Matswapati July 1, 2020 Strategic Planning
Creating a planning strategy is very good for the development of your business. This is very necessary so that the business that you are doing is running smoothly. Planning a business is the things or activities carried out to obtain and estimate how much profit and loss will be obtained from the business. In addition, business planning can also be useful to increase revenue so that it matches the desired percentage of profit. The following are business development strategy plan that you can implement.
SWOT analysis is one of the most important business planning strategies. Therefore, SWOT analysis is a strategy that is often used by entrepreneurs. SWOT is meaningful, namely:
• S (Strength): This analysis is used to evaluate how strong the company you are running. This will determine what activities can be done to improve the results of your business income.
• W (Weaknesses): In contrast to Strength, this analysis is to find out and evacuate the weak points of the business. The analysis is very important to prevent a drastic decline in income that will cause you to experience a large loss. Therefore, this analysis is to determine what things need to be avoided.
• (Opportunities): This analysis is to find opportunities that can help you to improve the quality of the company.
• T (Threats): Threats is an analysis that is no less important than the others. This analysis will help you to prevent the business from being run from big risks.
A target market is including a business development strategy plan because it is a group of consumers who will later buy your product. Therefore, you need to know the products that are released in detail. This will determine who your target customer is. The target customer can be determined from various things such as age, gender, economic level, and residence or the environment. These things will determine whether your product is suitable to be offered to potential buyers.
Product innovation is the purpose of strategic plan. To increase business revenue from a company, you need to create new and innovative products. In addition, you can also make a new product by conducting research or interviews with the public to find out what products they are looking for, they are looking for, or they want.
Those are business development strategy plan for your business. Some of the planning strategies above will certainly help you to develop and enhance the company's reputation. Therefore, planning is very important for your business.