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Have you ever written a business development report?
Business development reports can be quite confusing to many people, particularly those within small to medium-sized companies. And business development, in general, is often confused with sales and it’s not rare that it’s overlooked entirely within companies. However, having a business development strategy is critical to long-term success and ensuring that everyone in your company is working toward a common goal.
So without further ado, here is everything you need to know to write a great business development report.
Business development is about expanding business through various activities such as market research, product development, sales strategies, and others that enhance business growth. Businesses need to implement these business development approaches to widen their markets and establish themselves in the global market. Business development professionals are responsible for initiating, planning, and implementing these activities aimed at increasing the sales and overall performance of a business.
A business development report is basically a document that outlines the future growth of a business. It usually includes information about sales targets, profits, and operations of the business. The main aim of a business development report is to help management in formulating plans for the company’s future growth.
A BDR can be as simple as a list of all of your potential clients, along with notes about their needs, the status of your sales cycle with them, and what you need to do to close the deal. There are more sophisticated BDRs that use color-coded spreadsheets and complex software tools. The most important aspect of any BDR is its usefulness in helping you predict your future success.
Business development reports vary from company to company, but for the most part, they should include:
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Unfortunately, there isn’t a one-size-fits-all template for business development plans. Every company has different needs and offers different products or services. However, there are some elements that are fairly standard.
Below are some suggestions that will help you write a great business development report.
Note: Also remember that people want first things first. If they don’t get important information within the first two paragraphs they might lose interest in reading your report and just give up on it.
Now that you have a good idea of the general structure and the kind of information you will include in your business report you are ready to start writing it.
Here are some of the key business development strategies you’ll want to implement in your company.
The best way to understand your competitors is to actually use their products. The more familiar you are with the features and functionality of your competitors’ products, the more you will know how they can help your customers achieve their desired outcomes. This insight will help you avoid creating a product that offers no real value to differentiate it from the competition.
How do you choose the right KPIs for your business development report? Your KPIs should give you a strong indication of how effective your business development efforts are. Here’s an example:
Let’s say you’re a business developer in charge of acquiring new customers for your company. You’ve set a goal to acquire 20 new customers per month and your company’s revenue is expected to grow by 10% because of it. Of course, this is still a rough estimate, but it gives you something to aim for. In order to achieve this goal, you’ll need to see a steady increase in the number of new customers acquired per month.
If that number dips or stays constant then it suggests your business development efforts aren’t working as well as they could be. On the other hand, if the number increases, then it shows that your business development efforts are improving and that you’re on track to meet your goals (and maybe even exceed them). In this case, executives (if they’re savvy) will be able to see, at any given time, where their money is being spent and which areas are bringing them the best returns.
Sales happen every day, and if you have an active sales team, they’re busy setting up appointments, making calls, creating and nurturing deals, and closing them to generate new revenue. It’s your job to monitor their performance and work with your team to improve it. To do that, you need up-to-the-minute information at your fingertips, including:
Now you can benefit from the experience of our sales experts, who have put together a great Databox template showing all the most important KPIs for your sales team’s performance. It’s simple to implement and start using as a standalone dashboard or in sales reports, and best of all, it’s free!
You can easily set it up in just a few clicks – no coding required.
To set up this Sales Manager KPIs Dashboard, follow these 3 simple steps:
Step 1: Get the template
Step 2: Connect your HubSpot account with Databox.
Step 3: Watch your dashboard populate in seconds.
Treat your customers well and they will come back to you. This is the basis of building long-term customer relationships. Developing long-term customer relationships is necessary in order to build a sustainable business. Regardless of the type of business, whether it’s a restaurant or an online store, customers are important. Your customers will provide you with valuable feedback to help improve your product and service offerings.
It’s vital that this report includes both quantitative and qualitative information, with a strong focus on customer feedback. You need to understand how your customers see your product or service, what they like, and what they don’t like so that you can keep moving forward.
An optimized site is one that will show up in the search results when potential customers are looking for a product or service like yours. You want to make sure any keywords used in your title or content are consistent throughout the site and that the overall messaging is clear and shows trustworthiness. Make it easy to find contact information, and don’t beat around the bush with a long list of product features and descriptions, instead, focus on how those features can solve problems and help your customers succeed.
Whenever a prospect reaches out to you with a question, try to respond as quickly as possible. Responding immediately can indicate that you are eager to work with them and confident enough in your business to make them feel comfortable. The best way to respond fast is through the use of a CRM tool that allows you to track your prospects and their sales cycle: when they reached out to you, when they were first engaged with your company, and when they were most recently engaged.
