Why Every Company Needs A Development Plan
- July 30, 2019
Every company, from the smallest start-up to a multinational organisation, needs an effective development plan.
The phrase ‘development plan’ can mean something different to each company, but in this article, we will set out what we believe are the most critical elements of a company development plan and how it can help drive your business.
What Is a Business Development Plan?
Scott Pollack for Forbes describes a business development plan as “Business development is the creation of long-term value for an organisation from customers, markets, and relationships.”
Does this sound like the kind of development plan you have in place in your organisation? Alternatively, is yours defined as something different?
We have used this definition as we believe it the most encompassing, as many businesses focus too much, or sometimes not at all, in certain areas. It is no good putting all of your efforts into increasing revenue and ignoring your customers or staff, and vice versa. More on this later.
As people often say, you have to know where you are going before you can start a journey, so let’s start here;
Define Your Goal
The lack of a clear goal is often associated with smaller and newer companies who might not know or be sure of their potential, but you might be shocked at the number of larger companies who either don’t have a clear goal or lose sight of their aims along the way.
A goal does not necessarily have to be a purely financial aim; it can be to sell a certain amount of units, have recruited and on-boarded a defined number of new employees, or have moved to new premises by a specific time next year.
Managers in companies, small and large, need to communicate the aims of the business as a whole to those working in their teams. Poor communication or a lack of communication is frequently one of the biggest problems organisations face.
When employees lack an understanding of where the business is heading and what they are looking to achieve, staff can become disengaged and demotivated. As a result, this can impact productivity. Disengaged staff can potentially mean that they decide to pursue their career elsewhere. Retaining staff is something every business should aim to achieve.
Use the 90-Day Action Plan
After deciding on your yearly goals, break these down into smaller segments – 90 days is the most effective amount. The 90-day plan is effective because it is the range in which aspiration and development meet each other perfectly.
Even a year can seem a long time frame to set attainable goals; it can all feel overwhelming. If you want a new product launched by this time next year, then where do you need to be in three months, six months etc.? Research demonstrates that having goals that are nearer to you makes them more achievable.
(Re) Evaluate Your Market
It can be easy for businesses who do well at first or are still sailing on the back of previous successes to become complacent.
Take Phillip Green’s Topshop empire Arcadia, for example. For years his brands were leaders of the high street fashion sector, but earlier this year the company had to be saved from administration by way of a deal with its creditors and landlords.
An industry insider said at the time that the reason the chain came so close to dissolving was that those at the top “sat back and milked the cow”.
The moral from the Arcadia story is that no matter how unsinkable a company can seem, failure to change and evolve with your market and assess what your customers want could be your unravelling.
Whether you have just celebrated your first anniversary, or you are in a managerial role in a company that has been going for 100 years, constant evaluation is needed to keep yourself relevant in your customers’ eyes.
Use KPI’s to Track Progress
You might be thinking, But ‘our organisation does track KPI’s’. The question is, how often do you crunch the numbers? On top of other daily tasks, it can often seem like an unwanted extra job if you don’t have practical software tools to let you analyse the data correctly.
There are many effective programmes you can use to track KPI’s, but if you aren’t monitoring them consistently, the data is essentially meaningless.
Are you monitoring the right KPI’s? How long ago did you last assess which KPI’s are essential to your business and at what level they need to be growing to meet your targets?
We recommend a monthly KPI meeting to re-evaluate these stats.
As mentioned at the start of this article, every good business development plan should aim to give long-term value to the company.
So many businesses think this means increasing revenue and nothing else. Many companies fail to include their staff in their business development plan and see them merely as a tool for their goals, rather than being intrinsically involved.
Find a Recruiter Who Understands Your Business
Staff shortages are affecting every sector in the UK as demand exceeds supply. Many businesses are short-sighted when it comes to recruitment and take the ‘cross that bridge when we come to it’ approach.
As recruiters, we know the value a great recruitment company can add to your business. They don’t merely find staff for you as and when but can work alongside your business on an on-going basis, looking for candidates who would be a good fit for your company and culture.
Including partnering with a recruitment company in your businesses development plan means, you will always have an impressive talent pipeline when you need to;
- Recruit to fill a role as a result of a promotion
- Expand a team
If you would value a conversation about how partnering can work for your company, call one of the Clayton Recruitment Team on 01772 259 121 and let’s have a chat to explore what’s possible.
About Clayton Recruitment
Clayton Recruitment has been partnering with organisations across the country since 1989 and during that time has built up an enviable reputation for trust and reliability.
With specialist divisions covering Commercial, Financial, Industrial, and Engineering appointments, on both a permanent and temporary basis. If you are looking for your next career move, we can help. Call us on 01772 259 121 or email us here.
If you would like to download our latest interview checklist, you can do so here.