Everyone was brewing with ideas and opinions. Yet, nobody had a clear strategy (including me). That\u2019s when we all realized that growth isn\u2019t just about chasing more leads or closing more deals. It requires a concrete roadmap in the form of a business development plan to connect the dots and unveil the path.<\/p>\n From that moment of realization, our team was determined to put a plan and approach things systematically. We went through much trial and error (and more research than we would like to admit). Alas, we\u2019ve cracked the code on what makes a business development plan work, and I\u2019m excited to share it with you.<\/p>\n In this guide, I\u2019ll take you through everything I\u2019ve learned from my experience and others\u2019 about crafting a holistic and effective business development plan.<\/p>\n Table of Contents<\/strong><\/p>\n <\/a> <\/p>\n Business development planning is the process of creating a roadmap for your company\u2019s growth and success.<\/p>\n I like to think of it as a GPS that helps me navigate the business world to reach my desired destination of long-term profitability. I\u2019ve learned that a well-rounded business development plan encompasses several aspects, such as:<\/p>\n Let me take you through the steps to develop one, covering all the above aspects.<\/p>\n <\/a> <\/p>\n While you might want to settle with \u201cmake more money than last year,\u201d I\u2019ll stress that it\u2019s essential to be more specific when building your business development strategy. To achieve what you want, you need to define clear goals.<\/p>\n I\u2019ll recommend going SMART<\/a>, i.e., setting goals that have all the five characteristics below:<\/p>\n For instance, let\u2019s say you own an ecommerce company looking to increase revenue. A SMART business objective would look like this: \u201cIncrease average order value by 15% in the next six months by implementing a personalized product recommendation system and offering bundled deals.\u201d<\/p>\n Here\u2019s a little hack: One of the easiest ways to go SMART is to use HubSpot\u2019s free template for SMART goal setting<\/a>. I find using it incredibly helpful!<\/p>\n No matter how long you\u2019ve been in the game, never assume you know your market inside out. Assumptions can be dangerous, and the way to overcome them is through thorough market research.<\/p>\n David Janovic<\/a>, founder of RJ Living<\/a>, shared this golden piece of advice: \u201cWhen entering a new market, it’s definitely crucial to be putting the time and effort into conducting thorough market research \u2014 which will help you understand the local landscape, customer preferences, and potential competitors.”<\/p>\n To date, I take this advice seriously and ensure I see what\u2019s happening beneath the surface. Some things I recommend you look into are:<\/p>\n To get these answers, you can begin by digging into industry reports, government statistics, and online databases. Here are some of my recommended resources:<\/p>\n Pro tip:<\/strong>\u00a0While secondary sources provide most of the required data, I tend to combine secondary research with the old-fashioned method of talking to people using surveys or interviews. I\u2019d say focus on discovering what makes them tick, what keeps them up at night, and what they need.<\/p>\n Next, it\u2019s time to zero in on your ideal customers. After all, you can\u2019t please everyone, right? To do this in a structured manner, I swear by creating buyer personas<\/a>.<\/p>\n Quick recap: Buyer personas are fictional yet realistic representations of your ideal customers based on data.<\/p>\n If you have existing buyer personas, you can update them based on the insights you\u2019ve gathered from the market research. Once your personas are ready and up to date, evaluate each one’s market size, growth potential, and opportunity. See which buyer personas align with your business objectives and prioritize them accordingly.<\/p>\n Pro tip:<\/strong> If you don\u2019t have any buyer personas or need to develop another one for a new audience segment, check out HubSpot\u2019s handy buyer persona generator<\/a>.<\/p>\n With your groundwork done, the next step is to take a long, hard look in the mirror to assess exactly where you stand compared to the competition \u2014 from a bird’ s-eye view and even up close.<\/p>\n Amy Kauffman<\/a>, Chief Marketing Officer at CMO Room<\/a>, says, \u201cCompetitive analysis should play a central role in developing the business strategy. It’s critical to have a deep understanding of the competitive landscape \u2014 not just who the players are but their strengths, weaknesses, positioning, and likely moves.”<\/p>\n To put Kauffman\u2019s advice into practice, I align with the SWOT analysis framework, which helps me assess my standing broadly. Here\u2019s the template I use(and you can use it too!