Every successful business starts with a great idea which is developed with careful consideration and planning. But when was the last time you thought about where you want your business to be in the longer term and what you need to do in the future to achieve this? If this is something you do every day, you are in the minority. Sadly, the majority of business owners would rather work in the business than on the business.
Working in the business
Business owners who work ‘in’ the business focus solely on day-to-day operations, immediate problems and other people’s priorities, usually those of customers or employees. While each of these is vital to the successful operation of a business, they contribute nothing to business development. As the leader of your business, it is essential that you take the time to think about how you can develop and grow it. If you are consistently caught up in day-to-day operations, you will not be able to consider the following things:
- How to grow your customer base
- How to identify and serve the needs of your customers, not just now but in the longer term
- How to measure how customers view your business
- How to increase the number of customers who prefer your product or service
Working on the business
Taking the time out to consider questions such as these is part of working on the business, rather than working in it. If you would like to grow your business, you should make sure that you block out a section of time which you can dedicate to thinking about where your business is currently at – and where you want it to be in the future. Once you have mapped out the current state of play and established your business goals, you can set about planning how you will achieve them.
You may wish to invite other members of your business team to take part in a workshop where you can brainstorm ideas, and listen to each other’s thoughts and feelings about your brand, your business, and your products and services. Getting input from other people will allow you to consider the same idea from different perspectives. This can be invaluable when making a business development plan.
Business development should be an ongoing process which you think about on a regular basis. If you find that day-to-day operations mean you cannot dedicate enough time to business growth and development, you should consider delegating some of your duties to another member of staff. That way, you’ll have the time you need to think about where your business is at, and where you want it to go. Plus, you will increase the skills and capacity of other people.
The team at BHP Consulting have all run successful businesses, so they understand the importance of business development. If you would like further advice or information, contact us today.