Thursday, August 7, 2014

5 Reasons Why You Need a BD Plan

Does your firm (or branch office) have a Business Development Plan?

If so, does it really work? Is it complete and functional? Do you point to it with pride as you interview potential staff members? Does your Board of Directors consult your plan and use it for benchmarking?

If your answers to any of these questions is a resounding “No,” then this issue is intended for you. And if your answers are all an enthusiastic “Yes,” then this issue can give you a way to consider an alternate way as you update your plan.

Your firm needs a robust BD plan for many reasons:

1. A BD plan drives your entire business development program

2. Developing the right business from the right clients drives your entire business plan… and your success

3. The BD plan allows you to benchmark your operation throughout the year, and take corrective action where necessary

4. The BD plan enables you to measure individual staff members’ success in developing new and expanded business opportunities, and take corrective action where necessary

5. In firms with multiple offices, the BD plan provides a measure of continuity of mission and approach among the offices

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