you need extra people, more equipment, or new suppliers?
• Sales and marketing activities: Figure out what sales and marketing efforts will effectively promote growth and how these efforts will change as the business gets bigger and better. Make sure your sales and marketing plan is sturdy enough to support your growing business.
• Team needs: You may need people to take on some of the tasks you’ve been doing. Think about what parts of running the business you enjoy most – and you’re good at – and what parts you might want to delegate to others. And give some thought to the culture you want to develop in your business as it grows. Check out our guide on hiring employees.

A sample business development plan

Avoid these common business development mistakes.

• Thinking short-term instead of long-term
• Underestimating how much money it will take to grow
• Not budgeting enough money to cover the costs of growth
• Focusing on too many growth opportunities: think quality, not quantity

Micro-planning can keep you focused

You may want to create some micro-plans for specific growth projects so their details don’t get overlooked. And you can build in some KPIs to measure your progress and successes. As your business grows, take note of your progress and make periodic adjustments to your business development plan to make sure it’s still relevant.

Support is out there

Remember you’re not the first to go through this. Seek out mentors, advisors or other business owners who can help you with your planning. Your accountant or bookkeeper may also be able to help or point you in the direction of the right people.

Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided.

Growing your business

Are you ready to drop the hammer and take your business to the next level? Let’s look at how to grow.

Before you leap into growth, reflect on where you’ve come from. Find out the stage of business growth you’re at.

Understanding your business performance will help you grow. Check out common examples of small business KPIs.

Increasing sales revenue is one obvious way to help grow your business. But how do you sell more?

You can grow your business by selling more things to more people, or fewer things to fewer people. Let’s look at how.

You’re all set to grow your business. But there’s so much to keep track of. Xero’s got resources and solutions to help.

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated April 17, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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How to Develop a Strategic Plan for Business Development [Free Template]

Published: May 01, 2023

Business development is usually confused with sales , often overlooked, and only sometimes given the strategic focus it deserves. Having a business development strategy, however, is crucial to long-term success. It ensures that everyone in your company is working toward a common goal.

But how do you develop a business development plan? Pull up a chair and stay awhile, I’m diving into that and more below.

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Business development.

Business development is the practice of identifying, attracting, and acquiring new business to further your company’s revenue and growth goals. How you achieve these goals is sometimes referred to as a business development strategy — and it applies to and benefits everyone at your company.

It’s not unusual to mistake business development with sales, but there’s an important distinction between the two. Business development refers to many activities and functions inside and outside the traditional sales team structure. In some companies, business development is part of the larger sales operations team. In others, it’s part of the marketing team or sits on its own team altogether.

Because business development can look so different among industries and businesses, the strategy behind this function is expansive. Below, we outline each step in the strategy and how to apply it to your business development plan.

Business Development Strategy

• Understand your competitive landscape.
• Choose effective KPIs.
• Develop long-term customer relationships.
• Implement customer feedback.
• Keep your website content and user interface fresh.
• Speed up your response time.
• Leverage a sales plan to identify areas of growth.
• Implement a social listening strategy.
• Sponsor industry organizations, conferences, and events.

1. Understand your competitive landscape.

Before you can develop a strategic plan to drive business growth, you must have a solid understanding of the competitive landscape in your industry. When you know who your ideal customer is and what problem they are looking to solve with your product or service, research who else is providing a viable solution in your industry.

Identify other companies operating in your space. What features do their products have? How competitive is their pricing? Do their systems integrate with other third-party solutions? Get crystal-clear on what the competition is offering so you know how to differentiate your product to your customers.

Featured Resource: 10 Competitive Analysis Templates

2. Choose effective KPIs.

How will you know if your business development efforts are successful? Ensure you can measure your goals with relevant, meaningful key performance indicators (KPIs) that reflect the health of your business. The result of these metrics should give you a strong indication of how effective your business development efforts are.

Featured Resource: Sales Metrics Calculator Dashboard

3. Develop long-term customer relationships.

Do you engage with your customers even after the deal has been closed? If not, it’s time to develop a plan to keep your buyers engaged. Building long-term relationships with your customers pays off. A grand majority of a company's business comes from repeat customers, and returning customers are cheaper to convert. Indeed, it’s famously known that it costs five times more to convert new customers than it does to sell to returning customers.

Not only are repeat customers easier to sell to, they can also provide valuable feedback and insights to help you improve your business. Additionally, customer testimonials can be used for valuable content that can attract your next buyer.

4. Implement customer feedback.

If and when you have customers who are willing to provide feedback on your sales process and offerings, make sure you hear them out and implement it. Your customers offer a unique, valuable perspective because they chose your product over the competition — their insights can help shape your strategy to keep your business ahead of the curve.

5. Keep your website content and user interface fresh.

When was the last time your company had a website refresh? Can you ensure that all links are working, that your site is easy to navigate, and that it is laid out and intuitive for those who want to buy from you?

Keeping your website up-to-date and easy to use can make or break the sale for customers who know they are ready to buy. Don’t make it too difficult for potential customers to get in touch with you or purchase your product directly (if that suits your business model).

6. Speed up your response time.

How fast your sales team responds to your leads can make or break your ability to close the deal. If you notice your sales process has some lag time that prevents you from responding to prospects as soon as possible, these could be areas to prioritize improvement.

7. Leverage a sales plan to identify areas of growth.

No business development strategy is complete without a sales plan . If you’ve already established a plan, make sure to unify it with your business development efforts. Your plan should outline your target audience, identify potential obstacles, provide a “game plan” for sales reps, outline responsibilities for team members, and define market conditions.

While a sales plan primarily affects your sales team, it can inform the activities of your business development reps. A sales plan can help them understand where the business needs growth — whether it’s in a new vertical, a new audience, or a new need that’s recently come to light in the industry.

Not sure how to create a sales plan? Download the following template to get started.

Featured Resource: Sales Plan Template

8. Implement a social listening strategy.

While social listening is mainly used in a marketing and customer service context, it’s also an essential practice for business development. There are more than 4 billion social media users worldwide. Naturally, social media is one of the best places to hear directly from consumers and businesses — without needing to reach out to them first.

In business development, you can use social listening to track what the general public is saying about your brand, industry, product offerings, product category, and more. It can help you identify key weaknesses in the industry, making it a prime opportunity to be the first to address those pitfalls.

Use a social listening tool to pick up on trends before they gain traction.

9. Sponsor industry organizations, conferences, and events.

A key facet of business development is reaching potential customers where they are. One of the easiest ways to do that is by sponsoring industry organizations, conferences, and events. This strategy will guarantee that your business development reps get valuable face-to-face time with your business’ target audience. The additional visibility can also help establish your business as a leader in the field.

Now that you understand what business development entails, it's time to create a plan to set your strategy in motion.

How to Develop a Strategic Plan

When we refer to a business development strategic plan, we’re referring to a roadmap that guides the whole company and requires everyone’s assistance to execute successfully and move your customer through the flywheel . With a plan, you’ll close more deals and quantify success.

Let’s go over the steps you should take to create a strategic plan.

1. Download our strategic plan template .

First, download our free growth strategy template to create a rock-solid strategic plan. With this template, you can map a growth plan for increasing sales, revenue, and customer acquisition rates. You can also create action plans for adding new locations, creating new product lines, and expanding into new regions.

Featured Resource: Strategic Plan Template

2. Craft your elevator pitch.

What is your company’s mission and how do you explain it to potential clients in 30 seconds or less? Keeping your elevator pitch at the forefront of all strategic planning will remind everyone what you’re working toward and why.

Some people believe the best pitch isn’t a pitch at all , but a story. Others have their favorite types of pitches , from a one-word pitch to a Twitter pitch that forces you to boil down your elevator pitch to just 280 characters.

Find the elevator pitch that works best for your reps, company, and offer, and document it in your business development strategy.

3. Include an executive summary.

You’ll share your strategic plan with executives and maybe even board members, so it’s important they have a high-level overview to skim. Pick the most salient points from your strategic plan and list or summarize them here.

You might already have an executive summary for your company if you’ve written a business proposal or value proposition . Use this as a jumping off point but create one that’s unique to your business development goals and priorities.

Once your executives have read your summary, they should have a pretty good idea of your direction for growing the business — without having to read the rest of your strategy.

3. Set SMART goals.

What are your goals for this strategy? If you don’t know, it will be difficult for your company and team to align behind your plan. So, set SMART goals . Remember, SMART stands for:

Featured Resource: SMART Goal Setting Template

Download the template now.

If one of your goals is for 5% of monthly revenue to come from upsells or cross-sells, make this goal specific by identifying what types of clients you’ll target.

Identify how you’ll measure success. Is success when reps conduct upsell outreach to 30 clients every month, or is it when they successfully upsell a customer and close the deal? To make your goal attainable, ensure everyone on your team understands who is responsible for this goal: in this case, sales or business development reps.

This goal is relevant because it will help your company grow, and likely contributes to larger company-wide goals. To make it time-based, set a timeline for success and action. In this case, your sales team must achieve that 5% upsell/cross-sell number by the end of the quarter.

4. Conduct SWOT analysis.

SWOT is a strategic planning technique used to identify a company’s strengths, weaknesses, opportunities, and threats.

Before conducting a SWOT, identify what your goal is. For example, “We’d like to use SWOT to learn how best to conduct outreach to prospective buyers.”

Once you’ve identified what you’re working toward, conduct market research by talking with your staff, business partners, and customers.

Next, identify your business’ strengths. Perhaps you have low employee turnover, a central location that makes it easy to visit with prospects in person, or an in-demand feature your competitors haven’t been able to mimic.

Featured Resource: Market Research Kit with SWOT Analysis Template

Your business’ weaknesses are next. Has your product recently glitched? Have you been unable to successfully build out a customer service team that can meet the demands of your customers?

Then, switch to opportunities. For example, have you made a new business partnership that will transition you into a previously untapped market segment?

What are the threats? Is your physical space getting crowded? What about your market space? Is increasing competition an issue?

Use SWOT results to identify a better way forward for your company.

5. Determine how you’ll measure success.

You’ve identified strengths and weaknesses and set SMART goals , but how will you measure it all ? It’s important for your team to know just how they will be measured, goaled, and rewarded. Common key performance indicators (KPIs) for business development include:

• Company growth
• Lead conversion rate
• Leads generated per month
• Client satisfaction
• Pipeline value

6. Set a budget.

What will your budget be for achieving your goals? Review financial documents, historical budgets, and operational estimates to set a budget that’s realistic.

Once you have a “draft” budget, check it against other businesses in your industry and region to make sure you’re not overlooking or misjudging any numbers. Don’t forget to factor in payroll, facilities costs, insurance, and other operational line items that tend to add up.

7. Identify your target customer.

Who will your business development team pursue? Your target market is the group of customers your product/service was built for. For example, if you sell a suite of products for facilities teams at enterprise-level companies, your target market might be facilities or janitorial coordinators at companies with 1000+ employees. To identify your target market:

• Analyze your product or service
• Check out the competition
• Choose criteria to segment by
• Perform research

Your target customer is the person most likely to buy your product. Do your homework and make sure your business development plan addresses the right people. Only then will you be able to grow your business.

8. Choose an outreach strategy.

What tactics will you use to attract new business for your sales team to close? You might focus on a single tactic or a blend of a few. Once you know who your target market is and where they “hang out,” then you can choose an appropriate outreach strategy.

Will your business development plan rely heavily on thought leadership such as speaking at or attending conferences? Will you host a local meetup for others in your industry? Or will your reps network heavily on LinkedIn and social media?

If referrals will be pivotal to your business’ growth, consider at which stage of the buying process your BDRs will ask for referrals. Will you ask for a referral even if a prospect decides they like your product/service but aren’t a good fit? Or will you wait until a customer has been using your solution for a few months? Define these parameters in your strategy.

Upselling and Cross-Selling

Upselling and cross-selling are a cost-effective way of growing your business. But it’s important that this tactic is used with guardrails. Only upsell clients on features that will benefit them as well as your bottom line. Don’t bloat client accounts with features or services they really don’t need — that’s when turnover and churn start to happen.

Sponsorship and Advertising

Will your BDR work with or be on the marketing team to develop paid advertising campaigns? If so, how will your BDRs support these campaigns? And which channels will your strategy include? If you sell a product, you might want to feature heavily on Instagram or Facebook. If you’re selling a SaaS platform, LinkedIn or Twitter might be more appropriate.

What’s your outreach strategy? Will your BDRs be held to a quota to make 25 calls a week and send 15 emails? Will your outreach strategy be inbound , outbound , or a healthy combination of both? Identify the outreach guardrails that best match your company values for doing business.

Strategic Plan Example

Let’s put all of these moving parts in action with a strategic plan example featuring good ol’ Dunder Mifflin Paper Company.

Elevator Pitch Example for Strategic Plan

Dunder Mifflin is a local paper company dedicated to providing excellent customer support and the paper your business needs to excel today and grow tomorrow.

Here are some additional resources for inspiration:

• Elevator Pitch Examples to Inspire Your Own
• Components of an Elevator Pitch

Executive Summary Example for Strategic Plan

At Dunder Mifflin, our strengths are our customer service, speed of delivery, and our local appeal. Our weakness is that our sales cycle is too long.

To shorten the sales cycle 5% by the end of Q4, we need to ask for more referrals (which already enjoy a 15% faster sales cycle), sponsor local professional events, and outreach to big box store customers who suffer from poor customer support and are more likely to exit their contract. These tactics should allow us to meet our goal in the agreed-upon timeline.

• How to Write an Incredibly Well-Written Executive Summary [+ Example]
• Executive Summary Template

SMART Goals Example for Strategic Plan

Dunder Mifflin’s goal is to decrease our sales cycle 5% by the end of Q4. We will do this by more proactively scheduling follow-up meetings, sourcing more qualified, ready-to-buy leads, and asking for 25% more referrals (which have a 15% shorter sales cycle already). We will measure success by looking at the sales pipeline and calculating the average length of time it takes a prospect to become closed won or closed lost.

• 5 Dos and Don'ts When Making a SMART Goal [Examples]
• How to Write a SMART Goal
• SMART Marketing Goals Template

SWOT Analysis Example for Strategic Plan

Strengths: Our strengths are our reputation in the greater Scranton area, our customer service team (led by Kelly Kapoor), and our warehouse team, who ship same-day reams to our customers — something the big box stores cannot offer.

Weaknesses: Our greatest weakness is that our sales team has been unable to successfully counter prospects who choose big box stores for their paper supply. This results in a longer-than-average sales cycle, which costs money and time.

Opportunities: Our greatest business opportunity is to conduct better-targeted outreach to prospects who are ready to buy, ask for more referrals from existing customers, and follow up with closed lost business that’s likely coming up on the end of an annual contract with a big box store.

Threats: Our biggest threat is large box stores offering lower prices to our prospects and customers and a sales cycle that is too long, resulting in low revenue and slow growth.

• How to Conduct Competitive Analysis
• How to Run a SWOT Analysis for Your Business [+ Template]
• SWOT Analysis Template and Market Research Kit

Measurement of Success Example for Strategic Plan

We will measure success by looking at the sales pipeline and calculating the average length of time it takes a prospect to become closed won or closed lost.

Budget Example for Strategic Plan

You've laid out the SMART goals and the way you'll measure for success. The budget section's goal is to estimate how much investment it will take to achieve those goals. This will likely end up being a big-picture overview, broken down into a budget by a program or a summary of key investments. Consider laying it out in a table format like so:

• Budgeting Templates
• How to Write an Incredible Startup Marketing Budget

Target Customer Example for Strategic Plan

Our target customer is office managers at small- to medium-sized companies in the greater Scranton, PA area. They are buying paper for the entire office, primarily for use in office printers, custom letterhead, fax machines. They are busy managing the office and value good customer service and a fast solution for their paper needs.

