How will you take your business to the next level?

Early on, when your business is still basically in its infancy, you probably have fairly modest goals. You're content just to make a product, sell it to as many customers as you reasonably can and bring enough revenue to eke out a small profit. If you can do that much, you're on the right track.

Eventually, though, you might start to get restless with a desire to reach the next level. How can you scale your business upward, attacking bigger markets and bringing in more robust profits? You don't just want to focus on surviving from month to month; no, your real priority is business development. How can you make that happen?

3 strategies for speeding up development

If you want to get serious about business development, it's time to zoom in on specific areas where you can make improvements to your existing framework. According to the Western Australia Small Business Development Corporation, these three make a great place to start:

• Your product: Can you make your offering stronger than it is already? This should generate positive buzz and help attract more customers.
• Your pricing: If your price points are even a little off, it can be devastating. Charge too much, and you alienate customers; too little, and you leave potential profits on the table. Get yours right.
• Your promotion: It's important to put the right marketing message out there to appeal to consumers. What's yours, and how can you make it better?

Focusing on your core community

The goal in business development is to build outward slowly, starting with a command of your local area and gradually attacking larger markets. The US Small Business Administration recommends that as you do this, you stay true to the distinct voice your brand has always had. This will keep your message consistent and your customers engaged.

Build a community around the core competency of your business.

The goal is to build a community of customers who are passionate about what you do. Once you've done that, the next step is to loop in chartered accountants who can help you plan for the future financially.

Reach out for strategic planning help

It's not easy to devise a plan for the future, both in terms of your product and your financial framework, but careful strategic planning is essential if you want to develop your business well. For a little help with this, it would behoove you to find a capable business development consultant.

At Wilson Porter, we have a team of experts who will help you find key performance indicators and measure the steady improvement of your business. We want you to keep growing, never taking stagnation for an answer. Talk to us today about how we can help make that happen.