<\/a><\/p>\n Quick recap on SWOT: It is a strategic planning<\/a> technique for identifying a company\u2019s strengths, weaknesses, opportunities, and threats. It helps determine precisely where you are compared to competitors and is excellent for getting a broader perspective.<\/p>\n Once you gather the data, here\u2019s how you can fill out the SWOT analysis template:<\/a><\/p>\n For instance, a strong brand reputation and a loyal customer base.<\/li>\n For instance, limited integration capabilities<\/li>\n For instance, there is a rising trend of remote work.<\/li>\n For instance, an economic downturn, leading to reduced spending.<\/li>\n<\/ul>\n Pro tip:<\/strong> Remember, SWOT analysis isn’t a one-and-done deal. Even if you\u2019ve conducted it during the startup stage, repeat it while developing a business development strategy. After all, businesses evolve, markets shift, and customer preferences change over time.<\/p>\n To go granular, you can dive deep into the sales funnel, marketing mix, and customer experience to unearth essential business details. In particular, I\u2019ve found it helpful to look for clogs in the sales pipeline where potential customers are getting stuck. Another useful way to go deeper is reviewing marketing efforts<\/a> and seeing what\u2019s working and what can be improved. Finally, I also suggest asking customers directly to identify unmet needs.<\/p>\n Next, it\u2019s time to don your strategy hat and craft effective strategies for each department to drive real business growth.<\/a> While the exact strategy depends on your business and its objectives, here\u2019s what I\u2019ve found it should look like for different departments:<\/p>\n The sales plan<\/a> should outline your target audience and potential obstacles. It needs to provide a \u201cgame plan\u201d for sales reps, outline responsibilities for team members, and define market conditions. If you\u2019ve already established one, unify it with your business development efforts.<\/p>\n If you haven\u2019t created a sales plan, check out this free template.<\/a><\/p>\n The marketing plan is supercritical since 96% of leads<\/a> do their homework before talking to a sales rep. Ensure your marketing strategy:<\/p>\n Data shows 72% of a company’s revenue<\/a> comes from existing customers. In short, you can get more business from your existing customers since you\u2019ve already earned their trust.<\/p>\n For this, you need to work on establishing a personal connection instead of relying on coupons, discounts, or free perks. For instance, I tend to focus on listening to customer\u2019s feedback and improving products to win them over to our side.<\/p>\n Source<\/em><\/a><\/p>\n Paul L. Gunn Jr.<\/a>, founder of the KUOG Corporation<\/a>, agrees that the \u201cheartfelt action to go beyond the transactional to deliver a solution that speaks to the intangibles anchors them to often support a long-term relationship and make significant tangible impact.”<\/p>\n With the strategies established, it\u2019s time to lay out tactics and specific actions to pursue them. I recommend identifying key initiatives and projects and mapping them with clear action plans. Ensure the action plans include information on the following:<\/p>\n You cannot know if your business development plan works if you can’t track your progress. Therefore, set clear metrics and key performance indicators (KPIs) as a scoreboard for your business development efforts.<\/p>\n To do this, identify the specific metrics that align with your business objectives and strategies. I personally find the following metrics incredibly insightful:<\/p>\n Gauri Manglik<\/a>, CEO of Instrumentl<\/a>, especially recommends tracking LTV to SaaS companies: \u201cThe key is that LTV captures both revenue and engagement over time, not just a snapshot. So rather than looking at new sales in isolation, I always encourage SaaS companies to make LTV their north star metric for business development.\u201d<\/p>\n Pro tip: <\/strong>After identifying the relevant metrics or KPIs, you can also set SMART goals for each to make tracking easier. Plus, you can create dashboards to visualize the progress against the KPIs. I\u2019ve found this makes it easy for team members to see how they\u2019re doing and what they need to improve.<\/p>\n While I\u2019ve already mentioned resource allocation during action plans, I suggest revisiting resource management in a big-picture mode for seamless plan execution.<\/p>\n Prioritize the initiatives based on their potential impact and alignment with your business objectives. In other words, focus your resources on the areas that give you the most bang for your buck. Beyond that, make it a point to examine your current resources. If you have any skills, expertise, or technology gaps, fill them up by hiring new talent, investing in training, or purchasing a new tool.