• How to Create Detailed Buyer Personas for Your Business
• Make My Persona Tool

Outreach Strategy Example for Strategic Plan

Networking, sponsorships, and referrals will be our primary mode of outreach. We will focus on networking at regional paper conferences, HR conferences, and local office manager meetups. We will sponsor local professional events. And we will increase the volume of referrals we request from existing customers.

Create a Strategic Plan for Business Development

Without a strategic plan, you can invest resources, time, and funds into business development initiatives that won't grow your business. A strategic plan is crucial as it aligns your business development and sales teams. With a solid business development strategic plan, everyone will be working toward the greater good of your company.

Editor's note: This post was originally published in January 2020 and has been updated for comprehensiveness.

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How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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Strategic Business Alignment

Your guide to creating a strategic business development plan.

The People Strategy Leaders Podcast

Every business faces the challenge of crafting an effective business development strategy . But what exactly is strategic business development? In simple terms, it’s a vital tool that ensures long-term success by aligning everyone in your organization towards a common objective.

A well-defined strategy outlines what your organization aims to achieve and the necessary steps to get there. It provides a clear roadmap, guiding your transition from broad directions to specific initiatives and ongoing operations. A strategic business development plan plays a crucial role in driving growth and ensuring sustainable success.

Now, let’s explore the strategic plan further, understand its significance, and dive into the art of crafting a winning business development plan.

Strategic Business Development Plan – What Is It?

A business development strategy is crucial for achieving organizational objectives and driving growth. It involves finding and implementing effective business growth strategies. With a well-defined growth strategy, teams can better understand their goals and contribute to organizational objectives. Business development focuses on attracting and retaining new customers to enhance revenue and expand your organization. By developing a clear plan, your business can plan to achieve these goals.

According to a poll conducted by Bridges Business Consultancy, a staggering 48% of organizations and 85% of businesses fail to achieve even half of their strategic goals. This highlights the importance of creating a strategic business development plan. 

Importance of Strategic Business Development Plan

A well-crafted strategic business development plan is the key to unlock long-term success and growth for your organization. By defining clear goals and actionable plans, businesses can thrive and achieve greatness. But why exactly is a strategic business development plan crucial? Let’s dive into a few compelling reasons.

Improves transparency

Transparency has become recognized as a critical business trait for both customers and employees. By cultivating transparency, you can enhance your company’s success and reputation. From strengthening your sales team to improving employee retention, transparency has the power to make a significant impact. Implementing a strategic growth strategy ensures that everyone in your organization is aware of the goals and their role in achieving them, thus promoting transparency.

Increases sales

At the heart of business development lies growth. Increasing sales is the ultimate goal, and businesses need a plan to make it happen. A strategic business development plan allows you to identify markets and products with high-profit potential, enabling you to prioritize partnerships and make informed decisions. It also helps you reduce expenses, uncover untapped growth opportunities, and allocate resources efficiently. With a solid business development strategy , your bottom line will thrive.

In today’s competitive landscape, businesses must actively seek growth opportunities. A thoughtfully designed business development strategy enables you to expand your clientele, explore new markets, and offer innovative products or services. By identifying your differentiators and value propositions, you’ll set your organization apart from competitors and take a lead in the market.

Also Read: How To Improve Employee Productivity In 2024?

How to create a strategic business development plan.

Effective strategic management involves identifying an organization’s strengths and acknowledging its weaknesses. It goes beyond mere recognition and outlines a robust business strategy that maximizes the benefits and mitigates the drawbacks. A comprehensive corporate development plan comprises various components, each strategically aligned with distinct goals and objectives. Now, let’s delve into a detailed possess to create a business plan:

Define your purpose

A strategic plan serves as the overarching mission or vision statement for a company. When embarking on the creation of a corporate plan, it proves advantageous to initiate the process by clearly defining the goal of your organization . This entails a meticulous identification of the needs, preferences, and pain points of your ideal customers. By gaining a profound understanding of these factors, your plan can be more effectively tailored to cater to their specific requirements. Initiating the strategic planning process with a well-defined purpose sets the foundation for your company to deliver enhanced value over time.

Perform market research

After identifying your target market, it’s time to delve into comprehending their needs. To effectively persuade them to collaborate with you, you need to address the following inquiries:

• What are the major challenges they currently face?
• What specific services pique their interest?
• How do they approach problem-solving at present?
• How can your products or services uplift their current situation?

Once you have solid answers to these questions, it’s crucial to thoroughly research your competitors. Identify what makes you stand out from the crowd and emphasize this unique value proposition to potential clients, leveraging it as your competitive advantage.

Consider SWOT analysis

To gain a profound understanding of your company’s current standing, conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is a paramount strategy. Each element of the SWOT matrix plays a crucial role in shaping and executing an organization’s strategy. Some factors fall under internal control, while others are significantly influenced by external forces. A SWOT analysis provides a comprehensive view of your business from various perspectives. It not only sheds light on internal aspects for improvement and areas of success but also necessitates an evaluation of the external environment. This evaluation helps identify potential threats and business opportunities that can be either mitigated or seized in the future.”

Provide value to stakeholders

Investing in lasting connections with your clients is a worthwhile expense. Repeat customers not only contribute significantly to your business’s revenue but also come at a lower conversion cost. Moreover, returning customers are more open to your sales pitches, providing valuable insights for your company’s growth. However, remember that your suppliers deserve value too – it’s crucial to prioritize delivering value to them alongside your customers. And let’s not forget about the importance of prioritizing employee satisfaction in your business plan. By doing so, you’ll not only enhance employee morale but also improve customer satisfaction in the process.

Identify ways to monitor progress

Effectively monitoring the progress of your business development strategy is crucial for achieving your goals. One key approach is the utilization of key performance indicators (KPIs) tailored to your strategic objectives. Regularly tracking these KPIs provides real-time insights into the performance of various initiatives, allowing for timely adjustments and improvements. Data analytics tools play a vital role in quantifying metrics such as customer acquisition costs, conversion rates, and website traffic. Additionally, seeking feedback from customers, conducting market research, and implementing surveys can offer qualitative insights that complement quantitative data. 

Make use of technology

Embrace tools and platforms designed to enhance the efficiency of your business development activities. Utilize advanced solutions to manage leads, keep track of interactions, and engage with prospects seamlessly. Leverage social networking sites, implement marketing automation software, and integrate CRM systems to streamline your processes. Maintain flexibility and readiness to adapt to evolving consumer demands and market conditions. Regularly assess and enhance your business development approach to stay ahead and remain competitive in a dynamic business landscape.

Monitor and alter your approach

Regularly monitoring the effectiveness of your business development strategy enables you to make necessary adjustments based on valuable information and insights. Keep a close eye on the progress of your objectives and assess the efficiency of your strategy using key performance indicators (KPIs). Stay proactive by consistently evaluating market developments, gathering customer input, and monitoring competitor activities. 

A comprehensive understanding of your target market, specific objectives, and a clearly articulated value proposition are essential for crafting a successful business growth strategy.

Also Read: Modern Performance Appraisal Types that Create a Winning Culture

Summing it up.

Every successful business has its own unique qualities. That’s why it is crucial to tailor these tactics to align with your specific goals, industry, and target audience. Continuously evaluate your business development efforts and make the necessary adjustments to foster growth and triumph. 

With a well-structured strategic management approach, you can not only enjoy this process but also proudly propel your company forward. Remember, implementing a company plan requires dedication, but it is just the beginning of an exciting journey. By embracing the right planning and utilizing the appropriate resources, your organization stands a fair chance of achieving remarkable success. 

Frequently Asked Questions

1. what is the primary purpose of a strategic business development plan.

A strategic business development plan serves as a roadmap for guiding your company’s growth and success. It outlines goals, identifies opportunities, and sets a clear path for achieving sustainable development. By aligning your business activities with a well-thought-out plan, you can enhance decision-making and improve overall efficiency.

2. How often should I update my strategic business development plan?

Regular updates are crucial for keeping your strategic business development plan relevant and effective. Aim to review and, if necessary, revise the plan at least annually. However, more frequent assessments may be required if there are significant changes in your industry, market conditions, or internal factors. Flexibility and adaptability are key in ensuring your plan remains a dynamic tool for success.

3. What are the key components of a successful strategic business development plan?

A comprehensive strategic business development plan typically includes key components such as a clear mission statement, a thorough analysis of the current business environment, defined short-term and long-term goals, identification of target markets, competitive analysis, and a detailed implementation strategy. It should also outline how progress will be measured and what mechanisms are in place for regular evaluation and adjustments.

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Chandler Barr is the VP of Sales at Engagedly and is focused on driving a culture of progress over perfection in a no-fault environment where employees are secure and encouraged to think creatively to solve problems. Chandler is a seasoned leader that has scaled sales teams for SaaS startups and multibillion-dollar publicly traded tech companies, as well as, led Marines to accomplish the mission during hardships overseas.

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How to write a business development plan: a step by step guide.

So we’ve already tackled how to write the infamous business plan , but now that you’re in the growth stage of your business – what’s next?

Many business owners will look to write a business development plan with the aim to make their business better. Running a business is never a stationary job, you constantly have to be looking to grow and improve.

But what exactly is a business development plan and how do you write one? Let’s find out.

Here’s What We’ll Cover:

What Is a Business Development Plan?

How to write a business development plan, key takeaways.

A business development plan is a document put together by the business owner with the aim to grow and improve their business. The plan will set goals for growth and explain how you will achieve them.

A business development strategy can have a short-term or long-term focus, or both. They should also be constantly reviewed and revised as things shift and your goals may change.

A health plan is one that builds as your business evolves.

A standard business development strategy can be split up into 6 different sections, each one with a different aim and purpose. These sections are:

You should always be looking to grow your business. In this section, you will identify where growth will come from. For example, whether it’s new product development, adding different services or breaking into new markets. Your main business development goals should always point towards growth.

According to a U.S. Bank study, 82% of small businesses fail because of poor cash flow management and understanding. That’s why it’s vital that you have a constant eye on your funding and your bottom line.

You need to understand how you’ll fund your business development. So in this section, you should lay out your current capital, and how much more you will need to sustain growth.

3. Financial Goals

You should have a good idea of your current revenue, costs and profits. These numbers can then be used as a starting point for setting new, more ambitious revenue goals. This is for when you have expanded and developed your business.

4. Operational Needs

When growing a business, your operational needs will change. For example, what started out as a two-person job can develop into needing a whole team of people. So in this section, you will need to identify what things about your business will need to change to accommodate and promote growth.

5. Sales and Marketing

No business can succeed without a strong and stable sales team and marketing team. As your business grows, so will your sales and marketing needs. So you will need to take the time to figure out your target market and what sales and marketing efforts will promote growth. You should then put all of your focus on those efforts.

It’s vital that your sales process and marketing strategies are strong and sturdy enough to support a growing business.

6. Team Needs

Every strong business needs a strong team around it. When you started your business, it’s likely that you shouldered a lot of the jobs and responsibilities. As your business grows, you’ll soon come to realize that you can no longer do this alone.

So as a business developer, you need to think about what jobs and tasks you are best and most effective at. You should then correctly delegate the other responsibilities to the appropriate team members. This is often a good way to figure out if you have the right team around you. If you dread the thought of offloading tasks to your team, you may not have the trust in your team that you should.

Business development plans may seem like a relatively daunting task. But once you figure out the basics then they can almost write themselves.

You need to have an open mindset, a realistic approach and the ability to accept some potential failures.

Expanding and developing a business is hard work, but with the right plan in place, you are giving yourself the best chance possible.

Are you looking for more business advice on everything from starting a new business to new business practices?

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How to Write a Business Development Plan (2022)

When you need to attract attention to your startup, a business development plan can uncover hidden growth opportunities. Here's how to get started.

Vivienne Chen

Vivienne is a Product Marketer at Bubble. She is a storyteller and is passionate about meaningful ways technology can help foster social solidarity.

More posts by Vivienne Chen.

Building a successful company without a business plan is possible, but we wouldn't recommend it. The same could be said about business development.

A business development plan outlines objectives and strategies that will help you grow your business. Like a more general business plan, your business development plan helps keep you on the path to success in a variety of ways. It outlines steps to keep everyone focused on the health or expansion of the business, identifies challenges before they become surprises, and shows potential investors that you've thought about your plan.

Business Development Strategies

Business development (BD) is a broad practice of identifying and converting new clients or customers to drive growth. The strategies in your business development plan might include sales, marketing, and several other types of initiatives. Your BD plan could include any of the following common strategies:

1 – Networking

For many founders, business development through networking is a great place to start. You already have a head start if any of your personal connections fall within your target audience or if you have a good reputation in your field. Another benefit of networking as a BD strategy is that you can often do it for free, especially on digital platforms like LinkedIn. Once you have the time, you can start reaching out to your network whenever you're ready.

2 – Outbound Sales

People often talk about sales and business development interchangeably, but the sales function has a slightly narrower focus: converting leads into new clients. Modern sales teams typically use email, phone, LinkedIn, and occasionally traditional mail to reach their prospects. You have to close the deal at some point, so sales connects to many other BD strategies. For example, leads from content marketing might go to the sales team for outreach.

3 – Referrals

Referrals are closely related to both sales and networking. Your personal network might refer prospects to you, and the sales team might engage with those referrals. Delighting your current clients and then asking them for referrals is the best way to win new business with this strategy. Still, it often takes time to build a strong enough reputation that you get many referrals.

4 – Content Marketing

Content marketing is a popular choice for businesses with small marketing budgets. That said, there is still some cost associated with creating quality content. If nothing else, you have to put your own time into it. Creating and publishing content can establish thought leadership, increase your visibility in the marketplace, and attract inbound traffic through SEO.

5 – Advertising

If you have the budget for it, advertising is an option. Targeted digital ads are generally the best bet for rapid growth, but there are other opportunities. In traditional media, you might place an ad or a sponsored article in a niche magazine for people in your field. Alternatively, you might pay to sponsor an industry event that will get you in front of your target audience.

6 – Strategic Partnerships

Strategic business opportunities such as partnerships and marketing alliances can connect a company to new clients. That is, another company might help you grow if you can make it mutually beneficial. A strategic partnership might entail a partner selling your product for you on the condition that they get to implement and administer the product. After a large round of funding, there might be an opportunity to enter new markets through acquisitions.

Business Development Tactics

After considering your business development strategy options, you’re ready to develop a written plan. Online resources like this guide from HubSpot offer templates to help you organize your thoughts. As you commit your business development plan to writing, it’s time to get into the tactical details of how you’ll execute your strategies. Tactics like the following are where the rubber meets the road:

• Consultations, Product Demos, and Assessments – Simply put, show people what your product is all about. You might provide consultations or demos to your network, to new referrals, or as part of the sales process.
• Webinars – You might not get the personal touch of one-to-one consultation in a webinar, but the reach is much broader. Webinar recordings also make helpful pieces of content to re-share, and you can even use Bubble to create a no-code app for hosting your webinars .
• PR, Earned Media, and Speaking Engagements – Connections with relevant journalists and event organizers can help you gain exposure and solidify yourself as a thought leader. You're more likely to get some spotlight if you have original research or innovative ideas.
• Sales Sequences and Nurture Campaigns – Great sales materials can help your team close deals. Provide your sellers and community managers with strong assets to ensure their messaging is effective and on brand .
• SEO – You can get organic traffic by creating great digital content on an easy-to-build no-code website and social media platforms and by working on the technical side of search engine optimization .
• Industry Events – Attending relevant events is a great way to build your network and connect with your target audience.
• Social Media – Building an online following can be cost-effective if you have the time and the know-how. Per HubSpot , most marketers post on social media four to six times a week in an effort to boost engagement.
• Pay-Per-Click (PPC) Ads – This advertising model is popular on social media and search engines. Meta, Google, and other companies have extensive marketing data to help you target the right prospects, which is why 65% of SMBs run PPC campaigns .

