Weekly Theme 7: Business Development Top Tips

This weeks School Enterprise Challenge Theme is ‘Business Development’. Business development is a crucial part of any long-term business plan. It means looking at your business, reflecting on what you are doing right (and wrong) and what you can do to improve.

business dev 1

The $2000 ‘Business Development’ Prize is the School Enterprise Challenge’s way to reward outstanding business development. The prize goes to the school who have continued their business for a second year and expanded, improved or developed their business most effectively.

Here are a few things you should ask yourself when thinking about business development…

1.     Your Business

Are you growing your business? Can you physically produce more, promote your enterprise through events or cooperate with local businesses to reach more customers? Can you diversify? This means adding a new product or service – this could something similar to your current products, or something that your customers have requested.

 2.     Your Team

Think about what skills your team has, and what skills they need to make your business more successful. Are they motivated? You can think of ways to increase motivation, like rewarding success, spreading the benefits of the competition and doing teambuilding exercises.

 3.     Your Market

It might be time to take another look at your market. Customer surveys are a great way to find out what you customers think of your product or service, what you could improve and what would make them buy more

4.     Your Competitors

You should also find out about your competitors – who are they, and have they changed in the past year? Do you have new competitors in your area? What are their strengths, and weaknesses, and how can you make your business better than theirs?

5.     Marketing and Sales Plan

Business development is all about increasing your sales – you can do this with a marketing and sales plan. Can you make your product for a cheaper cost? Are you selling it in the right place, at the right time? Are you promoting your product effectively? Answering these questions and finding out how to improve are key to a successful marketing and sales plan.

—————————————————–

Hopefully this should give you some ideas about where to start when it comes to business development – stay tuned for part 2 of this weeks theme, where we show you some inspirational examples of School Enterprise Challenge competitors who have successfully developed their businesses!

If you haven’t registered for the School Enterprise Challenge yet, then you can do so here: www.schoolenterprisechallenge.org

You can also catch up with us on our Facebook page, and follow us on Twitter @SchEnterprise

Advertisements

About School Enterprise Challenge

The School Enterprise Challenge is a global awards programme for schools to establish innovative school-based businesses. Our easy-to-use resources help students and teachers to plan, set up and run their very own business at their school. As well as generating extra income for the school, students get to enjoy a real, hands-on entrepreneurial experience and develop essential life skills on the way. All schools (primary, secondary and vocational) from all countries are welcome to take part for FREE! To find out more and register for the School Enterprise Challenge 2017, visit the website: www.schoolenterprisechallenge.org
This entry was posted in Uncategorized and tagged , , , , . Bookmark the permalink.

2 Responses to Weekly Theme 7: Business Development Top Tips

  1. Thank you for some other informative website. The place else may just I get that kind of
    info written in such a perfect manner? I’ve a project that I am simply now operating on, and I’ve been on the glance out for such
    info.

  2. Jay says:

    My spouse and I absolutely love your blog and find nearly all of your post’s to be exactly what I’m looking for.
    Do you offer guest writers to write content for you?
    I wouldn’t mind writing a post or elaborating on many of the subjects you write related to here. Again, awesome web site!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s