First let's define the terms. An annualized plan is simply a schedule of which activities will be done and at what time. Plotting this information by month allows you to take advantage of any seasonal opportunities, and also to determine overall time and cost commitments. Business development is a multi-faceted practice that keeps your business moving ahead. It consists of various components, including:
- Promoting your organization to develop a presence in your marketplace
- Identifying new business opportunities with known and unknown prospects
- Generating new business from prospects
- Generating new or incremental business from clients
- Business retention
A close review of this list reveals three very important facts. First is the fact that our customers and clients are also prospects for new or incremental business.
Second, there is a big difference between "identifying" business opportunities and "generating" them. While the former might, at times, be easier to accomplish, both activities are essential. Successful business development, therefore, requires a combination of marketing and selling skills. Other requirements include time management, organizational skills and a positive attitude.
The third key fact, simply stated, is "one easy way to get business is to not lose business!" Customer retention is an important element of every business development plan, because any lost business must be made-up if we are to achieve our overall goal.
Now that we've identified the basics, you can review a simple five-step plan on our web site .