This list is not exhaustive. Because business development is so broad, you might use any number of tactics to advance your strategies.

Choosing a Course of Action for Your Business Development Plan

Ultimately, the best BD strategies and tactics are the ones that match your business. Selling a niche cybersecurity product for financial organizations differs from promoting an iPhone app for the general public. Revisiting the vision and mission of your business might help you identify business development opportunities.

Audience research is crucial, too, because you have to meet your audience where they are. Additional analysis of your competitors can help you find your unique selling points and position your product. Finally, define which metrics you'll use to measure success. This information will tell you if your BD plan is working or if you need to reconsider your strategies and tactics.

Above all, and once you've written your business development plan, build a great product . Once you do that, business development gets much easier.

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Business development plan: A step-by-step approach

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A good business development plan can set you up for success. Learn how to create your own from scratch with zero experience!

If you’re just starting with business development , chances are that you’re a little confused about how you should do it. I got lost many times during my entrepreneurial journey. One of those moments was when I had to write a business development plan for the first time.

Now, the main problem was that I didn’t have a clue about what a business development plan was to start with. And of course, when I started digging, I got even more confused. I found a lot of information online, but nothing that would tell me how to do it step-by-step.

So after some years of trying and failing, I finally found my way to deal with it and build my own business development plan.

Below I’ll explain how to write a business development plan and what information you should include in practical terms. But first, let’s define what a business development plan is.

What is a business development plan?

A business development plan is a document that helps you implement your business development strategy in a step-by-step method. It involves a lot of research on the market and customers. But also, other aspects such as your competitors and buyer persona.

So, a business development plan is a detailed summary of important steps you’re going to take to grow your business. One key aspect to remember is that a business development plan is a LIVING document. This means that you have to update your plan continuously based on new information about your ecosystem.

This helps you strategize better but also ensures that it’s a document of quality insights.

A business development plan is divided into two main parts:

• Research: in the research phase, you learn more about your market, customers, and competitors.
• Action: you use your research and put it into action. Specifically, this translates into creating a value proposition, and content, and experimenting with ideas.

You can download our template for free at this link .

Step 1: Organize your business development plan

I’m a fan of organizing information in a structured, intuitive, and efficient way. Although it may sound basic, the first thing you should think about is to have a proper file you can consult on a daily basis.

It doesn’t have to contain every piece of information. Keep it simple by including only essential and key facts that will help you build an effective business development machine. Your business development plan needs to be easily accessible and quick to consult.

In this sense, you don’t need to get fancy and start looking for the latest software that promises you great time savings. Stick to something basic yet powerful. Google Sheets is your best ally when it comes to your business development plan.

So, the main goal of a business development plan is to keep information structured so that you can spot growth opportunities easier.

You can download our template for free at this link and start your business development plan.

Step 2: Market research

Market research is a stepping stone in a business development plan. It’s an activity to gather more information about customers’ preferences and needs. Many companies overlook this step thinking that their intuition will guide them through their challenges. Intuition can be helpful, but it’s still essential to know your customers better using research and data.

After all, most ideas start off from intuition. However, basing an entire plan on assumptions is never a smart strategy to use in business development. So, do your homework and make sure you always take educated guesses before starting to work on your business development plan.

Market research takes into account 3 variables . These will tell you the realistic size of the market you’re trying to target.

1 – Total Addressable Market or Total Available Market (TAM)

The TAM takes into account the entire market you’re operating in and basically tells you how much annual revenue there is available for your product or service.

Now, finding this information can be the first bummer. To me at least, it sounded quite impossible to find out. Later, I figured that there are many people out there that dedicate their life only to market research.

You can use Google to find out this information. But of course, you first need to know what you’re looking for. The information you need, in this case, is basically knowing how many companies or people would benefit from your product or service.

You also want to know how many companies operate in your exact space both in terms of services and geography. To get relevant market news, try Googling “your industry market trends”, “your market report”, or “your industry report”.

Many big consultancy groups and governmental institutions dedicate a lot of time to this type of research. It’s a good and reliable starting point.

PRO TIP: Choose your sources very carefully. You’ll find a lot of random information, learn to filter out what you’re reading.

2 – Total Served Market (TSM)

Once you know how big your market is, you need to check how much of it is already served by your competitors.

In this case, the information you’re looking for is all about your competition. You should ask yourself first how many of them you have.

Then you need to find out how well they’re doing and start hunting for as much intelligence as possible.

The info you need to look for is how many clients your competitors claim to have, what revenue they generate, and where they are present.

First, Google keywords to identify your competitors. Right after that, you can start digging deeper into their websites and find detailed info.

Bigger competitors will most likely have good press coverage. Read these articles to gather more insight.

Last, don’t overlook the importance of customer review websites. Customers can uncover many relevant details that your competitors don’t want to reveal. And of course, make use of technology to make the most out of your research.

3 – Serviceable Obtainable Market (SOM)

The last step in your market research is to quantify how much you can realistically obtain with your business development effort.

Your SOM is your share in the market. So, to put it simply, it’s not possible to have an entire market buy only your products and services. There is a specific customer base that will buy from your company . So, your SOM refers to your market share and the people that can become your customers if they see a benefit from your products or services.

SOM takes into account your brand awareness, market insights, but also competition. It helps you forecast potential earnings and also gain customers. Based on the research, you become aware of what your competitors are offering to the market. Moreover, you will be able to tailor your products and services to meet the needs and preferences of your customers.

Step 3: Competitor analysis

The third step to do when creating your business development plan is to do a competitor analysis . So far, I discussed market research and how it helps you get to know the preferences of your target audience better. But, to grow your business sustainably and profitably, it’s vital that you analyze your competitors as well.

First, figure out who your direct and indirect competitors are. So, in a Google search, we try to identify or find the ID of each company that competes in your market. This can be found in the website’s ‘About us’ section. Then, the aim is to find key personalities such as managers and executives, and so on.

Once you have this information, you can move on to products and services. You can find this on your competitor’s website as well. This specific section defines what the company specializes in. You can use this information to compare your products to those of your competitors and try to find ways to improve them.

Continue by checking their clients, and the pricing they offer for their products and services.

PRO TIP: Read the customer reviews of your competitors to spot their strengths and weaknesses. Use the insights to improve your offer.

Step 4: Customer research

After identifying your market share, you can start thinking of what kind of customers within this segment, you are trying to sell your products and services to.

The best way to tackle this is by running proper customer research that will provide you with your Ideal Customer Profile and Buyer Persona.

This is the part I like the most because it really helps you understand who you’re talking to. But how do you do it? First, if you already have some customers, start analyzing them. You want to gather more information on who they are, what they do, and their habitual traits.

For example:

• What job titles do these people have?
• How old are they?
• What communication tools do they use?
• Where do they hang out?
• What are their personalities like?
• What are their challenges?
• What do they do in their daily lives?

You can find all this info by simply checking social media profiles. Really, just by observing their social media platforms, you can get to know them in-depth! Take some time to check a few ones (at least 10) and you’re going to start seeing patterns.

Then, check some job descriptions about the people you’re targeting. This will highlight what are their professional responsibilities and how your product or service can help them. Last, it’s always advisable to run a survey.

Step 5: Build your Buyer Persona

Right after having run your customer research, you can now create your buyer persona.

The buyer persona is a semi-fictional representation of your ideal customers based on data and research,

In your buyer persona, you need to include all the relevant information you found through your customer research. It should look like something below:

Step 6: Value Propositions

The customer research concludes the research part of your business development plan. Now it’s time to put your insights into action and start building your business development strategy .

The first valuable asset you need to build is a value proposition.

A value proposition is the value your customers get should they choose to buy your products and services

The value proposition helps you communicate your value as a company and you can use it on your website, sales calls, social media posts, etc. Having a clear value proposition will help you attract the right audience and persuade potential customers to work with you.

Of course, a good value proposition is based on that, and if you followed all the steps, you should have all the insights you need.

To build a value proposition we will use the Job-To-Be-Done framework. This helps you identify what are the responsibilities of your buyer persona when they’re doing their job.

For example, a typical responsibility for a recruiter is to find the right talent .

Second, consider the pains and gains of your customers. Customers’ emotions are usually the reason behind their buying decisions. They influence their preferences, frequency of buying, and also which companies they buy from.

Especially the challenges are a crucial element in your value proposition because you can immediately link your solution to a concrete pain that your customers are facing.

For example, let’s go back to the example of the recruiter. We know that one main responsibility of a recruiter is to find talent. One major challenge for recruiters is to have enough time to process all the CVs they receive daily.

Now, let’s assume you work for a company that provides recruitment software that can automate CV screening.

A good value proposition, in this case, would sound like this:

Save 70% of your CV screening time using our recruitment software

Step 7: Content plan

Once you have your value proposition, the next step is to share it with your target audience. That’s when having a content plan becomes a must.

A content plan helps you strategize the type of information you want to feed your audience. It also helps you select the channels on which you should build your presence.

For content to be effective, you need to have a clear idea of your target audience when you write posts/emails, or articles. So, always consult your buyer persona before creating content.

Just like the value propositions, effective content revolves around the pain point you identified earlier. Use them to get the attention of your audience and provide valuable information that helps them alleviate these pains.

This will help you establish yourself as a valuable resource and when they will want to solve their issues, you’ll be the first to pop into their minds.

Step 8: Experiments

The last step in your business development plan is all about creativity and finding opportunities. This is the moment in which we create experiments to validate some of our business assumptions. Your experiment should be ideas that you think will bring sustainable growth to your company.

Once you identify some ideas, define some goals and set up the methodology you will follow to run this experiment. For example, if you heard of a new social media and you think your audience might be on it, build an experiment to validate if this is true and if it can bring you results.

Attach a goal to this idea, for example, generating 10 qualified leads on this new channel.

Then decide for how long you will run the experiment – ideally a couple of weeks. Once the experiment is over analyze what happened. If the experiment was successful, you need to scale this activity. If not, take the learnings for further improvements.

Read this article with 10 business development examples to have some ideas on how to implement your strategy.

The business development plan is a key document that helps you map your ecosystem and strategize your business development efforts .

It consists of a research part and an action part. In the first part, you analyze your market, competitors, and customers. In the second, you use your insights to build value propositions, content plans, and experiments.

The business development plan is a live document, so you have to update it every time you have new insights. Of course, you have to use it in your daily operations to make sure you’re on the right track.

The business development plan is one of the assets you will build during our training. Would you like to shake up your business development career and work in a more structured way? Then join our next cohort .

Last, if you are a company wanting to train your business development team, our custom training solutions are the best way to take your team to the next level.

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How to Create a Business Development Plan (Insights From a Six-Figure Business)

I’ve grown three successful businesses in the last decade. A large part of my success is down to planning. This is certainly the case with Launch Space, where I offer SaaS consulting services.

Having a business development plan has helped me avoid a lot of silly rookie mistakes. It also kept me focused, which is important for business owners. In this guide, you will learn how to create an actionable business development plan you can apply to your business.

What is a Business Development Plan

A business development plan is a document that outlines the steps you will take to get your company off the ground. It’s a roadmap of sorts, but it also serves as a marketing tool and sales pitch for your product or service.

The business development plan should include everything from where you are now to where you want to be in the future. This can help you determine what kind of strategy needs to be implemented to achieve your goals. Having a plan in place should help you better assign your resources and set relevant Key Performance Indicators to track your progress.

How to Create a Business Development Plan

One of the first things I did before setting up Launch Space was design a business development plan to outline my goals. The following paragraphs will walk you through a tried and tested formula I used that you can follow. Let’s jump right in.

1. Analyze The Competition

Every great business plan is based on research. Well, most great plans are based on research. Ice cream at midnight is rarely planned, but it’s pretty great 😀

The first thing I do when creating a business development strategy is to review the company and consider the target market. You need to understand the strengths and weaknesses of your company. It’s important to also review your competition, customer (creating a customer persona is handy), and review market trends.

Let me use Launch Space as my example. During my review of the competitive landscape for this business, I discovered some of the following:

• There are only a few agencies that provide specialized services for SaaS firms. Most agencies don’t have a clear target audience.
• Most SEO agencies lock clients into a 6 or 12-month contract. A long contract is a big commitment for a company. For example, $4k a month is a $48k contract.
• Many clients don’t see a return on investment from working with an agency. Trust in the agency is a big issue for clients.
• Most SEO agencies don’t promote their services through guest posting on authority sites.

You will gain many useful insights by researching your niche and conducting competitive intelligence before you make a plan. The research is a chance to test your assumptions, and gain insights.

2. Identify Your Business Opportunities

At the end of the research phase of your business development plan, you need to review the information you gathered about your company, the target market, and your customer base. Spend time analyzing all the data. You will use these insights to create your business development plan.

For Launch Space, my goal was to find ways to do things that are disruptive and help me stand out. I created a table. On one side I listed my insights. On the other side, I listed the opportunities for my business.

Your research helps you understand the market. You can then use those insights to identify business opportunities and define your competitive advantages.

For example, through my research, I learned that one of the biggest issues agencies have is trust. They naturally don’t trust an agency they have never met. Skipping a contract would allow me to differentiate myself from the competition. In fact, I made the fact you don’t need to sign a contract key part of my sales copy . You can see this on the homepage I created with a landing page builder .

When I made my business plan, I didn’t have a company. If I had a company with lots of customers, I’d still do the same type of research. However, I’d spend more time reviewing company operations. I’d look at what are the main drivers of growth for the company. I’d also consider what are the company’s biggest problems.

3. How to Set Your Business Development Goals

The next stage of business development is to set targets. Your targets help you understand what you want to achieve and measure your success. You should make sure your goals are SMART – Specific, Measurable, Attainable, Relevant, and Time Based.

When I created my business plan for Launch Space, I set a single company goal. The goal was ambitious and easy to understand.

I then created sub-goals for the different parts of your business. So for example, for my website, I started with the following goal.

• Generate $10k in monthly recurring revenue

That’s a pretty easy goal to understand. I then thought about how to achieve that target. My sub-goals look like this.

• Sales Goal: Secure 1 new client each month from cold outreach
• Delivery: Every two months get 1 client to increase their order
• Human Resources: Hire 1 full-time member of staff

I then looked at the things I would need to do to achieve each sub-goal.

For example, if I was to get one new client a month I would need to meet with five potential clients. I estimated that to secure those meetings I would need to cold email 200 businesses a week. Those were my activities for that goal.

Those activities are quantifiable. I can tell you if I sent 200 emails in a month. Businesses like Google have these sorts of systems in place to measure targets. It helps keep people accountable and provides management with a way to check progress.

Setting my goals helped me develop a strategic plan. That company target is the common goal. You can use this goal to align the operations of your sales team, operations team, and marketing team.

4. Create Standard Operating Procedures

After you have finished strategizing you need to implement your business development goals. There are too many variables in place for me to provide you with many useful insights for this part of the process.

However, there is one business development tip I can share…

As you work on tasks, create Standard Operating Procedures (SOP). Standard Operating Procedures are a set of rules for how the company operates.

Your SOP should build on your business development plan. For example, I have created a whole set of SOP for things like candidate sourcing and sales outreach.

I started by setting sales targets for the company with SMART goals . I then looked at how I’d achieve those goals. Then, I tested my approach. Once I found a system that worked, I broke the job down into chunks.

I listed out all of the things I needed to do to complete the task. I then gave this information to an employee. They did the work.

