Slow Deal Flow? - Pharmaceutical Executive

ADVERTISEMENT

Slow Deal Flow?
10 Quick Fixes for Getting Business Development Back on Track


Pharmaceutical Executive


Another valuable metric is to track the internal time spent over a number of deals. This can be designed a little bit like the "white space" and "black space" identified in development programs, but it's important that this tool highlights the delays associated with doing a deal. It helps companies to realize that unnecessary delays are far from acceptable for any company that aspires to be best-in-class and truly deal-focused.

Substantial improvements in business development are possible in many, if not most, companies. But recognizing the problem and the potential upside is the first step. It's important to note that a major reorganization is not the answer. Rather, the challenge is to get people to do things differently, as described in the 10 quick fixes above. Better analysis and preparation, demonstrating real partnership, returning phone calls, tackling process delays, and reviewing how the CEO and board can be more effectively used can help companies get their business development plans back on track, and allow more successful execution of deals.

A fresh, outside perspective can also work wonders. Those who see your organization from another vantage point can provide important information to integrate and customize this approach to your company.

To return to the start, it's only when people attend a "track day" with professional racing drivers, do they realize they have been driving around bends with the wrong technique for years. (As can be so true for even "good" drivers.) Likewise, business development execs need to accept that they can only be a partner of choice if they are using all the best techniques to perfect their deal-making moves.


ADVERTISEMENT

blog comments powered by Disqus

Source: Pharmaceutical Executive,
Click here