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.
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
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