Systemizing your business in this way has multiple benefits. It helps you:

• Reduce the amount of time it takes to complete a task
• Keep information when a person leaves the company, which speeds up the transition. Role-based access in product management tools and maintains institutional knowledge.
• Ensure vital tasks get completed every month

Keep in mind that your business strategy is not fixed. As a business developer, make sure to periodically review your business development strategy. Analyze what is working and what is not, then adapt your strategy.

5. Review Your Progress

The final stage of your business development strategy is the review stage. This is where you put a date in the diary and say, “in three months’ time we should be…”

Then, you can review progress against your goals.

The purpose of these reviews is to see how you’ve done against your business goals. Just as importantly, a review is a chance to adjust your business plan to make sure that it aligns with what you’re trying to accomplish.

You can incorporate things like a SWOT analysis in your quarterly or annual review. Periodic reviews help you assess your progress, identify weaknesses, opportunities, and threats.

During a review, you should assess the validity of your business goals. Make sure they are still relevant to your company. If they are, great. If not, change your business development goals.

Look at the activities in your business that make the most money. For example, at Launch Space I’m making around:

• SEO Consulting work = $20k+
• Private training = $3k
• Affiliate marketing  = $0.5k

It’s easy to see what makes the company the most money.

I then look at how I can maximize growth through my SEO consulting work over a quarter. Periodic reviews help me ensure my business development strategy aligns with the drivers of company growth.

You should also review the problems the company is facing. For example, as Launch Space grows I often find myself spending a lot of time doing a job that doesn’t help the company scale.

I don’t want to get stuck managing the day-to-day tasks that don’t add value to my business. It’s a pain point.

When I get stuck in a task, I try to find a way to free up my time. Normally that involves, creating SOP and then outsourcing the work.

In this guide, I provided you with an example of my business development strategy. I showed you how I put together a business strategy that allowed me to scale a marketing agency from a side hustle to a six-figure business in less than 12 months.

I hope you’ve found this article interesting. If you have any questions, hit me up in the comments below.

About the author

Nicholas Prins

I'm the founder of Launch Space. We work with global companies helping them scale lead generation through SEO and content marketing. Head over to the homepage to find out more.

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9 steps for writing a strategic business development plan

Updated 04 October 2023 • 7 min read

Developing a business plan can mark the start of an exciting phase, as you start charting future growth. This document serves as the roadmap for your business development strategy as you take your business to new heights.

Creating an effective business development plan can be a tough task. It requires you to think through several aspects of your business that you may not consider on a day-to-day basis.

Don’t worry — we’re here to help. This article will walk you through how to write a business development plan, so you can grow your business in the most effective way possible. 

What is a business development plan?

A business development plan is the growth roadmap for your business. It’s a strategy document that lays out where you want to take your business and how you intend to get there. 

A thorough and carefully crafted business development plan lays out your growth targets, financial projections and the tools and resources your company needs. It may also define your marketing and efforts that support your goals.

A business development plan provides clarity and helps you keep your objectives in focus during the day-to-day grind. It also provides a strong foundation for making business decisions — if you’re not sure whether a move makes sense, you can always consult your plan.

Why do you need a business development plan?

Creating a proper business development strategy can be a lot of work. But it pays dividends by providing clarity and focus. It also helps when trying to secure funding, as it shows you've thought through all the possibilities. 

A business development plan helps you:

Get clarity

A strong business development plan helps you get clear about priorities during the hectic launch phase of your business. It helps you define your goals and objectives, as well as chart out how you’ll reach them. 

Stay focused

As you dive into the day-to-day running of your business, it can be easy to get bogged down in details and lose sight of your larger goals. Your business plan provides an anchor that keeps you in place. And if you’re already in business, it can help you take a step back and refocus on the fundamentals.

Secure funding

A detailed business plan is one of the most effective ways to show investors that you can be trusted. This is especially important when you’re just starting out and have no track record of performance. Your business plan shows that you’ve thought about how your business will fare in the long run, not just in the short term.

Achieve growth

A proper business development plan should include a roadmap. This is your high-level strategy document that serves as the map to your company’s growth. It lays out how you’ll measure success, provides targets to aim for and defines your plans for hitting them.

How to write a business development plan

If you’re convinced that you need to write your own business development plan (or update the one you have), you might be wondering where to start. Let’s walk through the process. 

1. Set clear financial goals

Your business development strategy should include clear financial goals. For example, every business wants to increase sales; however, that’s not a specific goal. Instead, set a target for your sales figures within a certain timeframe, and keep it realistic by using your current numbers as a baseline.

To do this, project your revenue, profit and expenses if business were to stay the same. Then consider what a realistic target might be and include that. This number may be lower than you'd expect, but it’s more important that it’s actually achievable.

2. Refine customer profiles

Detailed customer and audience profiles help your business effectively target its marketing efforts. Your business might already have customer profiles — updating your business plan is a perfect time to update these profiles, as well. And if you don’t have profiles yet, there’s no time like the present.

You can start refining your customer profiles by examining your current customer base. Look at their demographics and habits. Then use a similar strategy to create profiles of your ideal customers.

3. Identify key growth opportunities

Next, identify your key growth opportunities. These could be new products or services, an expansion into a new market, or even a complete rebuild of your current offerings.

Whatever these opportunities are, include them in your business development plan. Articulate how and why these opportunities will help grow the business. 

4. List funding sources

Your plan should include not just the amount of funding you’ll need, but how you plan to get it — loans , equity investors or crowdfunding , for example. Now is the time to come up with an in-depth funding strategy. Doing this legwork on the front end, while developing your plan, makes it easier to focus on execution when stress inevitably creeps in. 

This part of your plan should include the sources you’ve secured, as well as those you’d like to seek funds from. It should also include how much you’ll seek from each source, what form those funds will take, and any obstacles you might encounter.

5. Determine operational needs

You’ve laid out your goals, growth opportunities and potential funding sources. Now, look over these items and determine how to make all this happen. 

Be aware that as your operational needs expand, your business expenses will also increase. For example, you may require additional equipment, a new warehouse to enable expanded logistics, or more employees to help serve customers. Whatever it is, build it into your business development plan.

6. Develop a sales and marketing strategy

Your business development plan is the perfect place to include sales and marketing strategies. Ultimately, these will be some of the key drivers for leveraging your growth opportunities and hitting your financial goals.

As you draft these ideas, run them through this simple test: Will they still hold up if you reach your growth targets, or will you need to rework them? Ideally, you want sales and marketing strategies that can grow along with your business.

7. Create your elevator pitch

Your elevator pitch is the short-and-sweet version of your company’s mission. The premise is simple: If you were to meet someone on an elevator and only had that brief ride to pitch your company, what would you say?

Some people adopt arbitrary rules on their elevator pitch, such as limiting it to a Twitter-length 280 characters. While this limitation isn’t necessary, it should give you a good idea of the brevity of an elevator pitch and the impact you’ll need to make. 

8. Identify your resource needs

You’ve identified your broad operational needs — equipment, facilities and employees. You’ll also want to identify your resource needs. These include how you might manage your technology and team members in a more specific way.

For example, if your marketing plan involves creating video content, you’ll need the proper equipment and software to create it. Your sales strategy might involve retooling your CRM or migrating to a new system. Or, your growth targets might mean that you need to move to a new accounting platform .

9. Determine how you'll measure success

Last, but certainly not least, you’ll need to decide how you’ll measure progress towards your goals. How will you know when you’ve hit that ambitious sales target or grown your business in that new market? 

You need to be able to measure your business performance and progress. Setting targets and KPIs for your employees may be good ways to keep things on track.

Business Development Plan Template

If you need a business development plan example, we’ve put together this template . It’ll help you shape your own business plan and outline the key sections. 

Stay productive and profitable with MYOB

A strong business development plan is a powerful asset for driving growth. It helps you outline your plans and stay on course, even when you’re overwhelmed with day-to-day tasks. 

Achieving your business goals is much easier when you have help — and that doesn’t mean you need to hire more people. MYOB accounting software automates business operations like invoicing, payroll, and tax reporting, so you can spend more time focusing on strategic growth.

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Meet any target: business development plan template

A company’s goals are an integral part of its productivity. When your team understands what targets they need to hit, they have something clear to strive for and feel a sense of pride when they succeed. Setting intentions about where your business is going and how to get there is an important part of the building process.

Gain clarity about what your company’s objectives are with the help of a free business development plan template. We’ll share a fully customizable template with you that you can use on monday.com. But before that, this article looks at the benefits of using such templates and what you should include in a business development plan.

Get the template

What is a business development plan template?

A business development plan template is a customizable document that outlines the objectives of your business and actionable steps to meet them. These can be your company’s long or short-term goals, amounts needed for start-up costs, or specific milestones, such as hitting a specific monthly sales target, or getting your first repeat client. The plan outlines steps to take to get to those goals and assigns specific tasks to individuals to hold them accountable for meeting the deadlines.

A business development plan template is a pre-formatted tool that describes your business objectives and how you’ll achieve them.

Although you can always write these plans down in a regular, static document, many businesses opt to use a customizable pre-built format to get off to a strong start.

Why use a business development plan template?

As a business owner, creating a custom, agile business development plan helps you gain clarity regarding decision-making on areas, such as investments, resources, and budgeting. Unlike with pen and paper, or even a word doc, a template is dynamic. You can move initiatives around, assign ownership, store all relevant information on the template itself, and customize any aspect of the template from labels, template structure and appearance, automations, and more.

Of course, there are a lot of things to consider when it comes to creating a well-thought-out document. Below, we’ll discuss some of the things you may want to consider and include in your business development plan.

What to include in a business development plan

A business development plan comes into play during the growth stage of your business. By specifying your targets and plans of action, the business development plan becomes a roadmap for achieving growth and success. To ensure you have a strong plan, consider including the elements summarized below.

Financial goals

A business’s growth is largely based on its financial success, so it’s critical to assess your current financial position to set targets for the future. Start by:

• Looking to your past and current revenue as a baseline for what your business brings in
• Assessing your overhead costs versus your profits
• Setting goals for bringing in higher profits and revenue in the coming months and years
• Getting specific about your timeline, so you can reassess your financial position when you hit those dates

Funding plan

Meeting your financial goals and achieving financial growth requires funding. Use this section of the business development plan to determine the amount of business capital you currently have and what steps you can take to secure more funding in the future within your target market segment.

Opportunities for growth

Look at your business to identify where you have room to grow. This will vary depending on what industry and business you work in. For some, this might mean developing a new line of products or adding additional services that can attract new clients and boost revenue.

Operational needs

Examine operational needs and take a practical look at what needs to change in the daily function of your business to support expansion and further development. This could mean investing in new equipment or hiring additional personnel to oversee specific departments or projects.

Sales and marketing plans

An important part of business growth is how you promote your company to consumers. Determine a marketing strategy to get customers excited about your new products and services or to inform consumers of investments you’re making in equipment upgrades. Your marketing plans are how you’ll communicate your investments and improvements to drive growth through customer interest.

Understand strengths and weaknesses 

Creating a business development plan requires a firm understanding of your company’s strengths and weaknesses. To identify these, consider performing a SWOT analysis . You can use the resulting information to develop a strategic plan to leverage strengths and improve on weak areas across all aspects of your business.

Building your team

For a business to grow successfully, you must also expand your workforce. This means hiring new team members and learning to delegate tasks with a lower priority or difficulty level, so you can focus on matters of high-level priority. Use this part of your plan to assess what tasks you can assign to someone else and how many people you might need to hire to meet the demands of your growing business.

Having a plan to develop your business is a great foundation. But you also need tools to put that plan into action. Starting with a solution that lets you bring people together, communicate priorities, and manage tasks can increase your chances of success.

monday.com supports business development and planning

Your business development plan template is the starting point for your company’s expansion. As you move toward creating targets and future plans for your business, you can make use of the many other features and templates on monday.com to understand where you’re at with your business and what areas are ready to support growth.

monday.com lets you create workflows to plan and track projects and day-to-day processes. Connect off-platform tools necessary for collaboration and communication with team members from around the world, and leverage no-code automation opportunities to streamline repetitive tasks.

You can start with our Business Development Plan Template, customizing the columns to meet your specific needs.  Take notes, mention team members on tasks to get their feedback, or color-code your business development plan to create a visual that’s easy to digest at a glance.

Once you’re ready to put your business development plan into action, turn to our Template Center for plenty of other tools to help you get started on various tasks.

Related templates 

A business development plan template isn’t the only useful tool for growing your business. Consider some of these other options to help your teams increase efficiency and promote growth.

One-page business plan template

Our easy-to-use One-page Business Plan Template is meant to provide an overview of your objectives and deadlines at a glance. Completing the one-page business plan template creates a reference point for the scope of your business objectives that you can easily return to at any time.

Business executive summary template

Our Business Executive Summary Template is an ideal tool when you’re preparing to pitch your company to investors. It offers a guide for emphasizing the core of your business plan in a way that appeals to the interests of your target audience. You can include sales/marketing plans, staff expenses, and long-term goals to provide prospective stakeholders with a clear picture of where your business stands and where it’s going.

Writing business plans is easier when you start with a template. But knowing what to include and what might be most important can help you make the most of such documents. Check the FAQs below for some more tips.

FAQs about business development plan templates

What are the main parts of a business plan?

A solid business plan should have four key components. The main parts of a business plan include:

• An executive summary
• A marketing plan
• Key management bios
• A financial plan that includes cost and pricing information

What is the most important part of a business plan?

The executive summary is the most important part of any business plan. The executive summary acts as the preface to the overall business plan and the hook that gets readers excited about the possibility of investing in your company. The goal of the executive summary is to entice the investor to read the rest of your plan, so aim for the most polished version possible.

Build your company’s future with a business development plan template from monday.com 

Your business development strategy is critical to growing your company and meeting future goals. Using templates from monday.com can help you build your business development plan to drive success.

Having a business plan creates a 30% higher chance of growth for your business compared to businesses that don’t start with written action plans. A customizable, user-friendly business development plan template provides a starting point to realizing your objectives.

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How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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How to Create the Right Business Development Plan

Key Highlights

• A business development plan is a strategic roadmap that outlines the steps and strategies needed to achieve specific business goals, such as identifying new opportunities, expanding into new markets, forging partnerships, and improving overall performance.
• A well-crafted business development plan provides clear direction, allocates resources efficiently, aligns teams, and allows for tracking progress and measuring success.
• Key components of a business development plan include setting goals, understanding target audiences, analyzing the competition, creating marketing and sales strategies, and implementing action plans.
• Startups should focus on high-impact growth opportunities, maximize their marketing budget, build strategic partnerships, and prioritize teamwork. Large organizations should invest in long-term strategic initiatives, diversify their business development efforts, leverage their resources and expertise, and establish talent development programs.

Whether steering a fresh-faced startup or commanding a massive corporate ship, mastering the art of crafting a robust business development plan is your secret weapon for success.

In this comprehensive guide, we’ll take you through the process and strategies of creating a robust business development plan. Whether it’s leveraging market research to identify new opportunities or utilizing the power of partnerships to accelerate growth, these strategies will equip you with the tools to navigate the dynamic business landscape confidently.

• What is a Business Development Plan?

A business development plan is a strategic roadmap that helps a company grow and succeed. It outlines the steps and strategies needed to achieve specific business goals. These goals may include identifying new opportunities, expanding into new markets, forging partnerships, and improving overall performance.

Now, you might be wondering why you need a business development plan. First, it provides a clear direction for your company’s growth, ensuring your efforts are focused and targeted. For example, if your goal is to enter a new market, the plan will outline the necessary research , partnerships, and marketing efforts required to achieve that goal.