<\/p>\n For example, 63% of sales leaders<\/a> share that AI makes competing with other businesses easier. You can also improve your sales metrics by adopting an AI-powered sales solution.<\/a><\/p>\n While you do this, remember that resource allocation isn\u2019t a one-and-done deal (like other things on this list). So, keep a close eye on the ROI of different initiatives outlined in your business development plan and shift your resources as required. If something isn\u2019t working, don\u2019t be afraid to try a different approach.<\/p>\n With a solid plan, a team of do-ers, and enough resources to execute, it\u2019s time to put all the strategizing and planning into action and watch the magic unfold.<\/p>\n Make sure your plans reach the shop floor \u2014 everyone knows their role and has the tools to crush it. Don\u2019t forget to keep the communication lines open<\/a>. Situations can arise, and you need clear comms channels to be on top of your game and fix the issue immediately.<\/p>\n Once things have started, keep your fingers on the pulse and track your progress against your established metrics and KPIs. This is what\u2019ll help you stay on course. While you do this, celebrate your wins along the way \u2014 whatever size they might be. This will keep you and the team motivated and engaged for the long haul.<\/p>\n Since markets evolve, customer trends change, and competitors improve, a business development strategy will always be a work in progress. Therefore, keep reviewing and updating your plan to generate new business for your brand.<\/p>\n To review:<\/p>\n <\/a> <\/p>\n While navigating all the moving parts of a business development strategy might appear confusing, here\u2019s an example of one I\u2019ve put together.<\/p>\n It\u2019s for an ecommerce store, \u201cGreenThreads,\u201d which sells eco-friendly clothing and accessories.<\/p>\n As you can see, their business goal is SMART: Increase online sales revenue by 25% within the next 12 months by expanding the product range and implementing targeted marketing campaigns.<\/p>\n Meet \u201cEco-Conscious Sam,\u201d a 24-year-old urban professional who values sustainability and ethical consumption. She\u2018s always looking for fashionable clothing and accessories that align with her values and is willing to pay more for high-quality, eco-friendly products. Sam is active on social media and loves to share her favorite sustainable brands with her followers.<\/p>\n GreenThreads will measure:<\/p>\n If GreenThreads hits the 25% sales revenue, they can pat themselves on the back. Product performance and CAC will also tell GreenThreads how effectively they expanded the product range and their marketing efforts.<\/p>\n![\"Free](\"https:\/\/no-cache.hubspot.com\/cta\/default\/53\/b91f6ffc-9ab7-4b84-ba51-e70672d7796e.png\")
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Business Development Planning<\/strong><\/h2>\n
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1. Define your business objectives.<\/strong><\/h3>\n
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<\/p>\n2. Conduct market research.<\/strong><\/h3>\n
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<\/p>\n3. Identify your target customers.<\/strong><\/h3>\n
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<\/p>\n4. Evaluate your current position.<\/strong><\/h3>\n
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5. Develop strategies.<\/strong><\/h3>\n
Sales<\/strong><\/h4>\n
Marketing<\/strong><\/h4>\n
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Customer Success<\/strong><\/h4>\n
![\"customer](\"http:\/\/www.blissfulyogaandmassage.com\/wp-content\/uploads\/2025\/07\/business-plan-6-20250723-2064590.webp\" "\\"\\"")
<\/p>\n6. Define tactics and action plans.<\/strong><\/h3>\n
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7. Set metrics and KPIs.<\/strong><\/h3>\n
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<\/p>\n8. Allocate resources.<\/strong><\/h3>\n
9. Implement and monitor.<\/strong><\/h3>\n
10. Continuously review and update.<\/strong><\/h3>\n
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Business Development Strategy Example<\/strong><\/h2>\n
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<\/p>\nBusiness Objectives Example<\/strong><\/h3>\n
Market Research Example<\/strong><\/h3>\n
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Target Customer Persona Example<\/strong><\/h3>\n
SWOT Analysis Example<\/strong><\/h3>\n
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Action Plans Example<\/strong><\/h3>\n
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Metrics and KPIs Example<\/strong><\/h3>\n
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Budget Allocation Example<\/strong><\/h3>\n
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