Business Development is the second step of the business management process. This is a crucial stage for a functional company; it includes 10 following steps:
- Keep Financial Score
Numbers play a major role in defining company targets. Always have one eye on the cash flows. Keep track of where you spend money and how you receive it. It is easier to hire an accountant rather than spending time and energy on journalizing transactions on your own.
- Set Goals
At this stage, you should already have a company’s mission, vision, and goals set forth. Now try giving it a structure. Split your goals, subcategorize and delegate accordingly. Understand where you want to be standing in 5-10 years and what you need to do in a week, month and year.
- Use High Impact Marketing
Find low cost but effective marketing tools. Be creative, as you do not have the luxury to spend much or be ineffective. If you prepare a marketing strategy, first test it. See if you are targeting the right audience, and how much you can spend every week.
- Master Business Presentation
In the future, your ideas will be converted into implementation processes, but first, you need to learn how to clearly state your mind. Visualize your thoughts through user-friendly tools.
- Monitor Trends
In a rapidly changing world like ours, new threats and opportunities arise every minute. Look out for the new events and trends happening around you. Even at times, irrelevant news can have a big impact on your business.
- Sharpen your sales skills
Maybe the word “sales” does not sound prestigious at all, but in reality, you will have to sell your company to the stakeholders, sell yourself to your coworkers, sell your ideas to your customers, etc. Therefore, having sharp sales skills is a huge benefit.
- Motivate your Staff
Your team is the biggest asset you have, then it needs taking care of. Motivating your staff will result in having a successful company. There are two ways to motivate people: money that gives employees short term motive of working hard; personal growth that means loyalty, dedication and a high sense of responsibility.
- Take a break
Most popular coaches in the world give the same advice – clear your mind. When facing a dilemma, challenge or just a new project you need to set your mind to another frequency; taking a break is a very good way to achieve it.