But that’s not all. A well-crafted business development plan also helps you allocate resources more efficiently , preventing wasted time and money. By outlining priorities and setting realistic timelines, you can ensure that every aspect of your business gets the attention it deserves.

Moreover, a business development plan can be one of the most powerful tools for team alignment . When everyone on your team understands the company’s objectives and strategies, they are more likely to work together seamlessly, improving overall productivity and efficiency.

A solid plan also allows you to track progress and measure success. By setting specific targets and monitoring key performance indicators (KPIs), you can quickly identify areas that need improvement and adjust your strategies accordingly.

In short, a business development plan is your company’s GPS, guiding you toward growth and success. By creating a comprehensive and actionable plan, you can ensure that your business is always moving forward, ready to seize new opportunities and overcome challenges along the way.

• Key Components of a Business Development Plan

A comprehensive business development plan should include several key components to guide your organization’s growth efforts. These components provide a structured framework for identifying, evaluating, and pursuing growth opportunities. 

Here’s a detailed look at each element:

• Goals : Clearly defined objectives and measurable targets guide your business development efforts. These goals should align with your overall business objectives and include short-term and long-term targets. When setting goals, consider using the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) to ensure they are clear and actionable.
• Target audience : A thorough understanding of your ideal customers contributes to crafting a more effective business development plan. This includes identifying their needs, preferences, and behaviors. In addition, understanding your target audience can tailor your marketing and sales strategies to reach and engage them more effectively. To identify your target audience, consider conducting market research through surveys, interviews, and focus groups, analyzing demographic data, and studying your competitors’ customer base.
• Competition analysis : A detailed examination of your competitors is necessary to identify their strengths and weaknesses and potential opportunities for differentiation. This analysis should include data on market share, product offerings, pricing strategies, marketing tactics, and customer experience. By understanding your competition, you can develop a unique value proposition that sets your organization apart and attracts your target audience.
• Marketing and sales strategies : A well-integrated strategy to engage your target audience, advertise your products or services, and produce leads significantly contributes to effective business development. Your marketing and sales strategies should be tailored to your target audience’s preferences and behaviors, using the most effective channels and tactics for reaching them. This may include content marketing, social media advertising, email campaigns, events, and other promotional activities.
• Action plans : A clear, step-by-step guide that lists the tasks, duties, and deadlines needed to reach your business development objectives is valuable for maintaining focus on your progress. This action plan should include short-term tasks, such as launching marketing campaigns or attending networking events, and long-term initiatives, like developing new products or entering new markets. Regularly reviewing and updating your action plan will ensure that your business development efforts remain focused and aligned with your objectives.
• Business Development Process

The business development process is a series of steps to identify, evaluate, and pursue growth opportunities. While the exact process may vary between organizations, it typically includes the following stages:

• Market research and analysis: In this stage, you’ll gather information about your target market, including customer demographics, preferences, and pain points. This research will help you identify potential opportunities and understand the competitive landscape better. Techniques for market research include surveys, interviews, focus groups, and analysis of existing data sources. For example, a software company looking to expand its product offerings might conduct surveys to determine which features are most desired by potential customers, helping them tailor their new product to meet market gaps.
• Identifying potential opportunities: Based on your market research, you’ll identify growth opportunities that align with your organization’s strengths and capabilities. This may include entering new markets, developing new products or services, targeting new customer segments, or forging strategic partnerships. For instance, a small e-commerce business might realize that its products appeal to a specific age group and decide to target this demographic more aggressively with marketing campaigns.
• Evaluating the feasibility of each opportunity : Once you’ve identified potential growth opportunities, assess their practicality. This involves analyzing the potential benefits, risks, and resources required for each option. You’ll want to consider factors such as market size, competition, barriers to entry, and the potential return on investment (ROI) . For example, a manufacturing company considering expanding its production capacity might delve into specifics such as the costs of acquiring new machinery, hiring and training additional staff, potential supply chain complexities, and the projected increase in revenue from enhanced production capacity.
• Developing a business development strategy : After evaluating the feasibility of each opportunity, you’ll create a strategic plan to pursue the most promising ones. This plan should outline your objectives, target markets, value proposition, and the specific tactics you’ll use to reach your goals. Your strategy may also include a timeline for implementation and key performance indicators (KPIs) to measure progress. For example, a health and wellness company might enter a new market by launching a line of supplements. Its strategy could involve targeted marketing campaigns, influencer partnerships, and social media marketing.
• Implementing the strategy and measuring results: In this final stage, you’ll implement your business development plan. This involves executing the tactics outlined in your strategy, such as launching marketing campaigns, developing new products, or establishing partnerships. Throughout the implementation process, ensure you monitor your results using the KPIs established earlier. Regularly measuring your progress will help you identify areas for improvement and make any necessary adjustments to your strategy. For instance, a B2B service provider might track the number of new clients acquired, revenue growth, and customer satisfaction scores to gauge the effectiveness of their business development efforts and make data-driven decisions to optimize their approach.
• Creating a Business Development Plan

Let’s consider a hypothetical example of a software company aiming to expand into the healthcare industry to demonstrate how a business development plan can be created.

• Step 1: Set Clear Goals and Objectives

The company sets a specific goal: “Increase our market share in the healthcare industry by 15% within the next two years.” This goal is SMART, as it is specific, measurable, achievable, relevant, and time-bound.

• Step 2: Conduct Market Research and Identify Your Target Audience

The company conducts market research to understand the healthcare industry’s needs, preferences, and pain points. They gather information through surveys, interviews, and focus groups with healthcare professionals and analyze existing data sources such as industry reports, whitepapers, and case studies.

• Step 3: Analyze Your Competition

The software company identifies its key competitors in the healthcare market, analyzing its product offerings, market share, pricing strategies, marketing tactics, and customer experience to understand its strengths and weaknesses and find potential areas for differentiation.

Step 4: Develop Marketing and Sales Strategies Based on market research and competitor analysis insights, the company tailors its marketing and sales strategies to the healthcare industry. They develop targeted content marketing campaigns, engage healthcare influencers, attend industry events, and create healthcare-specific case studies to showcase their software solutions’ value.

• Step 5: Create an Action Plan

The company outlines specific steps, responsibilities, and deadlines to expand into the healthcare market. They assign tasks to team members, establish clear communication channels for progress tracking, and ensure everyone is working towards the same objective.

• Step 6: Monitor and Measure Results

The company tracks the performance of its business development activities using key performance indicators (KPIs), such as the number of healthcare leads generated, conversion rates, and revenue growth in the healthcare sector. They regularly review these results to make informed decisions about adjusting strategies and allocating resources more effectively.

• How to Customize a Plan for Startups vs. Large Organizations

The development of a business, whether a startup or a large organization, requires a thorough understanding of its unique needs and opportunities. Nonetheless, creating a business development plan might vary between startups and large organizations. Startups often have limited resources and focus on immediate growth opportunities. 

In contrast, large organizations may allocate more resources to long-term strategic initiatives. Regardless of your organization’s size, tailoring your business development plan to meet your unique needs and goals is valuable.

• For Startups
• Identify high-impact growth opportunities : When creating an action plan for business development, startups might consider focusing on options that offer quick wins. For example, a startup could target a niche market segment with unmet needs or provide a unique solution to an existing problem. Airbnb, a startup in its early days, tapped into the unmet demand for affordable accommodations by allowing homeowners to rent out their spaces to travelers.
• Maximize your startup marketing budget : Startups frequently work with restricted budgets, making it necessary to utilize economical business development and marketing channels that deliver the most significant ROI. For instance, content marketing, social media, and email marketing can be powerful tools for startups to build brand awareness and engage with their target audience without breaking the bank. In addition, consider prioritizing essential expenses, seeking strategic partnerships, and exploring innovative ways to reduce costs and increase efficiency throughout your business operations.
• Build a strong network of strategic partners : Partnerships can help startups access new customers, resources, and expertise. For example, a startup could partner with complementary businesses to offer bundled services, co-host events, or cross-promote products. Dropbox, for instance, partnered with Samsung to provide pre-installed Dropbox storage on Samsung devices , significantly increasing their user base. To connect with larger companies for potential partnerships, attend industry events, conferences, and trade shows, and leverage social media platforms like LinkedIn to identify and engage with key decision-makers. Establishing relationships with industry leaders can open doors for collaboration.
• Prioritize teamwork and collaboration : Startups often feature smaller teams, so establishing a teamwork-driven atmosphere that bolsters productivity and capitalizes on resource allocation proves beneficial. Encourage open communication, delegate responsibilities, and set clear expectations to ensure your team works efficiently and effectively towards your business development goals.
• For Large Organizations
• Invest in long-term strategic initiatives : Large organizations can benefit from focusing on strategic business development initiatives that capitalize on their established market presence and resources. For example, large businesses can diversify their business development activities to mitigate risks and capitalize on growth opportunities. This may involve exploring new customer segments, entering different industries, or adopting new technologies. Google’s diversified portfolio, including investments in artificial intelligence, self-driving cars, and renewable energy, demonstrates this approach.
• Diversify your business development efforts : Large organizations can explore opportunities in new markets and industries to drive innovation and growth beyond their core business. This can include investing in research and development (R&D) to create innovative products or forming strategic partnerships with companies from other sectors. Amazon’s continuous expansion into new industries, such as healthcare and grocery, exemplifies this approach. By broadening their scope, large organizations can capitalize on emerging trends and stay ahead of the competition.
• Leverage your organization’s resources and expertise : Large organizations have a wealth of resources and expertise at their disposal. They can develop innovative solutions and strategies to drive business growth by tapping into this knowledge. Take IBM, for example. This tech giant leverages its profound technological know-how and data analysis expertise to develop ground-breaking solutions, like their AI platform, Watson. Watson has revolutionized industries ranging from healthcare, where it aids in diagnosing diseases and suggesting treatments, to finance, where it helps banks in risk assessment and fraud detection. The key here is leveraging what you have to create solutions that drive growth and add value for your clients’ businesses. 
• Establish robust talent development programs : One unique strength of large organizations is their capacity to develop and nurture talent within their ranks. These businesses can continuously enhance their workforce skills by investing in comprehensive training and development programs, fueling innovation and growth. This approach also helps to retain top performers, reducing turnover and promoting a high-performance culture. For instance, consider the case of General Electric. GE’s renowned leadership development programs have been instrumental in grooming a cadre of leaders who have gone on to hold top positions within GE and other major corporations. Large organizations can foster a culture of excellence, innovation, and continuous improvement by focusing on talent development.
• Strategies for Generating Creative Business Development Ideas

Don’t be afraid to challenge conventional wisdom and explore alternative business development models that deliver value to your customers. Innovation contributes to business growth and helps maintain a  competitive edge.

Here are some tips and examples to help you develop innovative business development ideas:

• Encourage a culture of innovation : Foster an environment where employees feel empowered to share their ideas, experiment, and take risks. Promote open communication and collaboration and recognize and reward innovative thinking. Google’s “20% time” policy, which allows employees to dedicate 20% of their working hours to passion projects, has resulted in successful products like Gmail and Google Maps.
• Monitor industry trends and technological advancements : Stay informed about the latest developments in your industry and related technology sectors. This can help you identify new opportunities for growth and stay ahead of the competition. For instance, consider the rapidly advancing field of AI in healthcare. Companies like Zebra Medical Vision leverage AI for early disease detection , using sophisticated algorithms to analyze medical imaging data and detect anomalies that could indicate conditions like cancer, liver disease, or cardiovascular issues. This use of AI improves diagnostic accuracy and significantly accelerates the process, potentially saving lives by enabling earlier intervention.
• Leverage internal expertise and resources : Tap into your organization’s wealth of knowledge and resources to identify innovative solutions to business challenges. For example, Google’s Project Aristotle analyzed data from hundreds of teams within the company to identify the key factors that made teams effective. By leveraging its internal expertise in data analysis and organizational behavior, Google was able to implement new strategies and foster a more collaborative work environment, ultimately driving innovation and growth.
• Explore strategic partnerships and collaborations : Collaborate with external partners, such as complementary businesses, suppliers, or research institutions, to access new ideas, resources, and expertise. Take the case of the collaboration between Starbucks and Spotify, for instance. This innovative alliance allowed Starbucks employees to influence the music played in stores via Spotify playlists, enhancing the in-store experience for customers. Simultaneously, Spotify users could access these playlists, driving user engagement on their platform. This symbiotic relationship amplified brand exposure for both parties, demonstrating the power of strategic partnerships.
• Experiment with new business models : Don’t be afraid to challenge conventional wisdom and explore alternative ways of delivering value to your customers. Innovative business models can often lead to significant growth opportunities. For instance, the subscription-based model adopted by companies like Dollar Shave Club and Spotify disrupted traditional sales models in their respective industries.
• Embrace a problem-solving mindset : Encourage your team to approach business challenges with a problem-solving mindset , focusing on finding creative solutions that deliver value to customers. This mindset can help drive innovation and uncover new business development opportunities. Tesla’s mission to combat climate change led to the development of its innovative electric vehicles and solar energy products.
• Role of Business Development in Sales

Integrating business development and sales strategies drive growth and revenue generation. Business development activities, such as lead generation , market research, and partnership development, support sales efforts. By identifying and nurturing leads, conducting market research to understand customer needs, and fostering strategic partnerships, business development teams can help sales teams close deals more effectively.

Conversely, insights from sales interactions can inform business development efforts and help refine marketing and sales strategies, contributing to the organization’s longevity.

In addition, when a company continually learns from its sales interactions and applies those insights to improve its offerings, messaging, and customer engagement tactics, it is better positioned to adapt to changing market conditions and customer preferences.

This adaptability ultimately leads to stronger customer relationships, increased customer loyalty, and sustained business growth, all contributing to the organization’s longevity.

Examples of successful sales development plans often include a strong focus on collaboration between business development and sales teams and the use of data-driven insights to optimize lead generation and conversion efforts. For instance, a software company wants to expand its market share in a new industry vertical.

To achieve this, the business development team conducts thorough market research to identify key players, customer pain points, and potential partnerships within the new industry. This information is then shared with the sales team, who uses the insights to tailor their pitches and address clients’ specific needs in the new market.

Simultaneously, the sales team shares feedback from client interactions, allowing the business development team to fine-tune their research and partnership strategies. This continuous learning and adaptation process leads to higher conversion rates and increased revenue and strengthens the company’s ability to thrive in the long term.

• Case Studies

Examining case studies of successful companies can provide valuable insights into how business development and sales strategies can be effectively integrated to drive growth and achieve long-term success.

• Amazon: Embracing Customer Obsession

Amazon’s relentless focus on customer satisfaction has driven its innovative business development and sales strategies. By leveraging data analytics and customer feedback, Amazon continually refines its offerings and sales approach to cater to customers’ evolving preferences. This customer-centric mindset has led to innovations such as Prime membership, one-click ordering, and Alexa voice assistant, which have enhanced the customer experience and fueled Amazon’s growth.

• Salesforce: Revolutionizing CRM through Collaboration

Salesforce, a pioneer in cloud-based customer relationship management (CRM) solutions, has successfully integrated business development and sales by fostering a collaborative culture . They encourage cross-functional teams to work together to identify new markets and develop innovative solutions. This collaborative approach has enabled Salesforce to remain at the forefront of the CRM market, continuously delivering cutting-edge products and services that meet customer needs.

• Slack: Transforming Workplace Communication

Slack, a widespread team collaboration platform, demonstrates the power of effectively integrating business development and sales strategies. By conducting extensive market research and user feedback, Slack identified a gap in the market for a user-friendly, intuitive communication tool. This insight led to the development of a platform that streamlined workplace communication, transforming how teams collaborate . Slack’s sales team leverages this value proposition to drive adoption, resulting in rapid growth and widespread industry acclaim.

