Entrepreneurial Strategies

Mr. Mudenda, BPharm, MSc, MPH, SRF

LMMU
Department of Pharmacy
School of Health Sciences

4/5/2023 LMMU 1
 Entrepreneurial strategies
• It is not easy to run a business and thus you need
some strategies to implement for your business to
grow

• There are many entrepreneurial strategies

• Some literature report 3, 4, 5, 6, 7, 8, 9, etc

• A strategic plan is very important

• Start with a small business and start improving it

4/5/2023 LMMU 2
 1. Make strategic planning a top
priority
• Develop a form strategic planning

• State the goals, identify potential obstacles,

and establish an action plan to follow

• The strategic plan holds your vision and

should be reviewed and to know the
company’s market position
4/5/2023 LMMU 3
 2. Keep a close eye on your
competitors
• Always know that you are in competition with
other companies

• Even you are doing well in business

• Analyze and monitor their moves, activities,

strategies, strengths, and weaknesses

4/5/2023 LMMU 4
 3. Work to broaden your client base
• Do not depend on one or two clients

• Create and broaden your clientele

• Physical and online clients

• i.e. Indian, SA, Denk products, etc

4/5/2023 LMMU 5
 4. Stay close to your customers
• Keep your key customers as close to your
business as possible

• Listen to their concerns and suggestions

• All businesses depends on the buying power

of customers

4/5/2023 LMMU 6
 5. Monitor profit margins
• Keep monitoring your gross profit margin for
each product

• Check products that do not give you profit and

do not hesitate to stop dealing in such products

• If possible, stop ordering those products

4/5/2023 LMMU 7
 6. Develop a cash-flow planner
• Track your cash flow

• Write down your monthly-opening balance

• Write down all anticipated cash inflows and

outflows

• Finally, track the cash as it comes in and goes out

each day

4/5/2023 LMMU 8
 7. Call your bankers
• It is a good practice to stay in contact with
your bankers

• This is true whether you need a loan or not

• Build trust and credibility in your bankers by

updating them about your business

4/5/2023 LMMU 9
 8. Get started early on HR
management
• As long as you are an employer of one or
more people

• You need to know you are managing people

• This is referred to as human resource

management

4/5/2023 LMMU 10
9. Consider your website a member of
the sales team
• The members of your sales team are your
website

• They should be held accountable to meet

targets

• Assess your website and see where you may

need to improve, i.e. performance
4/5/2023 LMMU 11
 Thank you

4/5/2023 LMMU 12