When you first started your pharmacy business, the bank required you to have a business plan. Is that correct? So let me ask you, when was the last time you looked at it? A month ago? A year ago? 5 Years ago? Haven’t seen it since the bank gave you the loan? Regardless of the time frame take it out now. Once a quarter you should take out your plan to modify and adjust what is going on with your business and the pharmacy industry at the time.
A good business plan is a working document that will enable you to focus on desired outcomes and will serve as a road map for you to follow. Your plan must be compatible with your hopes and expectations. Great ideas fail due to lack of execution. In this case you are not only the visionary but the operator as well. Further, today’s pharmacy industry is in a constant state of flux. By incorporating changes affecting the continuing performance of your pharmacy, you should accomplish several key things. First, by reducing evolutionary changes to writing you become better equipped to change strategies to effectively address these changes. Remember, the best performers are the ones who find opportunity out of every situation.
To begin with keep your plan reasonably short. We all have short attention span, and most of us do not read too much detail. Here is an example of a basic outline.
Executive Summary
Introduction
Value Added Proposition
Capital Requirements
Use of Proceeds
Revenue Sources
Three years of projected revenues
Competition
The Market
Target Audience
Size of Market
Marketing Plan
Management
Financial Plan
Operating Plan
Risk Analysis
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