Creating the right business development plan can significantly benefit any organization seeking growth and success. To maximize your chances of success, focus on understanding your organization’s unique needs, setting clear goals, conducting market research, and developing effective marketing and sales strategies. In addition, emphasize innovation, collaboration, and continuous improvement to stay ahead in the competitive business landscape.

As you develop your plan, create actionable steps and regularly monitor progress to ensure continuous growth and identify areas for improvement. By embracing a culture of innovation, teamwork, and continuous learning, your organization will be well-equipped to navigate business development challenges and achieve long-term growth and success.

Financial Advisor Daniel Brown is an experienced and knowledgeable financial advisor at spoolah.com. He has been in this industry since 2008 and has a strong understanding of economic trends, all types of financial planning, ways of creating plans for meeting short-term and long-term financial goals, etc.

Table of Contents

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What Is Business Development?

• Understanding the Basics
• Areas of Development
• The Process
• Creating a Plan
• Skills Needed

The Bottom Line

• Small Business
• How to Start a Business

Business Development: Definition, Strategies, Steps & Skills

Why more and more companies worldwide are embracing this planning process

In the simplest terms, business development is a process aimed at growing a company and making it more successful. That can include seeking new business opportunities, building and sustaining connections with existing clients, entering strategic partnerships, and devising other plans to boost profits and market share.

Key Takeaways

• The overarching goal of business development is to make a company more successful.
• It can involve many objectives, such as sales growth, business expansion, the formation of strategic partnerships, and increased profitability.
• The business development process can impact every department within a company, including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.
• Business development leaders and team members need a wide range of both soft and hard skills.

How Business Development Works Within an Organization

Business development, sometimes abbreviated as BD, strives to increase an organization's capabilities and reach in pursuit of its financial and other goals. In that way, it can impact—and also call upon the specialized skills of—a variety of departments throughout the organization.

As the financial services giant American Express puts it, "When it comes to organizational growth, business development acts as the thread that ties together all of a company's functions or departments, helping a business expand and improve its sales, revenues, product offerings, talent, customer service, and brand awareness."

For example:

Sales and Marketing

Sales personnel frequently focus on a particular market or a particular (set of) client(s), often for a targeted revenue number. A business development team might assess the Brazilian market, for example, and conclude that sales of $1.5 billion can be achieved there in three years. With that as their goal, the sales department targets the customer base in the new market with their sales strategies.

Business development often takes a longer-range perspective in setting goals than many sales departments have in the past. As the Society for Marketing Professional Services puts it, "A traditional view of sales is akin to hunting, but business development is more like farming: it's a longer-term investment of time and energy and not always a quick payoff."

Marketing , which oversees the promotion and advertising of the company's products and services, plays a complementary role to sales in achieving its targets.

A business development leader and their team can help set appropriate budgets based on the opportunities involved. Higher sales and marketing budgets allow for aggressive strategies like cold calling , personal visits, roadshows, and free sample distribution. Lower budgets tend to rely on more passive strategies, such as online, print, and social media ads, as well as billboard advertising.

Legal and Finance

To enter a new market, a business development team must decide whether it will be worth going solo by clearing all the required legal formalities or whether it might be more sensible to form a strategic alliance or partnership with firms already operating in that market. Assisted by legal and finance teams, the business development group weighs the pros and cons of the available options and selects the one that best serves the business.

Finance may also become involved in cost-cutting initiatives. Business development is not just about increasing market reach and sales, but improving the bottom line . An internal assessment revealing high spending on travel , for instance, may lead to travel policy changes, such as hosting video conference calls instead of on-site meetings or opting for less expensive transportation modes. The outsourcing of non-core work, such as billing, technology operations, or customer service, may also be part of the development plan.

Project Management/Business Planning

Does an international business expansion require a new facility in the new market, or will all the products be manufactured in the base country and then imported into the targeted market? Will the latter option require an additional facility in the base country? Such decisions are finalized by the business development team based on their cost- and time-related assessments. Then, the project management /implementation team can swing into action to work toward the desired goal.

Product Management and Manufacturing

Regulatory standards and market requirements can vary across regions and countries. A medicine of a certain composition may be allowed in India but not in the United Kingdom, for example. Does the new market require a customized—or altogether new—version of the product?

These requirements drive the work of product management and manufacturing departments, as determined by the business strategy. Cost considerations, legal approvals, and regulatory adherence are all assessed as a part of the development plan.

Vendor Management

Will the new business need external vendors ? For example, will the shipping of a product require a dedicated courier service? Will the company partner with an established retail chain for retail sales? What are the costs associated with these engagements? The business development team works through these questions with the appropriate internal departments.

10 Potential Areas for Business Development

As noted earlier, business development can require employees throughout an organization to work in tandem to facilitate information, strategically plan future actions, and make smart decisions. Here is a summary list of potential areas that business development may get involved in, depending on the organization.

• Market research and analysis: This information helps identify new market opportunities and develop effective strategies.
• Sales and lead generation: This involves prospecting, qualifying leads, and coordinating with the sales team to convert leads into customers.
• Strategic partnerships and alliances: This includes forming strategic alliances, joint ventures, or collaborations that create mutually beneficial opportunities.
• Product development and innovation: This involves conducting market research, gathering customer feedback, and collaborating with internal teams to drive innovation.
• Customer relationship management: This involves customer retention initiatives, loyalty programs, and gathering customer feedback to enhance customer satisfaction and drive repeat business.
• Strategic planning and business modeling: This includes identifying growth opportunities, setting targets, and implementing strategies to achieve sustainable growth.
• Mergers and acquisitions: This involves evaluating potential synergies, conducting due diligence , and negotiating and executing deals.
• Brand management and marketing: This includes creating effective marketing campaigns, managing online and offline channels, and leveraging digital marketing techniques.
• Financial analysis and funding: This includes exploring funding options, securing investments, or identifying grant opportunities.
• Innovation and emerging technologies: This involves assessing the potential impact of disruptive technologies and integrating them into the organization's growth strategies.

The Business Development Process in Six Steps

While the specific steps in the business development process will depend on the particular company, its needs and capabilities, its leadership, and its available capital, these are some of the more common ones:

Step 1: Market Research/Analysis

Begin by conducting comprehensive market research to gain insights into market trends, customer needs, and the competitive landscape. Analyze data and gather additional information to identify potential growth opportunities and understand the market dynamics.

Step 2: Establish Clear Goals and Objectives

Leveraging that research, define specific objectives and goals for business development efforts. These goals could include revenue targets, market expansion goals, customer acquisition targets, and product/service development objectives. Setting clear goals provides a focus for the business development process.

Step 3: Generate and Qualify Leads

Use various sources, such as industry databases, networking , referrals, or online platforms to generate a pool of potential leads. Identify individuals or companies that fit the target market criteria and have the potential to become customers. Then, evaluate and qualify leads based on predetermined criteria to determine their suitability and potential value.

Step 4: Build Relationships and Present Solutions

Initiate contact with qualified leads and establish relationships through effective communication and engagement. Utilize networking events, industry conferences, personalized emails, or social media interactions to build trust and credibility. As your relationship forms, develop and present tailored solutions that align with the client's needs. Demonstrate the value proposition of the organization's offerings and highlight key benefits and competitive advantages.

Step 5: Negotiate and Expand

Prepare and deliver proposals that outline the scope of work, pricing, deliverables, and timelines. Upon agreement, coordinate with legal and other relevant internal teams to ensure a smooth contract execution process.

Step 6: Continuously Evaluate

Continuously monitor and evaluate the effectiveness of business development efforts. Analyze performance metrics , gather feedback from clients and internal stakeholders, and identify areas for improvement. Regularly refine strategies and processes to adapt to market changes and optimize outcomes.

While it's common for startup companies to seek outside assistance in developing the business, as a company matures, it should aim to build its business development expertise internally.

How to Create a Business Development Plan

To effectively create and implement a business development plan, the team needs to set clear objectives and goals—ones that are specific, measurable, achievable, relevant, and time-bound (SMART). You can align these objectives with the overall business goals of the company.

Companies often analyze the current state of the organization by evaluating its strengths, weaknesses, opportunities, and threats through a SWOT analysis . That can make it easier to identify target markets and customer segments and define their unique value proposition.

A substantial component of a business development plan is the external-facing stages. It should lay out sales and marketing strategies to generate leads and convert them into customers. In addition, it may explore new potential strategic partnerships and alliances to expand your reach, access new markets, or enhance your offerings.

Teams should conduct a financial analysis and do resource planning to determine the resources required for implementing the plan. Once you implement, you should track progress against the key performance indicators (KPIs) you've chosen.

Skills Needed for Business Development Jobs

Business development is a fast-growing field across industries worldwide. It is also one that calls upon a wide range of hard and soft skill sets.

Leaders and other team members benefit from well-honed sales and negotiating skills in order to interact with clients, comprehend their needs, and sway their decisions. They have to be able to establish rapport, cope with challenges, and conclude transactions. They need to be able to communicate clearly, verbally and in writing, to both customers and internal stakeholders.

Business development specialists should have a thorough awareness of the market in which they operate. They should keep up with market dynamics, competition activity, and other industry developments. They should be able to see potential opportunities, make wise judgments, and adjust tactics as necessary. Because many of their decisions will be data-driven, they need good analytical skills.

Internally, business development practitioners need to be able to clarify priorities, establish reasonable deadlines, manage resources wisely, and monitor progress to guarantee timely completion.

Finally, people who work in business development should conduct themselves with the utmost morality and honesty. They must uphold confidentiality, act legally and ethically, and build trust with customers and other stakeholders.

Why Is Business Development Important?

In addition to its benefits to individual companies, business development is important for generating jobs, developing key industries, and keeping the economy moving forward.

What Are the Most Important Skills for Business Development Executives?

Development executives need to have leadership skills, vision, drive, and a willingness to work with a variety of people to get to a common goal.

How Can I Be Successful in Business Development?

Having a vision and putting together a good team are among the factors that help predict success in business development. A successful developer also knows how to write a good business plan, which becomes the blueprint to build from.

What, in Brief, Should a Business Development Plan Include?

A business development plan, or business plan , should describe the organization's objectives and how it intends to achieve them, including financial goals, expected costs, and targeted milestones.

Business development provides a way for companies to rise above their day-to-day challenges and set a course for a successful future. More and more companies, across many different types of industries, are coming to recognize its value and importance.

American Express. " Business Development and Its Importance ."

Society for Marketing Professional Services. " What Is Business Development? "

World Economic Forum. " The Future of Jobs Report 2020 ," Page 30.

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1.1: Chapter 1 – Developing a Business Plan

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• Page ID 21274

• Lee A. Swanson
• University of Saskatchewan

Learning Objectives

After completing this chapter, you will be able to

• Describe the purposes for business planning
• Describe common business planning principles
• Explain common business plan development guidelines and tools
• List and explain the elements of the business plan development process
• Explain the purposes of each element of the business plan development process
• Explain how applying the business plan development process can aid in developing a business plan that will meet entrepreneurs’ goals

This chapter describes the purposes, principles, and the general concepts and tools for business planning, and the process for developing a business plan.

Purposes for Developing Business Plans

Business plans are developed for both internal and external purposes. Internally, entrepreneurs develop business plans to help put the pieces of their business together. Externally, the most common purpose is to raise capital.

Internal Purposes

As the road map for a business’s development, the business plan

• Defines the vision for the company
• Establishes the company’s strategy
• Describes how the strategy will be implemented
• Provides a framework for analysis of key issues
• Provides a plan for the development of the business
• Helps the entrepreneur develop and measure critical success factors
• Helps the entrepreneur to be realistic and test theories

External Purposes

The business plan provides the most complete source of information for valuation of the business. Thus, it is often the main method of describing a company to external audiences such as potential sources for financing and key personnel being recruited. It should assist outside parties to understand the current status of the company, its opportunities, and its needs for resources such as capital and personnel.

Business Plan Development Principles

Hindle and Mainprize (2006) suggested that business plan writers must strive to effectively communicate their expectations about the nature of an uncertain future and to project credibility. The liabilities of newness make communicating the expected future of new ventures much more difficult than for existing businesses. Consequently, business plan writers should adhere to five specific communication principles .

First, business plans must be written to meet the expectations of targeted readers in terms of what they need to know to support the proposed business. They should also lay out the milestones that investors or other targeted readers need to know. Finally, writers must clearly outline the opportunity , the context within the proposed venture will operate (internal and external environment), and the business model (Hindle & Mainprize, 2006).

There are also five business plan credibility principles that writers should consider. Business plan writers should build and establish their credibility by highlighting important and relevant information about the venture team . Writers need to elaborate on the plans they outline in their document so that targeted readers have the information they need to assess the plan’s credibility. To build and establish credibility, they must integrate scenarios to show that the entrepreneur has made realistic assumptions and has effectively anticipated what the future holds for their proposed venture. Writers need to provide comprehensive and realistic financial links between all relevant components of the plan. Finally, they must outline the deal , or the value that targeted readers should expect to derive from their involvement with the venture (Hindle & Mainprize, 2006).

General Guidelines for Developing Business Plans

Many businesses must have a business plan to achieve their goals. Using a standard format helps the reader understand that the you have thought everything through, and that the returns justify the risk. The following are some basic guidelines for business plan development.

As You Write Your Business Plan

1. If appropriate, include nice, catchy, professional graphics on your title page to make it appealing to targeted readers, but don’t go overboard.

2. Bind your document so readers can go through it easily without it falling apart. You might use a three-ring binder, coil binding, or a similar method. Make sure the binding method you use does not obscure the information next to where it is bound.

3. Make certain all of your pages are ordered and numbered correctly.

4. The usual business plan convention is to number all major sections and subsections within your plan using the format as follows:

1. First main heading

1.1 First subheading under the first main heading

1.1.1. First sub-subheading under the first subheading

2. Second main heading

2.1 First subheading under the second main heading

Use the styles and references features in Word to automatically number and format your section titles and to generate your table of contents. Be sure that the last thing you do before printing your document is update your automatic numbering and automatically generated tables. If you fail to do this, your numbering may be incorrect.

5. Prior to submitting your plan, be 100% certain each of the following requirements are met:

• Everything must be completely integrated. The written part must say exactly the same thing as the financial part.
• All financial statements must be completely linked and valid. Make sure all of your balance sheets balance.
• Everything must be correct. There should be NO spelling, grammar, sentence structure, referencing, or calculation errors.
• Your document must be well organized and formatted. The layout you choose should make the document easy to read and comprehend. All of your diagrams, charts, statements, and other additions should be easy to find and be located in the parts of the plan best suited to them.
• In some cases it can strengthen your business plan to show some information in both text and table or figure formats. You should avoid unnecessary repetition , however, as it is usually unnecessary—and even damaging—to state the same thing more than once.
• You should include all the information necessary for readers to understand everything in your document.
• The terms you use in your plan should be clear and consistent. For example, the following statement in a business plan would leave a reader completely confused: “There is a shortage of 100,000 units with competitors currently producing 25,000. We can help fill this huge gap in demand with our capacity to produce 5,000 units.”

The Business Planning Process: 6 Steps To Creating a New Plan

In this article, we will define and explain the basic business planning process to help your business move in the right direction.

What is Business Planning?

Business planning is the process whereby an organization’s leaders figure out the best roadmap for growth and document their plan for success.

The business planning process includes diagnosing the company’s internal strengths and weaknesses, improving its efficiency, working out how it will compete against rival firms in the future, and setting milestones for progress so they can be measured.

The process includes writing a new business plan. What is a business plan? It is a written document that provides an outline and resources needed to achieve success. Whether you are writing your plan from scratch, from a simple business plan template , or working with an experienced business plan consultant or writer, business planning for startups, small businesses, and existing companies is the same.

