The rate of development of the world is at its peak and is continuing.
New professions are opened compared to older professions that are on the verge of extinction.
In order to maintain stable and continuous profitability, we will have to think of new avenues of profit.
Many entrepreneurs find themselves so busy with the day-to-day running of the business, working with customers, suppliers, employees – that they forget their business development activities and are at the same point for a very long time.
We must devote time to new actions and maximum maximization of the conduct of the business.
If we are immersed only in the current conduct, we will find ourselves behind compared to our competitors and compared to the market.
Be innovative in the very fast paced world we are in today and be active in finding efficiencies in your business. If you don’t, no one will take your business forward.
Efficient ways for best Business Development
- Create basic + premium products – new sales processes that will help us maintain customer value over time. By building a more modern business discount than we have today, we will be able to “attract” to us customers who will purchase penetration products or basic products whose prices are relatively low so that in the long run we can sell them more expensive products and thus increase the value of the transactions, profitability and the most important thing is – loyalty! So that they will come back to buy from us again and for an extended period of time.
- Penetration into other markets – a necessary action for any business whatsoever.
After you have seen that your market is ready to purchase your products/services, you can consider expanding to additional markets.
Expansion to additional markets can be in the same local market, only in different geographical locations or in the development to an international market which will give us a very broad vision and identify opportunities in different countries of the world.
- Increasing/reducing departments – to prepare for growth in your organization, you must identify the new departments that need to be built or vice versa, a significant change that happened to you in the organization will require you to close some department.
We must be alert to the situation that is happening to us in the business, to the definitions of our employees, to the whole of our operating system that will require a significant change.
If we do not prepare according to the growth, we will find ourselves in a situation where many sales do come in, but we do not have the ability to take care of our new customers and there will be a situation where the percentage of abandonment of those new customers who did not receive adequate care will increase.
- Stages of progress with different suppliers/service providers, negotiations – we must regularly check our enthusiasm with the suppliers we have in the organization.
If we do not know how to work with the same suppliers and different service providers, this may very well harm our customers. Especially if they are an integral part of the sales process or the service we provide to customers.
Check carefully how you behave with your suppliers. Check that there is indeed an adequate coordination of expectations in advance and no less important is – maintain good interpersonal relations with them!
Always today with the pulse on competing service providers / suppliers to understand how you are treated and how similar processes are conducted today with different suppliers.
- The accuracy of the processes within the organization we created – check how your employees work today.
Is there a need to change processes in the organization?
Are there new processes that we must implement in our business?
Well, as our business grows and expands, so do the work procedures and we have to pay attention to that.
There are many processes that were suitable for an earlier stage of the business but as we grew, we will have to adapt the business to new procedures.
- Technological upgrade to our level of effectiveness – the more advanced the world, the more there are many technological improvements that can optimize our work on a daily level.
There are developments that are so precise and efficient, that they actually replace the manual operations that need to be performed in many organizations and, at the same time, replace the need for employees. A significant technological improvement in the business can lower our costs and make us much more profitable in the business.
Pay attention to technological changes happening around you and try to make your business more efficient than ever.
- Monitoring the competitors – Look at your competitors, and now look at you. Understand what products/services your competitors provide? Who are their customers? Do they have a comparative advantage? What level of service do they provide? What are their prices? Where do they advertise? Do not be afraid if you realize that they offer a lot of services at low prices. Try to understand their strategy. It is very possible that they are not acting in the right strategies and may find themselves facing the closure of the business. So don’t copy everything you see, but first try to understand their status and how they operate.
- Actions for innovation, digital accessibility – as we mentioned, in the modernized world we are in, we must find access points for customers, make them accept your product/service simply and efficiently. Try to look for new ways – today’s customers are quite attached to the idea, which will also help them reduce costs for the same product/service.
- Adding ancillary/complementary products – adding products can significantly promote your business. These are additional products that you can offer to your existing customers in order to increase the value of the transaction. Of course, you have to examine this issue very carefully, because offering unrelated products to those customers may strike you and make the customers disgusted and think that you are just trying to sell them anything that comes to your mind, without considering them. In order for this not to happen, make sure that there are indeed products compatible with the products you have already purchased and find the added value of those products.
- Establishing collaborations is essential for the development of the business. The right collaborations can generate many customer referrals, but be careful with whom those collaborations are made. Be sure to refer potential customers to quality service providers, because if you refer your customers to other service providers and those service providers do not deliver the goods, you will not have a positive customer experience – this may affect you and cause that customer who had an unpleasant experience to stop and buy from you, not to return to you again, not to trust you
- Correct analysis of reports – most of our day is packed with “putting out fires” and focusing on the “here and now” that we sometimes forget to look at the last month/quarter/year, analyze and get accurate data on how we operate. Effective analysis can lead to many conclusions – improvements and preservation of actions we have done. Decisions we made, strategies we chose to implement, income versus our expenses and more. Make sure that at least once a month you look at and analyze all the actions you have taken for the benefit of your business, review, save/improve when necessary. Do not underestimate and underestimate this value.