What do you feel are the most important steps when creating and implementing a successful business development plan?
Over the years I have seen and created many business development plans. While looking back over which ones worked and which ones didn’t it always came down to the same thing. The plans that fell short seemed to be missing a step or 2 in the process. They weren’t as thought out or organized. After noticing this I put together what I feel are the 6 steps that are needed in creating and implementing a successful business development plan. Following the ENDREA Method™ has proven successful.
ENDREA Method™ stands for: [E]valuate [N]umbers [D]elve [R]eady [E]xecute [A]nalyze
Now what does that mean you ask? Let’s break them all down a little more.
Step 1: [E]valuate
Evaluate Your Business – During this step, sit back and take a good look at what you are currently doing and where you want to go. What are your goals? Is what you are currently doing helping you reach them?
Step 2: [N]umbers
Calculate your Numbers – This step gives you the opportunity to look at where your dollars are; Are they being spent in the right places; Is there a way to lower some costs; Should allocated dollars be used somewhere else; What are your current profit margins; etc. This does cross into Operations but when you are looking at growing your profit margins you should know what your costs are and why.
Step 3: [D]elve
Delve into the Industry – Now that you know everything about your company it is time to find out everything about other companies (your competition) and what’s happening in your industry. Has your largest competitor noticed a trend that you didn’t? Is there a market trend that you can grab hold of before your competitors? Are your competitors targeting a demographic you have been missing out on?
Step 4: [R]eady
Time to get your plan Ready – You have all your information now to create the plan. During this step you will put together your strategic plan of action. Be detailed and honest about the changes. Do you need to adjust your leadership; Change or add to your target market; Adjust your sales process; etc. What results do you expect from these adjustments?
Step 5: [E]xecute
Execute your plan – After all the hard work of preparing and planning it is now time to execute and put it all into action.
Step 6: [A]nalyze
Analyze what you executed – The truth comes out now. Did your plan succeed? Great! If not where did it fail? What adjustments do you need to make to your plan?
Now is the perfect time to use the ENDREA Method™. Work on Steps 1-4 right away so you can Execute during Q1 and start the new year off on an organized new foot.
Let me know if you have questions about any of the steps or would like some assistance getting started. Contact Us.
In my upcoming posts I will get into a little more detail on each step. Please tell me your stories on how following the ENDREA Method™ helped your business.