Related: From 3 Hours to 17 Minutes: How Databox Reduced Chat Response Time in One Week
The purpose of the sales plan is to identify new ways to grow the business. It should outline the current state of your sales and marketing efforts, as well as provide a roadmap for future success. Sales planning is an ongoing process that you should review regularly to make sure it reflects any changes in your company’s goals or market conditions. Make sure that your sales plan is tied into your business development strategy and that it works in tandem with any other existing plans.
Use social listening for competitive intelligence. You can track your competitors’ performance on social media to see what they’re doing well (and not so well) when it comes to business development, marketing, sales, and more. For instance, if you’re competing for funding at an investor pitch meeting, you can listen to how others pitch their ideas on Twitter before your own meeting. Also, you can use social listening to identify potential partners or customers that have complementary products or services — like maybe they both sell fitness products — so you can reach out to them with a partnership proposal.
Sponsorship can help you find new customers, create relationships with potential partners, and increase brand awareness. Whether you’re looking to gain visibility, reach a specific target audience, or branch out into new territory, your sponsorship has to have a clear purpose. Whether that’s increasing attendance at a conference or selling products in the Midwest. Be sure you can clearly state what your goals are for each online/offline event.
As we mentioned before, there isn’t a one-size-fits-all template for business development, since every company is different and therefore has different needs. However, there are quite a few elements in business development reports that are quite standard.
To help you build a great business development report, we have built more than 300 dashboard examples that you can download and use as a template for your own report. All our dashboard examples come pre-built with some of the most common metrics and KPIs tracked across different departments – from marketing and sales, to project management, customer support, and more.
To get started, just choose a template, connect your data, and your metric visualizations will populate automatically.
Do you want to view all your marketing metrics in one place, as well as identify opportunities to improve your current strategy? A marketing dashboard is a one-stop-shop where you can quickly view all your current marketing performance metrics in one place in real-time. It has been proven that dashboards are one of the most effective ways to get people to quickly digest large amounts of information.
In the example below you can easily track the strength of your on-page SEO.
Sales dashboards automate the sales process and help salespeople identify trends and patterns that might otherwise be missed. A good sales dashboard will help you understand which areas of your sales process are working well, where there are problems, and what you need to do to improve your performance. As you can see in this example, sales dashboards can provide you with a visual snapshot of monthly performance by the sales team.
A customer support dashboard is a must for every company providing any type of customer service. A customer support dashboard is a great way to track and maintain quality customers relationship — from making sure that you’re responding to their inquiries quickly, to resolving tickets and keeping up with their comments and suggestions. This HelpScout for Customer Support dashboard example gives you insights into your team’s responsiveness and handling time.
A software development dashboard gives you an overview of your software project in the most comprehensive and convenient way. All in all, a software development dashboard is a proactive, forward-looking, and self-sufficient platform. It helps teams to be focused on the right things, to make the right decisions, and ultimately outperform other teams around them. This free-to-use MySQL queries dashboard template can help you pull data from your proprietary database and showcase it alongside data from popular services like Mixpanel, Google Analytics, and Salesforce.
This type of dashboard is a tool that helps teams and project managers keep track of the performance of their projects. A project management dashboard gives an overview of the current status, important metrics and measures, and insights about the projects. This dashboard helps you see where you are now, where you have been, and where you are going in the future. Find the right performance indicators (KPIs) for your key areas of interest and make sure your projects are on track.
A financial reporting dashboard gives you a concise and consolidated view of your performance and business health. A financial dashboard is a snapshot of your company’s financial and operational performance. It is typically built in financial reporting software and includes a collection of graphs, charts, and tables that are designed to give you an at-a-glance view of key business metrics like sales, expenses, and cash flow. In this example, you can see PayPal (Account Overview) – payment, refunds, and other business metrics.
Say goodbye to the ‘old way‘ of business reporting.
The traditional way of reporting was pretty straightforward – A boss would ask how many leads you got this week, and you would respond with a number. While the question was simple enough, the answer was often abstract and left a lot of room for interpretation:
If you want your boss to understand what’s going on in your business development efforts, then you need a new way of reporting — one that’s more visual. And that’s where Databox comes in. Visual reporting with Databox is one of the fastest and easiest ways to track business development performance.
With information stored in one central place, you’ll never have to worry about tracking down old numbers when you need current performance reports. Best of all, Databox automatically turns your data into easy-to-understand charts that make it a breeze to spot patterns and trends over time.
Sign up for free and try Databox today.
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