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What is Pharma Franchise Model? A blog about how franchising works in pharma.

In this article I will tell you about the Pharma Franchise Model and how it is different from other franchise models. Along with Pharma Franchise, I will drop you some basic knowledge about the entire franchise model. Franchise marketing meaning varies from industry to industry. A franchise is a model of distribution and represents the most common business structure that enables the franchisor to capture recurring business from their franchisees. The franchisees are then able to earn profits from the same set of rules, systems and standardized products sold by other franchises across the country. In today's world of marketing, franchising has emerged as a lucrative option for new ventures as it simplifies and streamline the process of starting a business. With so much advanced equipment, efficient manpower, trained professionals etc., many entrepreneurs find it financially rewarding to take up a franchise business. What is Franchising? Franchising is a business strategy that involv

How to Execute Business Plan and strategy Effectively?

Execute your business strategy Effectively

(Step 11 of our how to set-up new business guide)

Till this step, you have completed all theoretical, documentation and licensing work. You have business name, a business plan, finance, licenses and registrations, product/service to be launched etc. Now the time is to execute your business strategy at good way.

This is the step where we have actually reached at business starting point. Steps before this will be wasted if you fail to execute this step and coming steps has no use for you.

Execution of business strategy is not writing down or planning, it’s a practical implementation of what have written at your business plan, what you have thought about how you will conduct your business, how you will reach to your proposed customers, what will be your key highlights etc.

Business is like a House. Market research is like at which location or area is good for you. Your business plan is the designing part of your proposed infrastructure. Finance arrangement is arranging money for completing construction work. Searching of premises is like buying place for house. Registrations and licenses like completing all legal requirements related to construction work and plot. Products are like rooms and recruiting staff is hiring constructors and other manpower. Now the Execution is like building a house.

Execution is the steps you need to take for what you have dreamed off. Execution is a disciplined process of desired steps that are repeatable to give clear focus on what your business needs to be achieved. Here desired steps may be finding a vendor, launching of products, approach to proposed customers, and advertisement of your products/services etc. as like desired steps in building a house like ordering bricks and cement, manpower, constructors etc.

What is important to execute business strategy?
For execution, frameworks and methodology is required. On average eighty percent of business fails at their execution part. So, you need to be careful at this step.

These below things you require to execute your business strategy effectively:

1. Discipline
2. Set Priority
3. Evaluate your strategy
4. Set Goals

Discipline: Discipline is most important part when come to execution of business strategy. Success doesn’t come through a single or random works. Success requires being disciplined and consistent. While executing business strategy, you require working at regular basis at disciplined manner. If we again take example of building a house, constructor and man power requires regular and disciplined work to build a house.

Set Priorities: Second thing to implement business strategy is to prioritize what to do and what not to do, what to do first and what to do at last. Setting priorities will help you to stick at important steps that require more attention as compare to others.
For executing your business strategy effectively you need to set clear priorities and work as you planned. Setting priorities means if you want to start with predefined territories and products/services then concentrate at only those only. Don’t try to penetrate at territories outside you decide. Once you have established these, you can move forward to other territories.
Likewise, if you planned to sell products by appointing franchisee, then you need only to focus at finding franchisee partners, not everyone to sell your products. You need to focus only at one distribution ways at one time. If you want to work by appointing own sales team then you should focus only this at first.
You also need to prioritize which products/services you should launch at initial level and which are later.
This is what you actually know where you want to keep space for kitchen, where you want guest room, where will be bed room etc when come to build a house. Predefined priorities save time, money, effort, manpower, tension and much more.

Evaluate your Strategy: Business plan is a live document and needs to be updated if required as we discussed in our business plan part. During execution of our business strategy, we collect and analyses data. This helps us to evaluate what’s working and what’s not. By evaluating business strategy, we know what processes require to be continued and enhance them to boost performance. Processes that are not working need to be rectified or remove from your business strategy.

Set Goals: Setting goals help to achieve a particular task on time and keep you and your team engaged and stay focused. Set goal with time period required to achieve it. Goal could be short term and long term. You should set goal based upon what you want to achieve at short term and what is your long term priorities. Goal should be practical, realistic and achievable. It should not be an impossible task which will do much harm then any benefit.

Succeeding in business is not an overnight process as like building a house. It takes time, regular efforts, amendments and consistency. 

Other Steps:

Keywords: types of strategy execution, examples of successful strategy execution, the secrets to successful strategy execution, strategy execution framework, importance of strategy execution, strategy execution, strategy execution process, business execution


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