Part 1: What Every Successful Business Owner Should Know About Their Business
By Chris Hunter | May 17, 2013
The Business Development Plan
A client recently asked me a very good question: What are the most important minimum basics she must keep in mind if she’s going to be building a better business? What a great question!
Here’s my best shot at the answer and it boils down to just four items. I’ll cover the first item in this blog and develop the remaining three in subsequent updates. The four items are:
- The Business Development Plan
- The Daily Cash Flow Break-Even Sales Point
- The Ideal Customer Profile
- Employee Tasks, Rewards and their Connection to Intended Results
The Business Development Plan – the Owner’s Roadmap to Success
A Chinese proverb states “If you don’t change directions, you’re likely to end up where you’re headed.” A business development plan is just the ticket to help a business owner know exactly where she’s heading and how she’s going to get there.
Two characteristics underpin every great business development plan – simplicity and intentionality. No rocket science required. And, as a point of clarification, a business development plan is no substitute for the full business plan. The full business plan covers all aspects of business operation and is often used in support of a loan application.
My client’s business development plan seeks to accomplish just three goals –
- Develop a refreshed vision statement for the business;
- Update and enhance the marketing plan; and,
- Implement monthly cash flow monitoring by operating division.
She’s already seeing big improvements in her team’s morale, customer service, profitability and, ultimately, her business’ value. By sticking with just three goals she’s much more effective in “working on” as supposed to just “working in” her business. You might say, her business development plan is similar to how one might go about eating an elephant – one bite at a time.
A business development plan should be tailored to your specific and most pressing “working-on” goals. Because it’s often hard for a business owner to see the forest for the trees, don’t hesitate to contact a professional business development advisor like those at WESST. We’d be honored to serve you in helping you chart the direction of building a better business!
Next time, I’ll cover the essential concept of calculating and monitoring your Daily Cash Flow Break-Even Sales Point.
About the Author
Prior to joining the WESST team in 2013, Chris owned and operated his own Farmington-based business development practice for over 10 years where he served a wide variety of clients in helping them build better businesses. Prior to returning to Farmington in 1999, Chris gained over 20-years’ experience working in a variety of financial, operations and communications capacities at several large domestic and international companies including PNM, PacifiCorp and Peabody Coal Company. He has a B.S. in Business Administration from William Jewell College in Liberty, Missouri and an M.B.A. from the UNM Anderson School of Management. He enjoys skiing, digital photography, reading, computers and helping people accomplish goals. He is married and has two grown daughters.