Business development strategies help small companies grow by focusing on vital business areas, including marketing, partnerships, and employee development. Effective strategic management can help new companies navigate the often volatile early years.
What do you need to know about small business development?
Without a business development plan, your business will never be as profitable as it could be, and you risk breaking. Main aspects to pay attention to:
- Focus on marketing. Spend significant time on marketing and public relations in the early stages of your small business. Your marketing budget may even out over time, but it should be one of your most significant expenses, at least during your first year of operation. Create buzz for your company by reaching out to potential customers innovatively.
- Form strategic partnerships. Strategic partnerships can enhance your competitive edge in the marketplace by leveraging the strengths of existing companies. For example, partnering with a distribution company can help you securely get your products into the hands of online or mail-order customers with minimal investment of time and capital.
- Invest in employees. Employees can make or break new businesses, and investing time in employee development can increase your company’s productivity and efficiency. Provide growth opportunities for your employees early on by giving them access to information and decision-making responsibilities. Empower your employees and build a culture that encourages creativity and innovation.
Get frequent customer feedback through your social media presence, customer surveys, and informal conversations. Let your products and services evolve in response to early customer feedback. Feel free to add or remove features from your products and services and offer price promotions to encourage existing clients to try new product/service options.