Are you about starting a business development company? If YES, here is a complete sample business development business plan template & feasibility report you can use for FREE.
Business development consulting is one of the many business niche ideas in the management consulting industry that someone with experience and certifications in sales, financial services, investment banking or management consulting, and delivery can successfully launch in the United States.
Business development is defined as the tasks and processes concerning the analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities.
A Sample Business Development Business Plan Template
1. Industry Overview
Business Development consulting is a niche idea in the Management Consulting industry and Management consultants advise businesses, nonprofits and public-sector agencies in the following areas: organizational design, human resources, corporate strategy, information technology strategy, marketing and sales, finances and logistics.
It is important to note that firms who are involved in providing day-to-day administrative services and establishments that are concentrated in recruitment, training, public relations, market research, engineering design, computer systems design and investment advice et al are not considered part of the management consulting industry.
To be specific, business development firms carry out tasks and processes with the aim of developing and implementing growth opportunities within and between organizations. It is a subset of the fields of business, commerce and organizational theory.
Business development firms are involved in the creation of long-term value for an organization from customers, markets, and relationships.
A close study of the management consulting industry shows that over the years, the industry has been experiencing success as a stronger corporate profitability and increasing business expenditure resulted in higher demand for advisory services.
The demand for this industry comes from a number of different sectors and services. Demand was strong from financial institutions, professional firms and healthcare companies. So also, the ongoing transition toward digital technology has provided new opportunities for operators.
Going forward, the industry is expected to grow with the general US economy. Information technology will continue to be a key growth area for firms, while other sectors, such as healthcare, also provide new business opportunities.
The Management Consulting industry that business development is part of is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Holland, Switzerland, Australia, Canada etc.
Statistics has it that in the United States of America alone, there are about 723,001 registered and licensed management consulting firms (business development consulting firms inclusive) scattered all across the United States responsible for employing about 1,517,845 and the industry rakes in a whooping sum of $223 billion annually.
The industry is projected to grow at 3.1 percent annual growth within 2012 and 2017. It is important to state that Accenture, DTT and McKinsey has a lion market share in the industry. A recent report published by IBISWORLD shows that the Management Consulting industry is in the mature stage of its life cycle.
The report highlighted the fact that the industry is characterized by growth in line with the overall economy, an increasing number of industry players and technological change based on improving efficiency rather than developing entirely new services.
The report also stated that over the past five years, the industry has experienced strong growth as a result of surging corporate profit and new demand for advisory services as digital technologies change the way companies do business.
Furthermore, consultants continue to be a key component in helping firms navigate a constantly changing business landscape. The report further reveals that over the 10 years to 2022, industry value added (IVA) is projected to increase an annualized 3.4 percent.
One good thing about business development consulting business is that there are readily available markets for their services. This is because in most cases, organizations that are looking towards achieving excellence and good results in any of their new products or services or new business projects would naturally want some professional touches hence the need to hire business development consulting firms.
2. Executive Summary
Rowland Pence & Co® Business Development Consulting, LLP is a licensed business development consulting firm that will be located in New York City – New York, United States. We have been able to secure a long – term lease for a standard office facility in a good business district in the heart of New York City.
We will handle all aspects of business development consulting services for players in various industries. Our business-development specialists have skill sets and experience that consists of a mixture of sales, finance, marketing, mergers and acquisitions, legal, strategic management and proposal management or capture management.
We are aware that to run a standard business development consulting firm can be demanding which is why we are well trained, licensed and equipped.
Rowland Pence & Co® Business Development Consulting, LLP is a client-focused and result driven business development consulting firm that provides broad-based services and experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will offer a complete range of business development consulting services to our local, state, national, and multi-national clients and we will ensure that we work hard to provide the required consulting and business development solutions needed by our clients.
At Rowland Pence & Co® Business Development Consulting, LLP, our client’s best interest come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire certified business developers and management consultants who are experienced in a variety of business development consulting services.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
Rowland Pence & Co® Business Development Consulting, LLP is founded by Rowland Pence. Rowland Pence graduated from the University of New York – Berkley (First Degree), and Brock School of Business at Stamford University (MBA). He is a Certified Project Management Professional with over 15 years of hands – on experience working as a senior business development and project management consultant.
