Developing Business Plan

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The preference for Seller-doers also tends to discourage firms from fielding a full-time sales force.

As an alternative approach to leveraging fee-earners’ time, some firms have one or more Business Developers on staff.

However, it is crucial to be realistic and honest with both yourself and potential funding sources.

Describe your organization’s structure, management, and operational strategy.

Include information on your customer’s needs, how you intend to reach your customers, how you plan to advertise your product or service, and how much money you intend to spend on your marketing strategy.

Documentation should be provided to outline the size and growth potential of your market, and you will need to include a detailed plan showing how you intend to get your product into the hands of consumers.Presumably this is done because the organization believes that the BD designation avoids some possible stigma associated with sales.Nowhere is this practice more prevalent than in professional services.The final stage, Turning Opportunities into Clients, is a traditional sales function.In the traditional role, business development would be looking for new channels of distribution or marketing partners.Your business development strategy can be key to the success or failure of your firm.In this post, we’ll explore how to create a strategy and associated plan that can propel an individual, a practice or an entire firm to new levels of growth and profitability.While this role still exists in many companies, the business development title has become interchangeable with many marketing and sales functions.Sales is the task of converting leads or opportunities into new clients.Identify your competition, and establish the advantage your business has over them in your target market.This section of your business plan is important to investors, and you should use it to highlight the strengths of your business and the weaknesses of the competition.

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