The pharmaceutical business are great contributors to the Indian economy. Therefore, starting a business in either field is a great way to make profits and have a successful run. The Indian pharmaceuticals market is the third largest in terms of volume and thirteenth largest in terms of value. India is the largest provider of generic drugs globally, with the Indian generics accounting for 20 per cent of global exports in terms of volume.

If you have had the chance to go through previous articles targeted at starting a pharma business, you are well aware of the necessary steps to building your business from scratch. If not, click here. Now, it's important to learn the different methods that will help you run your business in pharma successfully.

Train your employees well

No business can run successfullywithout a team that knows how to work towards success. It is very important that you hire people who are suited for your business and have knowledge regarding the field. Of course you can hire freshers and train them, but you also need employees who are well versed in the field in order to train these freshers. Once you have your team in place, make sure that you keep them engaged in different activities that will help them sharpen their skills. Make the office environment an interactive one so as to initiate participation from everybody. This will also help you have an idea of how much your employees are putting into their work and help you calculate their growth.

Hire the right team leaders

Running a business is not easy. You cannot personally look into every matter. Which is why, you need a handful of smart and efficient co-workers to help you run your business smoothly. These are people who have significant years of experience in their respective departments and can lead and train their respective teams. They make sure their departments are working towards the common goal and ensure that there is little to no hiccups in the company’s overall functioning. They also give you an analysis of your employees, so you can rightfully measure their growth and reward them accordingly.

Build your brand

When you are competing against the likes of established brands that are recognised worldwide, it doesn’t hurt to put some money into building your brand in order to get noticed. It can be best defined as a process of creating value to consumers. You need to start by defining your brand. Understand what your brand stands for and what its values are. The values should show that you are contributing to the environmental, social and economic well-being of your consumers. After that, you need to differentiate your brand so as to attract attention and stand out from competitors. Create a unique advantage in the mind of consumers, not by merely getting attention using the brand’s colours or logos or other superficial elements. Once you do that, you need to use a good branding strategy to position your brand in a way that it allows consumers to appreciate it over competing ones in the market.

Be smart with your expenses

When you have to deal with miscellaneous expenses, like you do in the pharma industry, you need to look into your expenses carefully. Take into consideration the actual costs you incur at the time of production and at the beginning of the job. Calculate the material costs, the cost of any additional equipment needed, if any, and labour charges, most importantly. Ensure that you price things in a way that you are making a good profit before getting into more business.

Keep a track of your finances

Though your business is a part of you, it is still a separate entity. Hence, you need to open a bank account specifically for your business. It will help you manage your business and the account better. It is better to have an account with an online banking facility, so that your banking is easier and more convenient, like Kotak Mahindra. Speak to our relationship manager at Kotak Mahindra and they will guide you to a suitable plan that is the best for your business.

Also, it helps to employ an accountant, or a team of accountants, to look into your finances and keep you up-to-date with your expenses. They will also let you know when they think you are going overboard or when they think you can invest in something viable for the company. But, if you do not wish to hire an accountant just yet, you need to download a book keeping software. This will help you save a lot of precious time. There are many layers that the software providers offer like, Cashbook, Ledger, Inventory, Foreign Currency Transactions, and Point of Sale. When choosing a software, make sure you download one that suits your business, as there are plenty available in the market. Once your company grows bigger, it will be easier to manage the data through this software, as data from all the branches will be connected via cloud.

These are just a few of the many things you need to look into in order to run your business well. But, once you have these basics covered, things start to move like clockwork and you will find your business running efficiently. Check out other articles in the series.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.