3. Our Products and Services
Rowland Pence & Co® Business Development Consulting, LLP is going to offer varieties of related business development consulting services within the scope of the management consulting services industry in the United States of America.
Our intention of starting our business development consulting services business is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition. Our business offerings are listed below;
- Develop business and marketing plans in coordination with the Managing Director to achieve revenue goals.
- Assist in company’s branding and media communication activities such as press releases, advertisements, marketing collaterals, and web site.
- Establish and achieve sales targets and promote various banking services to customers. Coordinate with various banking employees and develop relationship with new and present clients.
- Analyze current and past financial data, such as sales reports, and provide strategies to cut costs and increase revenue.
- Perform market research to identify new opportunities and engage with executives to establish strategies for pursuing those new opportunities.
- Create and improve proposals for our existing and new clients.
4. Our Mission and Vision Statement
- Our vision is to become the number one business development consulting firm in the whole of New York City – United States of America.
- Our mission is to provide professional, trusted and result oriented business development consulting services that revolves around sales, finance, marketing, mergers and acquisitions, legal, strategic management and proposal management or capture management to assist businesses and non-profit organizations in operating sustainably and maximizing profits in the business.
Our Business Structure
Starting a small – scale business development consulting firm would require that you settle for two or three staff members, but as part of our plans to build a world – class business development consulting service in New York City, we have perfected plans to get it right from the beginning which is why we are ensuring that we have competent, qualified, honest and hardworking employees to occupy all the available positions in our firm.
The kind of business development consulting firm we intend building and the goals we want to achieve is what informed the amount we are ready to pay for the best hands available in the industry. Below is the business structure that we will build Rowland Pence & Co® Business Development Consulting, LLP;
- Chief Executive Officer / Lead Consultant
- Business Development / Management Consultant
- Legal Secretary
- Admin and HR Manager
- Marketing and Sales Executive
- Accountant
- Customer Service Executive
5. Job Roles and Responsibilities
Chief Executive Office / Lead Consultant:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Evaluates the success of the organization
Legal Secretary
- Responsible for drawing up contracts and other legal documents for the company
- Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
- Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
Business Development/Management Consultant
- Analyze current and past financial data, such as sales reports, and provide strategies to cut costs and increase revenue.
- Perform market research to identify new opportunities and engage with executives to establish strategies for pursuing those new opportunities.
- Create and improve proposals for our existing and new clients.
- Prepare the company budget and continually track expenses, as well as make sure we’re on track to hit revenue targets.
- Provide training and mentoring to members of the business development team.
- Develop and deliver pitches for potential investors
- Handle any other responsibility as assigned by the Lead Consultant
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Design job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defining job positions for recruitment and managing interviewing process
- Carrying out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversee the smooth running of daily office activities.
Marketing and Sales Executive
- Identify, prioritize, and reach out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Document all customer contact and information
- Represent the company in strategic meetings
- Help increase sales and growth for the company
Accountant
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives Visitors / clients on behalf of the organization
- Receives parcels / documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distribute mails in the organization
- Handles any other duties as assigned by the manager
6. SWOT Analysis
Rowland Pence & Co® Business Development Consulting, LLP engaged the services of a professional in the area of business consulting and structuring to assist the firm in building a reputable business development consulting firm that can favorably compete in the industry.
Part of what the business consultant did was to work with the management of the firm in conducting a SWOT analysis for Rowland Pence & Co® Business Development Consulting, LLP. Here is a summary of the SWOT analysis that was conducted on behalf of Rowland Pence & Co® Business Development Consulting, LLP;
- Strength:
Our strength lies in the power of our team; our workforce. Our team that are considered experts in the industry, a team with excellent qualifications and experience in business development consulting services. Aside from the synergy that exists in our carefully selected workforce, we have qualified and certified business development consultants under our payroll.
