A development plan is a document that explains how you will implement your business development tactic. It could be a document for an individual, a practice, or a firm. Its scope covers marketing and sales functions, as they are closely intertwined in most professional services firms.

The main stages of creating a development strategy

Here are the critical steps for developing and documenting your plan:

• Define the target audience. Who do you plan to attract as new leads? Focus on your «most suitable» clients, not all possible prospects.

• Study the needs of customers, their behavior, and relations with competitors. The more you know about your audience, the better you will be able to grab their attention and tell them how you can help them. What are their key business objectives? Does your experience relate to these questions? Where do they seek advice and inspiration?

• Define competitive advantages. What makes you different? Why is it better for your customers? Are you the most cost-effective alternative or a leading expert in the industry? Such «positioning» must be truthful, provable, and relevant to potential customers.

• Choose a business development strategy. Your business aims to attract new customers and convert them into regular clients. For example, if you compete because you have superior industry experience, a thought leadership/content marketing strategy will likely serve you well.

• Figure out how you will control adoption and impact. Often overlooked, these essential considerations often make the difference between success and failure. Unrealized strategies do not work. Keep control of what you do and when. It will both spur action and serve as a great starting point for troubleshooting your system. Also, track and record the impacts you see.

Following these stages will receive a documented business development strategy and a specific plan for its implementation and optimization.