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Vision to Execution Excellence
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IN THE NEWS:

Business Planning & Resource Allocation 

Pharm Rep
Please read
As companies demand more from their reps, Business Acumen becomes an essential skill.
 Pharm Exec logo
Please read
"A Sturdy
Framework"

on why Business Planning and Resource Allocation is important for field force effectiveness.
FEATURED OFFERINGS
Business Acumen Workshop 
and Webinar Series

Contact WLH Consulting, Inc. to learn how this offering can be customized for your organization to develop business acumen skills and support more effective business planning.

IN THE NEWS: 
Pharmaceutical Sales Compliance

Rx for Compliance

Aug 2011

 Overcoming the Pitfalls of Traditional Compliance Training for Sales Professionals

 

Feb 2011 

Optimizing Sales Performance with Field Based Monitoring

Pharm Rep

Inspect What You Expect: 
Field Based monitoring programs can help companies avoid problems before they start.

Getting Value Out of 
the Quarterly Business Review

 

Most pharmaceutical sales organizations measure and track sales performance on a quarterly basis. With the first quarter of 2012 closed, now is a good time to review your business plans and determine if performance results are on track.  A Quarterly Business Review with your direct reports who have accountability for sales targets is an important tool for tracking performance and modifying plans, where appropriate. 
 
  

When done well, a Quarterly Business Review provides value on a couple of fronts. First, it creates a shared and transparent understanding of the overall geography's performance. By conducting an evidence-based analysis, you can draw key insights and greater understanding of the marketplace. Second, the review provides an opportunity to recalibrate plans and adjust resources to achieve business goals.

 

Other advantages of a Quarterly Business Review include:

 

  • Development of the entire field forces' business acumen skills and ability to drive results.
  • Reinforcement of key messages related to the strategy and the need to remain adaptable to meet marketplace challenges.  
  • Consistent application of a process that focuses on planning, review, and recalibration.

Best practices for conducting a value-added Quarterly Business Review include the following:

  • A formal process is in place with the commitment to dedicate time and resources for review discussions (typically 2-3 hours).

  • The organization provides guided questions that focus on key strategic drivers to assist in the preparation and review meeting.

  • The sales manager and sales representative prepare and review current business reports, paying attention to significant changes that impact the business, not just a high-level summary.

  • During the meeting, managers take the time to recognize achievements and positive movement; especially with regard to longer term goals.

  • Sales managers and sales representatives agree on next steps for updating action plans.

  • Sales managers and representatives recalibrate and update plans.

After the business review discussion, it is important to agree on next steps and changes to the action plan. As always, when creating action plans, they should be SMART - Specific, Measurable, Actionable, Realistic, and Time-bound.

 

Another organizational best practice is to leverage lessons learned across marketplaces, geographies, and accounts. There should be a process in place for sales leaders to collate and share these lessons, and time should be allowed for information sharing to occur.

To summarize, the use of quarterly business reviews is an effective tool for both reflecting backwards and looking forwards. The disciplined Business Review Process where both sales managers and representatives engage in discussion on sales performance, action plan effectiveness, resource allocation decisions, and marketplace changes contributes to successful goal attainment. 

 

For more information on how WLH Consulting, Inc. can work with your company on creating and implementing a value-added Quarterly Business Review process, please email [email protected], or feel free to call (954) 385-0770.

 

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for training, coaching, monitoring, and reporting compliant pharmaceutical sales excellence.


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WLH Consulting, Inc. has a proven track record of offering customized consulting services from Strategy Development to Execution, Business Performance Improvement, and Human Capital Strategy.
 
Feel free to contact WLH Consulting, Inc. for specific information on best practices and lessons learned to apply to your organization.
 
Sincerely,

 

Wendy Heckelman, Ph.D.

 

WLH Consulting, Inc.
954-385-0770

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