Finish Your Business Plan Today!

The best business planning process is to use our business plan template to streamline the creation of your plan: Download Growthink’s Ultimate Business Plan Template and finish your business plan & financial model in hours.

The Better Business Planning Process

The business plan process includes 6 steps as follows:

• Do Your Research
• Calculate Your Financial Forecast
• Draft Your Plan
• Revise & Proofread
• Nail the Business Plan Presentation

We’ve provided more detail for each of these key business plan steps below.

1. Do Your Research

Conduct detailed research into the industry, target market, existing customer base,  competitors, and costs of the business begins the process. Consider each new step a new project that requires project planning and execution. You may ask yourself the following questions:

• What are your business goals?
• What is the current state of your business?
• What are the current industry trends?
• What is your competition doing?

There are a variety of resources needed, ranging from databases and articles to direct interviews with other entrepreneurs, potential customers, or industry experts. The information gathered during this process should be documented and organized carefully, including the source as there is a need to cite sources within your business plan.

You may also want to complete a SWOT Analysis for your own business to identify your strengths, weaknesses, opportunities, and potential risks as this will help you develop your strategies to highlight your competitive advantage.

2. Strategize

Now, you will use the research to determine the best strategy for your business. You may choose to develop new strategies or refine existing strategies that have demonstrated success in the industry. Pulling the best practices of the industry provides a foundation, but then you should expand on the different activities that focus on your competitive advantage.

This step of the planning process may include formulating a vision for the company’s future, which can be done by conducting intensive customer interviews and understanding their motivations for purchasing goods and services of interest. Dig deeper into decisions on an appropriate marketing plan, operational processes to execute your plan, and human resources required for the first five years of the company’s life.

3. Calculate Your Financial Forecast

All of the activities you choose for your strategy come at some cost and, hopefully, lead to some revenues. Sketch out the financial situation by looking at whether you can expect revenues to cover all costs and leave room for profit in the long run.

Begin to insert your financial assumptions and startup costs into a financial model which can produce a first-year cash flow statement for you, giving you the best sense of the cash you will need on hand to fund your early operations.

A full set of financial statements provides the details about the company’s operations and performance, including its expenses and profits by accounting period (quarterly or year-to-date). Financial statements also provide a snapshot of the company’s current financial position, including its assets and liabilities.

This is one of the most valued aspects of any business plan as it provides a straightforward summary of what a company does with its money, or how it grows from initial investment to become profitable.

4. Draft Your Plan

With financials more or less settled and a strategy decided, it is time to draft through the narrative of each component of your business plan . With the background work you have completed, the drafting itself should be a relatively painless process.

If you have trouble writing convincing prose, this is a time to seek the help of an experienced business plan writer who can put together the plan from this point.

5. Revise & Proofread

Revisit the entire plan to look for any ideas or wording that may be confusing, redundant, or irrelevant to the points you are making within the plan. You may want to work with other management team members in your business who are familiar with the company’s operations or marketing plan in order to fine-tune the plan.

Finally, proofread thoroughly for spelling, grammar, and formatting, enlisting the help of others to act as additional sets of eyes. You may begin to experience burnout from working on the plan for so long and have a need to set it aside for a bit to look at it again with fresh eyes.

6. Nail the Business Plan Presentation

The presentation of the business plan should succinctly highlight the key points outlined above and include additional material that would be helpful to potential investors such as financial information, resumes of key employees, or samples of marketing materials. It can also be beneficial to provide a report on past sales or financial performance and what the business has done to bring it back into positive territory.

Business Planning Process Conclusion

Every entrepreneur dreams of the day their business becomes wildly successful.

But what does that really mean? How do you know whether your idea is worth pursuing?

And how do you stay motivated when things are not going as planned? The answers to these questions can be found in your business plan. This document helps entrepreneurs make better decisions and avoid common pitfalls along the way. ​

Business plans are dynamic documents that can be revised and presented to different audiences throughout the course of a company’s life. For example, a business may have one plan for its initial investment proposal, another which focuses more on milestones and objectives for the first several years in existence, and yet one more which is used specifically when raising funds.

Business plans are a critical first step for any company looking to attract investors or receive grant money, as they allow a new organization to better convey its potential and business goals to those able to provide financial resources.

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• What is strategic planning? A 5-step gu ...

What is strategic planning? A 5-step guide

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

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What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include: 

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process. 

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process). 

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength? 

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement? 

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service? 

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company? 

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination. 

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals . 

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success. 

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. We recommend sharing your plan in the same tool you use to manage and track work, so you can more easily connect high-level objectives to daily work. If you don’t already, consider using a work management platform .  

A few tips to make sure your plan will be executed without a hitch: 

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively. 

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed. 

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done. 

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success. 

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively. 

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. It helps map out strategic objectives and growth metrics that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets. 

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a strategic plan vs. business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

You should create a business plan when you’re: 

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. Even if you’re working at a relatively young company, your strategic plan can build on your business plan to help you move in the right direction. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a strategic plan vs. mission and vision statements?

Your strategic plan, mission statement, and vision statements are all closely connected. In fact, during the strategic planning process, you will take inspiration from your mission and vision statements in order to build out your strategic plan.

Simply put: 

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction. 

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.” 

Vision statement: “To create pet safety and tracking products that are effortless to use.” 

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners. 

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization moves quickly). These objectives give your team a clear sense of what you intend to accomplish for a set period of time. 

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a business case?

A business case is a document to help you pitch a significant investment or initiative for your company. When you create a business case, you’re outlining why this investment is a good idea, and how this large-scale project will positively impact the business. 

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a project plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project. This project could be one of many initiatives that contribute to a specific company objective which, in turn, is one of many objectives that contribute to your strategic plan. 

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success. 

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How Asana uses work management to optimize resource planning

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9 steps to craft a successful go-to-market (GTM) strategy

Business Plan Development Guide

(6 reviews)

Lee Swanson, University of Saskatchewan

Copyright Year: 2017

Publisher: OPENPRESS.USASK.CA

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Kevin Heupel, Affiliate Faculty, Metropolitan State University of Denver on 3/4/20

The text does a good job of providing a general outline about writing and developing a written business plan. All of the important steps and components are included. However, the text is light on details, examples, and rationale for each element... read more

Comprehensiveness rating: 3 see less

The text does a good job of providing a general outline about writing and developing a written business plan. All of the important steps and components are included. However, the text is light on details, examples, and rationale for each element of the business plan. Some examples from actual business plans would be helpful.

Content Accuracy rating: 4

For the most part, the content is accurate. The content covers all important aspects of drafting a business plan. I thought the industry analysis could use more information about collecting primary and secondary sources; instead, this information was referenced in the marketing plan section.

Relevance/Longevity rating: 5

Most of the content relies on cites as far back as 2006; however, when it comes to developing and writing a business plan nothing has changed. Thus, the content is current and there is no concern about it becoming obsolete in the near future.

Clarity rating: 4

The text is clear. There are no difficult terms used and the writing is simple. The text uses a lot of bullet points though, which gets tedious to read for a few pages.

Consistency rating: 5

The text does a good job of maintaining consistency in terms of framework and terminology. The text is organized where it's easy to find the information you want in a quick manner.

Modularity rating: 3

The text has a lot of bullet points and the paragraphs are dense. However, the use of subheading is excellent.

Organization/Structure/Flow rating: 5

The book is organized as if you're writing a business plan from start to finish, which is helpful as a practical guide.

Interface rating: 5

There are no navigation problems, distortion of images/charts, or any other display features that may distract or confuse the reader.

Grammatical Errors rating: 5

The text is free of grammatical errors. The sentence structure is simple with many bullet points, which helps to avoid any grammatical issues.

Cultural Relevance rating: 5

This book was written by a Canadian professor and provides references to Canadian sources. However, the information in this text can be used for U.S. schools.

This book is very short and provides a good, general overview about the process of creating and writing a business plan. It won't help a reader if he/she is confused about a certain part of the business plan. The reader will have to find another source, such as "Preparing Effective Business Plans" by Bruce Barringer, Ph.D. The book provides links to good resources and a finished business plan that the reader can reference. I would recommend the book for undergraduate courses.

Reviewed by Kenneth Lacho, Professor of Management, The University of New Orleans on 6/19/18

1. Text is relevant to Canada. Not the United States 2. Needs to cover resources available to entrepreneur, e.g., federal government agencies, trade associations, chambers of commerce, economic development agencies. 3. Discuss local economy or... read more

1. Text is relevant to Canada. Not the United States 2. Needs to cover resources available to entrepreneur, e.g., federal government agencies, trade associations, chambers of commerce, economic development agencies. 3. Discuss local economy or economic area relevant to this proposed business. 4. Business model ok as a guide. 5. Suggested mission statement to cover: product/business, target customer, geographical area covered. 6. Need detailed promotion plan, e.g., personal selling, advertising, sales promotion, networking publicity, and social media. 7. How do you find the target market? 8. Chapter 6 too much detail on debt and equity financing. 9. Discuss how to find sources of financing, e.g., angels. 10. Expand coverage of bootstring, crowdfunding. 11. Chapter 4 – good checklist. 12. Chapter 3 - overlaps. 13. Chapter 7 – 3 pages of executive summary – double or single spaced typing. Number all tables, graphs. 14. Some references out-of-date, mostly academic. Bring in trade magazines such as Entrepreneur.

Content Accuracy rating: 5

In my opinion, the content is accurate and error free.

Relevance/Longevity rating: 4

The material is relevant to writing a business plan. I wonder if the Porter, SWOT VRIO, etc. material is too high level for students who may not be seniors or have non-business degrees (e.g., liberal arts). Porter has been around for a while and does have longevity. The author has to be more alert to changes in promotion, e.g., social media and sources of financing, e.g., crowdfunding.

Clarity rating: 3

As noted in No. 9, the tone of the writing is too academic, thus making the material difficult to understand. Paragraphs are too long. Need to define: Porter, TOWS Matrix, VRIO, PESTEL. A student less from a senior or a non-business major would not be familiar with these terms.

Consistency rating: 4

The text is internally consistent. The model approach helps keep the process consistent.

Modularity rating: 4

The process of developing a business plan is divided into blocks which are parts of the business plan. Paragraphs tend to be too long in some spots.

Organization/Structure/Flow rating: 4

The topics are presented in a logical step-wise flow. The language style is too academic in parts, paragraphs too long. Leaves out the citations. Provides excellent check lists.

There are no display features which confuse the reader.

Grammatical Errors rating: 4

The text has no grammatical errors. On the other hand, I found the writing to be too academic in nature. Some paragraphs are too long. The material is more like an academic conference paper or journal submission. Academic citations references are not needed. The material is not exciting to read.

The text is culturally neutral. There are no examples which are inclusive of a variety of races, ethnicities, and backgrounds.

This book best for a graduate class.

Reviewed by Louis Bruneau, Part Time Faculty, Portland Community College on 6/19/18

The text provides appropriate discussion and illustration of all major concepts and useful references to source and resource materials. read more

Comprehensiveness rating: 5 see less

The text provides appropriate discussion and illustration of all major concepts and useful references to source and resource materials.

Contents of the book were accurate, although it could have benefited from editing/proofreading; there was no evidence of bias. As to editing/proofreading, a couple of examples: A. “Figure 1 – Business Plan… “ is shown at the top of the page following the diagram vs. the bottom of the page the diagram is on. (There are other problems with what is placed on each page.) B. First paragraph under heading “Essential Initial Research” there is reference to pages 21 to 30 though page numbering is missing from the book. (Page numbers are used in the Table of Contents.)

The book is current in that business planning has been stable for sometime. The references and resources will age in time, but are limited and look easy to update.

Clarity rating: 5

The book is written in a straightforward way, technical terms that needed explanations got them, jargon was avoided and generally it was an easy read.

The text is internally consistent in terms of terminology and framework.

Modularity rating: 5

The book lends itself to a multi-week course. A chapter could be presented and students could work on that stage of Plan development. It could also be pre-meeting reading for a workshop presentation. Reorganizing the book would be inappropriate.

The topics in the text are presented in a logical, clear fashion.

Generally, the book is free of interface problems. The financial tables in the Sample Plan were turned 90° to maintain legibility. One potential problem was with Figure 6 – Business Model Canvas. The print within the cells was too small to read; the author mitigated the problem by presenting the information, following Figure 6, in the type font of the text.

I found no grammatical errors.

The text is not culturally insensitive or offensive in any way.

I require a business plan in a course I teach; for most of the students the assignment is a course project that they do not intend to pursue in real life. I shared the book with five students that intended to develop an actual start-up business; three of them found it helpful while the other two decided not to do that much work on their plans. If I were planning a start-up, I would use/follow the book.

Reviewed by Todd Johnson, Faculty of Business, North Hennepin Community College on 5/21/18

The text is a thorough overview of all elements of a business plan. read more

Comprehensiveness rating: 4 see less

The text is a thorough overview of all elements of a business plan.

The content is accurate and seems to lack bias.

Content seems relevant and useful . It does not help an entrepreneur generate ideas, and is very light on crowdfunding and other novel funding source content. It is more traditional. This can be easily updated in future versions, however. "Social Media" appears once in the book, as does "Crowd Funding".

The book is comprehensive, but perhaps not written in the most lucid, accessible prose. I am not sure any college student could pick this up and just read and learn. It would be best used as a "teach along guide" for students to process with an instructor.

The text seems consistent. The author does a nice job of consistently staying on task and using bullets and brevity.

Here I am not so certain. The table of contents is not a good guide for this book. It does make the book look nicely laid out, but there is a lot of complexity within these sections. I read it uncertain that it was well organized. Yes there are many good bits of information, however it is not as if I could spend time on one swathe of text at a time. I would need to go back and forth throughout the text.

Organization/Structure/Flow rating: 2

Similar to the above. I did not like the flow and organization of this. An editor would help things be in a more logical order.

Interface rating: 2

The interface is just OK. It is not an attractice interface, as it presents text in a very dense manner. The images and charts are hard to follow.

I did not find any grammatical errors.

Cultural Relevance rating: 4

I a not certain of the origins of Saskatchewan, but I do feel this is a different read. It is more formal and dense than it has to be. This would be a difficult read for my students. I do not feel it is insensitive in any way, or offensive in any way.

I would not adopt this book if given the chance. It is too dense, and not organized very well, even though the information is very good. The density and lack of modularity are barriers to understanding what is obviously very good information.

Reviewed by Mariana Mitova, Lecturer, Bowling Green State University on 2/1/18

Though this textbook has a prescriptive nature, it is quite comprehensive. The author strikes a good balance between presenting concepts in a concise way and providing enough information to explain them. Many every-day examples and live links to... read more

Though this textbook has a prescriptive nature, it is quite comprehensive. The author strikes a good balance between presenting concepts in a concise way and providing enough information to explain them. Many every-day examples and live links to other resources add to the completeness of the textbook.

Content seems accurate.

Since the content is somewhat conceptual, the text will not become obsolete quickly. In addition, the author seems to be updating and editing content often hence the relevance to current developments is on target.

The text is very clear, written in clear and straight-to-the point language.

The organization of content is consistent throughout the entire text.

The textbook is organized by chapters, beginning with overview of the model used and followed by chapters for each concept within the model. Nicely done.

The flow is clear, logical and easy to follow.

Overall, images, links, and text are well organized. Some headlines were misaligned but still easy to follow.

No concerns for grammar.

No concerns for cultural irrelevance.