So also, Rowland Pence & Co® Business Development Consulting, LLP is well positioned in a business district with the right demography and we know we will attract loads of clients from the first day we open our doors for business.
- Weakness:
As a new business development consulting firm, it might take some time for our organization to break into the market and work for some high profile and high paying clients; that is perhaps our major weakness.
- Opportunities:
Digital technology has provided new opportunities for business development consulting firms to assist multiple businesses per time. No doubt, the opportunities available to business development consulting firms is indeed massive and we are ready to take advantage of any opportunity that comes our way.
- Threat:
Some of the threats that we are likely going to face as a business development firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending / purchasing power. There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
Business development activities can be done internally or externally by a business development consultant. External business development can be facilitated through Planning Systems, which are put in place by governments to help small businesses. In addition, reputation building has also proven to help facilitate business development.
Notable trends have also emerged in the management consulting industry which is why business development consulting firms are positioning their organizations to survive the peaks and troughs of an ailing economy. Most of these trends aid business development consulting firms to become more creative, competitive, efficient, and productive in the global market.
Some other trends in the consulting industry could be attributed to changing demographics, attitudes and work styles. As the cost of management consulting services continues to increase and as corporate spending falls, new consulting delivery methods will continue to emerge and gain momentum. Fast adjustments made to changing regulations is also key to the growing trends in this industry.
Lastly, with companies becoming more and more conscious of ethical practices, closely watching themselves to avoid scrutiny, a business development consulting firm’s reputation has become a great concern.
Ethical business practices are closely tied with reputation which makes it essential to follow ethical guidelines if a business development consulting firm is looking to build their reputation. In fact, business development consulting firms that develop quickly and successfully have tendencies to show honesty, impartiality, and service to all of their stakeholders.
8. Our Target Market
Although Rowland Pence & Co® Business Development Consulting, LLP will initially serve small and medium sized businesses, but that does not in any way stop us from competing with the leading business development consulting firms in the United States. We hope to someday merge or acquire other smaller consulting firms and expand our services beyond the shores of the United States of America.
As a full service and standard business development consulting firm, Rowland Pence & Co® Business Development Consulting, LLP have a variety of practice areas to help startups grow especially as it relates to sales, finance, marketing, mergers and acquisitions, legal, strategic management and proposal management or capture management.
While we work with a variety of organizations and industries, Rowland Pence & Co® Business Development Consulting, LLP will also specialize in working with startups, real estate investors, and contractors, manufacturers and distributors, banks, lending and financial institutions. Below is a list of the organizations that we have specifically design our products and services for;
- Banks, Insurance Companies and other related Financial Institutions
- Blue Chips Companies
- Manufacturers and Distributors
- Real Estate Owners, Developers, and Contractors
- Research and Development Companies
- The Government (Public Sector)
- Households and families
- Schools (High Schools, Colleges and Universities)
- Hospitals
- Hotels
- Sport Organizations
- Entrepreneurs and Start – Ups
Our competitive advantage
The level of competition in the management consulting industry depends largely on the location of the business and of course the niche of your business development consulting service. If you can successfully create a unique niche for your business, you are likely going to experience little or no competition.
For instance; if you are the only business development firm that handles mergers and acquisitions, legal, strategic management and proposal management or capture management in your location, you are sure of monopolizing that aspect.
Rowland Pence & Co® Business Development Consulting, LLP might be a new entrant into the industry in the United States of America, but our management staff and board members are licensed and highly qualified business development management consultants in the United States. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups business development consultancy firm) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and objectives.
9. SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiff competitions amongst players in the management consulting industry in the United States of America, hence we have been able to hire some of the best business developers to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a business that will leverage on word of mouth advertisement from satisfied clients.
Our goal is to grow our business development consulting service to become one of the top 10 business development consulting firms in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in the U.S but in the world.
Rowland Pence & Co® Business Development Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to businesses, organizations and key stake holders in New York City and other parts of the United States of America.
