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Business News

How to Do a SWOT Analysis As Part of a Business Plan Or Business Process Strategy

There are many types of analyses that help to illuminate potential issues as well as areas of opportunity for a new business – one is known as a SWOT or Strengths – Weaknesses – Opportunities and Threats analysis. This type of analysis forces the executive team of any pharmaceutical company to brainstorm these critical items before launching a new company, new division or new product – which may help decide whether or not to venture into this new direction.
Strengths are attributes that are unique to the company, product or division in question. Some examples of strengths would be having a key scientist on your team that has a unique skill set or knowledge that will make your new product a success. Other strength examples include patents, knowledge of a particular niche area, and manufacturing advances that allow you to create something that was not readily available in the past.
Weaknesses are just the opposite – some examples include lack of a patent or relying on unpatented discoveries, having no clear manufacturing process or significant process issues, or not having talent specific to the area you are moving towards. Weaknesses are pointed out as areas to be addressed.
Opportunities would include an increase in the disease group that your new product is expected to address, the opening of a new global market that the product can fulfill, or a new federal grant to help subsidize the cost of your new drug or treatment. Once opportunities are identified, a plan to take advantage of them should be created.
Threats could include clinical trials in this area by other competing companies, new regulations that would make it difficult to get approval, adverse press garnered by any preannouncements of what you are working on, or a loss of any type of funding for the project. Threats may or may not be real – but contingency plans to address them should be in place.
A SWOT analysis of your main competitor’s position is an opportunity to demonstrate your strategic position to senior management or potential investors as part of your business plan. It can also be a way of presenting to investors that you have mapped out the landscape for your potential product, and can both address the opportunities and eliminate or at least appropriately address the threats. If properly mapped, each can be a consolidated table in your plan which makes it very easy to communicate your intentions to the investors or management teams authorizing the necessary financial resources to execute the plan..
Pharmaceutical consultants can help you prepare this type of analysis to assess any new business decision you may be facing, or as part of a comprehensive business plan for a new pharmaceutical business you are launching. Their experience, expertise, and industry insights can serve as a tremendous boost to your new venture. Once they have helped you brainstorm these key areas, they can also help you formulate comprehensive plans for action in each of the four areas of the analysis.
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Business Insider

What Is A Success Strategy?

Give a man a fish everyday, his appetite is sated. Teach him how to fish, you have fulfilled his appetite for an entire life time. This is strategy. To make it work, to make the impossible, possible. There is no drawn out template for success or for that matter strategy. But both of them go together when the right strategy is used at the right time and you can bang on your target. Neither the same strategy fits the bill for everybody. Your smart approach to that particular situation backed up by your knowledge and experience does the magic. It cannot be taught, it comes from within you when the situation warrants for action. It is more like “Survival of the fittest”, if you want to retain your niche in this business world you act fast and think wise.
How many of you are bold enough to think differently to make a difference, to make others feel your presence. See, you should not force yourself into the situation neither by copying or imitating others, nor by criticizing and commenting on your competitors products or services. That will paint a greasy picture on your firm. That is of course strategy but cheap strategy. But always be on the run to know your competitors’ weaknesses and shortcomings which will make you improve your product or a service. That is permissible in the dictionary of business as little spying will even put you in the right track.
Strategies must always be constructive and it assures success in the long run. Tactics or gimmicks will prove to be fruitful only for a short while and that is not your aim also. Will you be satisfied if you are able to sell your product or service as hot cakes only for a season! Is that going to cover your profit margin for the entire accounting year? True, strategies are always associated with making profits, boosting up the sales, for retaining the market share and maximizing the share value. But it should also make your business perennial and viable.
Many of us forget that strategies are applicable in every activity of a firm that forms a compact framework which gives your business a solid foundation upon which you can build your empire of success without looking back. Right from framing your vision, mission, policies, procedures and programmes including recruitment, selection, training, evaluation and empowering your employees strategies play their role in giving clarity and direction to the firm and also distinctive competence and image to your firm.
Although strategies are meant for long term planning, a review and appraisal of the company’s strategies to all the employees concerned is a must to keep them in bay. How many of you do this?Strategies are secrets but not to the employees of your organization. Strategies are born out of compulsion, a compulsion to survive in the market and have an edge over others. So they must be meticulously planned after brain storming sessions and expert consultations. Sometimes even a small idea suggested by one of your employees might turn out to be the most wonderful one and that might click. So keep your eyes and ears open and also be open minded to accept ideas even from the lowest level as they are your pillars of strength and they know the pulse of the market and people better.
Success is not a cake walk, it has to be achieved with great hardships and challenges and the taste of success will be more sweet. Strategies are formulated in every step of your business plan, remember it is an ongoing process, you have to revitalize your strategies every now and to be in the scene, to make your presence felt, to make other people look at you and your success for inspiration. Such strategies serve as a role model for others. Strategy is nothing but an action plan that clicks for you and there is no one best strategy that suits all. You have to find the best strategy that fits your bill and it comes with experience and insight.…