Pharmacy Business and Staff Planning (not finished)

(Quote from “The Profit” by Marcus Lemonis) You must focus on the _____ in the business, the _____ they use to sell and serve customers, and the _____. If problems __ usually one of these areas

people, process, quality

Why do you need a plan? (Lemonis)

• It clarifies your uniqueness in the marketplace

• You’re able to work through some of the challenges you’ll face before spending large sums of time and money

• You learn the strengths and weaknesses of your internal team and your business

• You discover information about your competitors that you can use to your advantage

• You can receive feedback from employees, advisors, and customers

Business plan

A formal document that contains background information about the intended opportunity and key participating members, and describes and details supporting information concerning attaining goals

Decision making tools used to assess the viability of a new venture

Benefits of business planning

Assists in developing a sound business concept with a unique niche in a stable and growing industry

Helps to focus on goals/objectives and facilitates understanding of target market

Identifies strengths, weaknesses, and omissions in initial assessment

Serves as a selling tool

Provides detailed written information in one document so you can solicit opinions and engage stakeholders

For a business plan, an assessment of need for business should be conducted. Assessment should include a feasibility analysis, which investigates four items:

• Product/service

• Industry/target market

• Organizational feasibility

• Financial feasibility

Good business plans cover at least 5 content areas

• Background and general information

• Marketing

• Operations

• Finances

• Discussion of decision making criteria

The first element of the plan is usually the executive summary

Components of a Business Plan

• Cover Page and Title

• Brief personalized letter to reader

• Table of contents

• Executive summary

• Description of company/SVC/background

• Marketing and sales plan

• Operation & management plan

• Funding request (if seeking funding)

• Financial projections (3-5 years)

• Appendices

Cover and Title Page

• Name of the proposed business or service

• Authors of plan

• Contact info for people responsible for business/service’s elements

Table of contents

• 1st section of your business plan

• Lists the key section within the plan

• Assists the reader in finding specific topics and areas of interest in your plan

Executive Summary

• Established Business

  • The mission statement

  • Company information

  • Growth highlights

  • Your products/services

  • Financial information

  • Future plans

  • Target reader = executive

• Startup

  • Highlights main points (High level) — Max 1-2 pages

    • Proposal (1-2 sentences)

    • Background — (case for change)

    • Benefits to organization

    • Financial analysis/goals

    • Conclusion

  • Target reader = executive

Business Profile (Description of Service/Company)

• Defines and describes intended business, program, or project, and its niche in the marketplace

• Emphasis placed on how goals are to be achieved and time schedule

• Should include mission and vision statements, as well as business description including core values

Products and Services

• Clearly describe products or services the business will provide

• Address the following:

  • Research and development efforts involved in design and development

  • Need and benefits or products or services

Elevator Speech

• Quick 30-60 second overview of a service, project or proposal. Perfect for communicating new initiatives to others outside of pharmacy

• Focuses on:

  • What the project/service is

  • Why it is important

  • What the results will look like

  • What is needed from the receiver

Mission statement

• Intended customers

• Core values

• Services and products

• Goals and philosophy

• Desired public image

Market Analysis and Strategies

• Market analysis: the systematic investigation of the structure and opportunities of a particular market; should include:

  • A description of the industry

  • The specific sector for which your business intends to compete (target market)

  • A SWOT analysis

  • A competitive analysis (may include consideration of location) — market share, est. volume of sales, how competitors do business, saturation, how you might differentiate, what customer needs are not being met

• Based on the market analysis, a market strategy should be developed which includes a concrete description