Reviewed by Darlene Weibye, Cosmetology Instructor, Minnesota State Community and Technical College on 2/1/18

The text is comprehensive and covers the information needed to develop a business plan. The book provides all the means necessary in business planning. read more

The text is comprehensive and covers the information needed to develop a business plan. The book provides all the means necessary in business planning.

The text was accurate, and error-free. I did not find the book to be biased.

The content is up-to-date. I am reviewing the book in 2017, the same year the book was published.

The content was very clear. A business plan sample included operation timelines, start up costs, and all relevant material in starting a business.

The book is very consistent and is well organized.

The book has a table of contents and is broken down into specific chapters. The chapters are not divided into sub topics. I do not feel it is necessary for sub topics because the chapters are brief and to the point.

There is a great flow from chapter to chapter. One topic clearly leads into the next without repeating.

The table of contents has direct links to each chapter. The appearance of the chapters are easy to read and the charts are very beneficial.

Does not appear to have any grammatical errors.

The text is not culturally insensitive or offensive.

I am incorporating some of the text into the salon business course. Very well written book.

Table of Contents

Introduction

• Chapter 1 – Developing a Business Plan
• Chapter 2 – Essential Initial Research
• Chapter 3 – Business Models
• Chapter 4 – Initial Business Plan Draft
• Chapter 5 – Making the Business Plan Realistic
• Chapter 6 – Making the Plan Appeal to Stakeholders and Desirable to the Entrepreneur
• Chapter 7 – Finishing the Business Plan
• Chapter 8 – Business Plan Pitches

References Appendix A – Business Plan Development Checklist and Project Planner Appendix B – Fashion Importers Inc. Business Plan Business Plan Excel Template

Ancillary Material

About the book.

This textbook and its accompanying spreadsheet templates were designed with and for students wanting a practical and easy-to-follow guide for developing a business plan. It follows a unique format that both explains what to do and demonstrates how to do it.

About the Contributors

Dr. Lee Swanson is an Associate Professor of Management and Marketing at the Edwards School of Business at the University of Saskatchewan. His research focuses on entrepreneurship, social entrepreneurship, Aboriginal entrepreneurship, community capacity-building through entrepreneurship, and institutional-stakeholder engagement. Dr. Swanson’s current research is funded through a Social Sciences Humanities Research Council grant and focuses on social and economic capacity building in Northern Saskatchewan and Northern Scandinavia. He is also actively studying Aboriginal community partnerships with resource based companies, entrepreneurship centres at universities, community-based entrepreneurship, and entrepreneurial attitudes and intentions. He teaches upper-year and MBA entrepreneurship classes and conducts seminars on business planning and business development.

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Business Development Plan: 7 Essential Elements

Having a business development plan is essential to thrive in the current competitive marketplace. This is because, at present, it’s become very much infused in many sales and marketing functions.

To get started, it’s necessary that you take stock of your past performance before developing your road map. Since creating one is no mean feat, we’re prepared to illuminate your path.

Here’s our blueprint on how to come up with your own business development plan.

What is a business development plan?

Why a business development plan is important, 1. learn to prioritize, 2. control the narrative, 7 essential elements of a business development plan, 1. set your sails, customer retention, customer lifetime value (clv), 2. center your approach, 3. define your marketing channels, 4. choose kpi and develop dashboards to monitor progress, 5. align your process suit your customer’s needs, 6. find out resource needs, 7. communicate with stakeholders.

A business development plan is fundamentally a document that contains the framework on how you’ll implement your business development strategy.

Having revealed this, it’s important that we demystify the two ideas. A business development strategy contains the concept behind the development of a business. On the other hand, a business development plan deals with all the nuts and bolts to make progress feasible.

When starting a business, it’s easy to get lost in all the excitement. If you’re not careful, you may find yourself stagnating.

To enhance your odds of success, it’s necessary to get all the details right from the word go. While a business development plan doesn’t necessarily guarantee you success, you will definitely have a clear vision on how to sidestep possible danger routes.

Having a crystal ball sounds great, right?

If you’re looking to play the long game, then you need a business development strategy plan. With one in place, it becomes easier for you to achieve your objectives. With a sense of directions and a well-mapped out strategy , you can focus your energies on what’s needful.

Once you have one, it’s a great idea to review and update it on the regular so that you can:

• Remind yourself of your key objectives and where your priorities lie
• Adapt to changes in the business scene
• Assess whether you’re making headway using your strategies
• Leverage new opportunities that you encounter

With a business plan in place, you can take a recliner and review what’s working and check out avenues to improve.

You need to pull all the stops to get a plan on how to chart your path. You can start off with simple things like encouraging your staff to share feedback can go a long way. While the process may seem time-consuming and overwhelming at first, you’re sure to reap dividends in the long run.

By planning, you’ll be able to realize the various forces that affect your success. If you’re already doing business, you’ll be able to take inventory and figure out what’s working. Objectively, you want to have more control over your business and your livelihood. By researching, you’ll also have a great opportunity to:

• Comprehend your business finances like cash-flow management and figuring out the break-even point
• Learn more about your industry, market, and the competition
• Review challenges you may encounter and analyze how to beat them
• Make sound business decisions that will give you a competitive advantage

Having a clear vision of where you see the business in the next 12 months is central to achieving your objectives.

This is because an outline of the key 3-5 achievements you believe will set you apart helps you anticipate and prepare for success. Once you have that figured out, you can handle the granular aspects of the process later on.

To ensure that you remain focused, it’s necessary that these audacious goals include revenue goals. While at it, you need to also strive to strike a balance in your operations. There’s no need to only meet a couple of your objectives and total miss out on others is there?

If you’re unsure about what else to include in your grand plan, here’s a quick overview of the key points:

While generating new sales is fantastic news to any businessperson, it’s important to ensure you don’t lose existing customers. On the road to better customer retention, you’re bound to discover that the key lies in providing stellar customer service.

If you’re not sure customer retention matters, here’s a stat that will wow you. On average, it takes about 5 times more to land a new customer than it does to keep the ones you already have.

This refers to the net revenue you can expect to get from a customer during the course of your business relationship .

If you’re a new business that’s dependent on a select number of customers, you need to diversify. Failure to do this could see you at a crossroads one or two of them decide to jump ship.

Increase customer lifetime value👇🏼 •Create a funnel with your most popular product. •HEAVILY discount it. (If you aren’t nervous, it’s not discounted enough) •Add upsells/downsells/order bumps •Email/text your satisfied customers with the special offer. Now go get it. — Alex Ramos🛩 (@iamalexxramos) October 20, 2019

To boost your chances, you need to lower your average CLV by diversifying your revenue base. Of course, this is dependent on the quality of your reach. If you have too many low-revenue customers, then it’s best to first focus on increasing your mean CLV. 

Defining your target marketing and setting up detailed buyer profiles is a key ingredient for success. Here’s a quick look at how this can work to your benefit:

A focused business development plan gives you the opportunity to qualify and score prospects to prioritize your constrained sales and marketing resources.

A well-defined target market and buyer profiles give you the legroom to come up with content that boosts your bottom line

With a targeted strategy, it’s easier for you to come up with products and services for your target market

As you work towards developing your business development plan, it wouldn’t hurt to revise previously defined buyer personas. It’s also great counsel to re-access your target market.

After you do this, you can start working towards tweaking your messaging to suit each market segment. With a focused marketing approach, you’re sure to find it easy managing your resources. Importantly, you need to give preference to the things that the best odds of creating long-term value. 

Right after you’ve ascertained your target audience, it’s time to generate leads for each market segment.

The best way to do this? By being data-driven.

This means you need to get more granular and embrace the SMART goals concept. In essence, your objectives need to be Specific, Measurable, Attainable, Relevant, and Time-related.

To kick things off on the right foot, you need to have your first SMART goal be all about the revenue target. With a clear definition of a revenue target, you can then proceed to conceive a cascading series of SMART goals. If possible, you want them all to be based on each lead generation channel in your system.

You also need to think tactically about your target markets and the marketing channels you use. How do you plan to generate more inbound leads ? Does content marketing sound palatable?

If so, how often do you intend to publish? Which topics do you expect to garner much interest? Do you have a strategy to promote?

All these are questions that will help you gain a better understanding of your target audience. With an elaborate tactical plan, you can maintain consistency in all work departments.

Embracing a data-driven approach is sure to work great for you since you’ll be able to keep tabs on your KPI performance. By so doing, you’ll realize that you’re able to meet your goals after every quota without any surprises.

At the same time, being data-driven gives you insights on the effectiveness of your business development plan. With the right kind of intel, you can focus your resources on the strategies that work best. This may mean that you need to tweak or abandon poor-performing ones.

As you track progress, it’s important to also pick the metrics that matter. Ideally, you want to stick to those that contribute to your bottom line. To get a clearer picture, you need to reflect on your professional sales funnel for all of your marketing channels.

If you manage to set SMART goals for every step of the funnel, you’ll find it easy to track progress made. You can then share this information in dashboards for constant tracking and organization.

If you want to enhance your revenue generation process, you need to have the customer in mind. How best do you think your approach will correspond with your customers buying process? In a perfect world, you want the sales process to seamlessly happen irrespective of which salesperson on your team is involved.

In truth, this may be hard to accomplish, but, it can be done. All you need to do is identify the milestones that need to be accomplished in order to hasten the sales process.

You can define these milestones in your CRM system to ensure all salespersons know what’s expected of them. With a clear line of vision, they can breezily conceive plans to move to the next milestone.

As a manager, this will work great for you as you’ll have more insights into the sales pipeline. It’s also a brilliant strategy since it ensures a consistent sales approach form all team members.

As always, it’s vital to note that sales qualification is one of the most important stages of the sales process. In particular, SMB businesses need to have their sales qualification game on lock. This is because most of them have limited resources which they can’t expand on avenues not worth pursuing.

Without a refined qualification process, you’ll simply be setting yourself up for failure down the road. To avoid this, you need to be in tune with the intricacy of the modern buying process .

While conventional thinking will have you believe that the economic buyer holds the keys to the city, it’s a different ball game today. The B2B buying process has morphed into a process that now involves multiple stakeholders. As such, you need to make certain that your buying process shows this.

Having already discovered how to go about business expansion, it’s now time to move to the next phase. How exactly do you intend to execute your business development plan?

Are there specific attributes you’re looking for in employees? Do you have the technology to make your dreams a reality? What are your resource needs?

Importantly, you need to ascertain whether to employ a DIY (do it yourself) or a DIFM (do it for me) approach. This is because many SMB enterprises don’t have the prowess to take on complex business development plans.

Where the waters start getting murky, it’s logical to seek the services of an agency or consultant to help you out. It’s also sound advice to have your internal staff learn from them as they go about their business. You can also provide additional training to them so that they are well-versed in the business.

To achieve your revenue targets, you may realize that you need to invest more in your salespeople . As a manager, the onus is on you to think about whether hiring a sales assistant will prove beneficial. Once onboard, they may be able to keep your consultants focused on realizing more business opportunities.

In terms of technology, here’s what you’ll probably need during business development:

• CRM software
• Sales prospecting software
• Dashboard software
• Graphic design/video editing software
• Content management system for your website
• Webinar software
• Marketing automation software

By figuring out your budget and resource needs, you’ll find it easier to navigate and hit target revenues.

It’s crucial that you share your business development strategy plan with stakeholders.

Having said that, you need to think above and beyond just the management team. Everyone at your company needs to know the important aspects of your business development plan. This is because, some elements like messaging, high-level goals and target markets are actually important to everyone.

It’s also important that your service, management, and sales team are all reading from the same script about the company vision. When this happens, it will be easy for them all to focus on creating long-term value.

Consultants also need not be left in the cold. Part of their onboarding process needs to involve a review of the vision and goals of the company. With a proper briefing, they’ll be able to carry out their duties better and help you move closer towards the realization of your dreams.

A comprehensive business development plan that spells out review protocols and how to achieve your goals is necessary. To get to the promised land, you need to also ensure that you have the right technology and automation.

Now that we’ve highlighted 7 essential elements you need to succeed, we’re confident you’re ready to take on the world.

When do you plan to implement a business development plan?

Is there anything holding you back from doing so?

Let us know in the comments section below!

Kevin Thomas Tully is a globally-recognized Social Selling and Big Data strategist who employed the principles of Social Selling long before the term entered the popular business vernacular. A Johns Hopkins-trained data scientist, Kevin has applied true buyer intent data, predictive analytics, and data mining to the sales and marketing process for more than a decade to gain a strategic marketplace advantage for leading brands worldwide.

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Johnny Ronan’s 17-storey Dublin Docklands plan refused permission

Planners felt the proposed development would set an ‘undesirable precedent’ and devalue nearby property.

Johnny Ronan's plans to develop a mixed-use scheme in Dublin's Docklands have failed to secure planning. Photograph: Collins

Developer Johnny Ronan’s planned 17-storey mixed use scheme for Dublin’s Docklands has been rejected by planners.

In February, Mr Ronan’s Ronan Group Real Estate (RGRE) lodged plans for the redevelopment of global banking giant Citigroup’s current European headquarters at 1 North Wall Quay in the docklands.

The scheme involves the demolition of Citigroup’s existing six-storey office building and the development of four buildings in its place ranging in heights of nine to 17 storeys.

RGRE firm, NWQ Devco Limited was seeking a 10-year planning permission but Dublin City Council has refused permission across a number of grounds.

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A spokesman for RGRE said the group would appeal the refusal to An Bord Pleanála and that it was disappointed by the decision.

[  Johnny Ronan: Stuck in a new kind of bear trap  ]

“There is a strong view in Irish planning and construction communities, and among the wider public, that there has been a missed opportunity over the past decade for increased heights and densities along Dublin’s north and south docklands where the river Liffey is at its widest point and good transport infrastructure is in place,” he said.

“With the pipeline of brownfield sites in the docklands now almost exhausted, few opportunities remain for the construction of taller, more sustainable buildings in a location that is clearly appropriate.”

The council ruled that the proposed development, due to its height and excessive bulk and scale, “would constitute an insensitive form of development adjacent to existing residential development”.

The planning authority stated that the proposal would result “in a significant and unacceptable loss of daylight/sunlight and resultant overshadowing to these properties and amenity areas, adversely impacting their residential amenity”.

The council stated that the proposed development “would therefore set an undesirable precedent and would devalue properties in the vicinity”.

The planning authority also ruled that the proposed development “would constitute an overly dominant form causing serious injury to the visual amenities” of the Liffey Quays, a conservation area.

[  Developer Johnny Ronan emerges as owner of Dublin city’s only private park  ]

It concluded that the proposed development contravenes various policies of the Dublin city Development Plan, adversely affecting key views and vistas along the river corridor and the amenities of properties in the vicinity.

In the third reason for refusal, the council stated that having regard to the condition of the existing building and in the absence of a comprehensive justification for demolition where not all options were investigated, “the proposed wholesale demolition would be considered premature”.

The planned demolition was deemed contrary to the Dublin city Development Plan which seeks to promote and support the retrofitting and reuse of existing buildings rather than their demolition and reconstruction.

The council said the proposed development “would set an undesirable precedent for wholesale demolition on similar sites across the city and would therefore be contrary to the proper planning and sustainable development of the area”.

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Biden Plans Sweeping Effort to Block Arctic Oil Drilling

• Half of National Petroleum Reserve-Alaska could be off-limits
• Companies say plan would violate leases, kill investment

Joe Biden 

The US set aside 23 million acres of Alaska’s North Slope to serve as an emergency oil supply a century ago. Now, President Joe Biden is moving to block oil and gas development across roughly half of it.

The initiative, set to be finalized within days, marks one of the most sweeping efforts yet by Biden to limit oil and gas exploration on federal lands. It comes as he seeks to boost land conservation and fight climate change — and is campaigning for a second term on promises to do more of it.