Case Study: Partnering for Growth in a Pharmaceutical Consulting Firm
Sara LaForest
Sara LaForest
Client

Pharmaceutical consulting firm based in VI, serving national and growing international clientele

Problem

A consulting company that specializes in providing product strategy services to the pharmaceutical industry, was looking to grow their business. The company’s revenue was stable over the previous three years. The firm had recently completed its own strategic plan.

The three partners requested our help to validate their growth strategies and create an implementation plan that would support their growth objective and requested further guidance on sales and branding initiatives.

Solution

We reviewed their current strategic plan and then engaged them in a values based strategic planning initiative where we presented what it takes to succeed as a small business – issues and initiatives that must be addressed (i.e., strategy, branding, culture, infrastructure and talent). We introduced the concept of small business “inflection points” (risk points in the business) and what immediate and long-term steps to take to grow through the inflection points.

A strategy was refined and a detailed implementation/action was developed, and we guided the firm through the implementation process.

During the implementation process, we facilitated:
1. Rebranding the company
2. Establishing a sales tracking process
3. New business development strategies
4. Building firm infrastructure
a. Accounting
b. Financial reporting
c. Subcontractor agreements
d. Consulting agreements
5. Provided ongoing coaching on sales and business development process and activities

Result

The Company’s sales began to improve quickly and steadily. In the last four years, while working with us, the firm increased its top line revenue by over 100 percent. This improved the company’s net income and grew its client base during the worst economic crisis since the Great Depression, and has opened new markets in Europe.