Seven Tips For Business Development Management Success

Consultant Highlights, Issue #001 -- Business Development Management Tips For Success

Seven key, strategic business development management tips are offered to help you with the core part of your business, and give you a logical structure for your business. Having a structure will help you measure your progress, and adjust your efforts as needed.

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Tip #1 - To really drive your business forward the first thing you need to do is determine your true passion, your purpose for life, and form your business around that passion. If you develop your business around your dominant life purpose work won't be work, it will be a "labor of love."

Tip #2 - Develop a vision for your business. This will be the thing that keeps you going when life's everyday troubles get you down. When you get depressed, or hammered with problems just revisit your vision and get back to work. It works every time.

Tip #3 - Determine what your market niche will be. A market niche is the segment of the business market for your product or service that you will direct your marketing efforts toward. You cannot market to the entire world in spite of how much you would love to do that.

Find a hungry market, and give them what they want. Remember you aren't the entire market. What you want may be entirely different from what the rest of the market wants.

Tip #4 - Determine what your entry and exit strategy will be over the course of your business. You might wonder why you would think about ending your business when it hasn't begun yet.

The reason you develop an entry strategy is because you have to determine if the industry and market you are attempting to enter is right for your business concept and resources.

You determine your exit strategy because you will end your business one day, either through will or by necessity such as illness or death. You want to pass on your hard, fruitful work to succeeding generations. Also, the end goal keeps you focused, and gives you a target to shoot for.

Tip #5 - Develop your business plan. A business plan is absolutely necessary for your structural progress. Everything in life operates according to a plan, either your's or someone else's.

Tip #6 - Set up your accounting system. Generally, accounting is done by computer today, but that doesn't mean that you don't need to learn the manual method, i.e., debits and credits, etc.

Why would you learn manual accounting when the computer does all the accounting work? First, the computer doesn't do all the work. The computer isn't a substitute for your brain.

You need to learn manual accounting for the same reason that children learn manual arithmetic. Sure you can do math with a calculator, but you need to understand what the relationships are that you are manipulating. Accounting isn't any different.

Tip #7 - The Yellow Pages of your local telephone directory is no longer the choice method of advertising and promoting your business. Today and going forward the Internet is the major method of market exposure. So, you need a website.

Secondly, you need a business card. Potential customers want to know two things, i.e., if you have a website and if you have a business card.

In conclusion, doing the above things will bring excellent results for your business. These are business development management tips that will help you prevent failure.