- Promptness in bidding for business development consulting services contracts from the government and other cooperate organizations
- Advertise our business in relevant business magazines, newspapers, TV and radio stations.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different categories of clients in order to work with their budgets and still deliver quality business development consulting services to them
- Leverage on the internet to promote our business
- Engage in direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
10. Sales Forecast
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base beyond New York City to other states in the U.S.
We have been able to examine the business development cum management consultancy market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below is the sales projection for Rowland Pence & Co® Business Development Consulting, LLP, it is based on the location of our business and the wide range of consulting services that we will be offering;
- First Year: $250,000
- Second Year: $500,000
- Third Year: $1,000,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
11. Publicity and Advertising Strategy
We have been able to work with our in-house consultants and other brand and publicity specialist to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the management consulting industry by storm which is why we have made provisions for effective publicity of our business development consulting firm.
Below are the platforms we intend to leverage on to promote our business development consulting service;
- Place adverts on both print (community – based newspapers and business magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; LinkedIn, Instagram, Facebook, twitter, et al to promote our brand
- Install Bill Boards in strategic locations all around New York City and major cities in the United States of America
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where we intend getting clients
- Ensure that all our staff members wear our customized clothes, and all our official cars are customized
Sources of Income
Rowland Pence & Co® Business Development Consulting, LLP is established with the aim of maximizing profits in the management consulting industry and we are going to go ensure that we do all it takes to attract clients on a regular basis. We will generate income by offering the following business development consulting services;
- Develop business and marketing plans in coordination with Managing Director to achieve revenue goals.
- Assist in company branding and media communication activities such as press releases, advertisements, marketing collaterals, and website.
- Establish and achieve sales targets and promote various banking services to customers.
- Analyze current and past financial data, such as sales reports, and provide strategies to cut costs and increase revenue.
- Perform market research to identify new opportunities and engage with executives to establish strategies for pursuing those new opportunities.
- Create and improve proposals for our existing and new clients.
12. Our Pricing Strategy
Hourly billing for consulting services is a long – time tradition in the industry. However, for some types of consultancy services especially business development consulting, flat fees make more sense because they allow clients to better predict consultancy costs. As a result of this, Rowland Pence & Co® Business Development Consulting, LLP will charge our clients a flat fee or per deal for many basic services.
At Rowland Pence & Co® Business Development Consulting, LLP we will keep our fees below the average market rate by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.
- Payment Options
The payment policy adopted by Rowland Pence & Co® Business Development Consulting, LLP is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Rowland Pence & Co® Business Development Consulting, LLP will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part.
13. Startup Expenditure (Budget)
Starting a business development consulting firm can be cost effective because you are not expected to acquire expensive machines and equipment. What you should be concerned about is the amount needed to secure an office facility in a good and busy business district, the amount needed to furnish the office, pay bills, purchase relevant software apps, promote the business and obtain the appropriate business license and certifications.
Basically, these are the areas we are looking towards spending our startup capital on;
- The total fee for incorporating the business in the United States of America – $750.
- The budget for basic insurance policy covers, permits and business license – $2,500
- The Amount needed to acquire a suitable Office facility in a business district for 6 months (Re – Construction of the facility inclusive) – $40,000.
- The cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
- The cost for purchase of the required software applications (CRM software, recruitment software and Payroll software et al) – $10,500
- The cost of launching our official Website – $600
- Budget for paying at least three employees for 3 months plus utility bills – $10,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous: $1,000
Going by the report from the research and feasibility studies, we will need about $150,000 to set up a small scale but standard business development consulting service in the United States of America.
Generating Funds/Startup Capital for Rowland Pence & Co® Business Development Consulting, LLP
Rowland Pence & Co® Business Development Consulting, LLP is owned and managed by Rowland Pence and other business partners. They may likely welcome partners later which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the Bank
N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
It is a fact that the future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business closes shop.
The goal of starting Rowland Pence & Co® Business Development Consulting, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
At Rowland Pence & Co® Business Development Consulting, LLP, we will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, software apps, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with key players in the industry: In Progress