Tags |
|
|
Links |
|
|
Digg It - The Howl --- Monthly Newsletter -- Issue #1
This is CEO Strategist’s initial publication of “The Howl” a monthly newsletter that will discuss relevant issues in wholesale distribution. It will include reader input, questions, comments and guest articles. Tips on best practices in wholesale distribution, sales management, leadership, and even some everyday stuff like tips on improving your golf game.
This initial groundbreaking issue contains:
Are Employees Really Your Most Precious Asset?
What’s the Rave about RONA?
Cl
This initial groundbreaking issue contains:
What’s the Rave about RONA?
Cl
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ient Corner ---- Questions and comments from the industry – The Cry-Baby Sales Person
Are Employees Really Your Most Precious Asset?
I have yet to walk into a distributor during my thirty five years in the industry that didn’t have some form of this statement about the value of employees printed somewhere. A mission statement, in their employee handbook, on a poster on the wall, the company newsletter and even in the strategic plan for the very few that actually have a strateg
Are Employees Really Your Most Precious Asset?
I have yet to walk into a distributor during my thirty five years in the industry that didn’t have some form of this statement about the value of employees printed somewhere. A mission statement, in their employee handbook, on a poster on the wall, the company newsletter and even in the strategic plan for the very few that actually have a strateg
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
c plan. However, when I think about it, I almost want to puke. Why? Because the majority of the distributors that make this claim have no idea what it really means to treat their employees like their most important asset.
Listen carefully, if you don’t treat your employees like your most important asset --- Then they certainly will not act nor will they perform like your most important asset. And that means you are missing the greatest opportunity in the world to leverage talent in cr
Listen carefully, if you don’t treat your employees like your most important asset --- Then they certainly will not act nor will they perform like your most important asset. And that means you are missing the greatest opportunity in the world to leverage talent in cr
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
eating competitive advantage in your market place. Make no mistake, it is your employees that create core competencies and core competencies create competitive advantage.
Kudos to every distributor out there that has figured this out but you are in the minority. Treating your employees as your most precious asset is not a mystery. It’s not rocket science. It’s actually fairly simple. WARNING! Lip Service about it isn’t good enough. Putting it in your mission statement, posting it on t
Kudos to every distributor out there that has figured this out but you are in the minority. Treating your employees as your most precious asset is not a mystery. It’s not rocket science. It’s actually fairly simple. WARNING! Lip Service about it isn’t good enough. Putting it in your mission statement, posting it on t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e wall, publishing it in the company newsletter doesn’t mean crap if you don’t act on it. Acting on it means spending money. Invest in the greatest power you have for achieving success. Your employees. Don’t cut training and education from the budget every time there is an economic hiccup.
Examine the following tips and I think you’ll be able to figure it out
• Start at the beginning, examine your hiring practice. The first thirty days of employment are critical. Create a buddy spons
Examine the following tips and I think you’ll be able to figure it out
• Start at the beginning, examine your hiring practice. The first thirty days of employment are critical. Create a buddy spons
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
or and pay the buddy $100 to guide the new employee the first month. Let the new employee choose his buddy after two weeks. Can you imagine the cooperation and help the new person will get that first week. Make sure you have a legitimate documented employee orientation program.
• Identify training needs throughout the organization. Create a training matrix. Allocate funds. Develop an intern program for leadership candidates that show exceptional promise. Create mentoring programs. Tra
• Identify training needs throughout the organization. Create a training matrix. Allocate funds. Develop an intern program for leadership candidates that show exceptional promise. Create mentoring programs. Tra
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
n your managers on coaching and mentoring. Don’t forget education. Reimburse tuition; create specific educational curriculums for specific management level employees. Create a company university program.
• Burn the annual appraisal forms. They are worthless. Create an obligation for all managers to spend a minimum of thirty minutes a month discussing performance and opportunity with their direct reports. Record it on a 3 x 5 card. This will make annual performance reviews meaningful b
• Burn the annual appraisal forms. They are worthless. Create an obligation for all managers to spend a minimum of thirty minutes a month discussing performance and opportunity with their direct reports. Record it on a 3 x 5 card. This will make annual performance reviews meaningful b
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ecause you now have data for the entire year, twelve mini reviews.
• Statistics and surveys prove that the majority of employees that leave their employers do not leave due to pay. Employees want to be treated like people. They want respect and trust. Employees will not start respecting their leaders until their leaders start respecting them. They will not start trusting their leaders until their leaders start trusting them. Ask yourself how you would want your managers to treat your
• Statistics and surveys prove that the majority of employees that leave their employers do not leave due to pay. Employees want to be treated like people. They want respect and trust. Employees will not start respecting their leaders until their leaders start respecting them. They will not start trusting their leaders until their leaders start trusting them. Ask yourself how you would want your managers to treat your
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
on or your daughter if they worked for them? Some of you have family in the business.
• Fairness---- Employees want fairness in all their dealings. This starts with fair pay. Is it your goal as a company to pay at or above market? This includes base pay, benefits, recognition and other non monetary rewards. Fair and consistent treatment is a must. Award and recognize with extra paid days off in conjunction with a weekend. Buy the book 1001 ways to make it fun to come to work.
• Accou
• Fairness---- Employees want fairness in all their dealings. This starts with fair pay. Is it your goal as a company to pay at or above market? This includes base pay, benefits, recognition and other non monetary rewards. Fair and consistent treatment is a must. Award and recognize with extra paid days off in conjunction with a weekend. Buy the book 1001 ways to make it fun to come to work.
• Accou
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ntability ---- Employees want to be held accountable. They want to be empowered. They want to contribute. Make sure they understand what their job really entails. What are their responsibilities? Job descriptions, if you have them, are often vague or incomplete
• Coach and Mentor your employees.
Do these things and you will be on your way to becoming Employer of Choice. Your recruitment and retention problems will be minimal. Employees will excel. They will release that discretionary
• Coach and Mentor your employees.
Do these things and you will be on your way to becoming Employer of Choice. Your recruitment and retention problems will be minimal. Employees will excel. They will release that discretionary
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
energy and apply it to creating competitive advantage. Training your employees will increase their drive for success. Fairness creates happy employees. Happy employees create satisfied customers.
What’s the Rave about RONA?
To start with I must admit that I am not a big fan of RONA. I know many of you out there including some clients that I have worked with are religious about RONA. Some like Rice and some like potatoes. It certainly has its attributes. It’s about value based manage
What’s the Rave about RONA?
To start with I must admit that I am not a big fan of RONA. I know many of you out there including some clients that I have worked with are religious about RONA. Some like Rice and some like potatoes. It certainly has its attributes. It’s about value based manage
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ment.
RONA stands for Return On Net Assets. This equals the Net Operating Profit after tax divided by the sum of cash and working capital requirements plus fixed assets. It takes into consideration the assets a company uses to achieve its success.
RONA = Net Income
Fixed Assets + Net Working Capital
The higher the return, the better the profit performance for the company.
RONA Attributes:
• It can maximize value creation
• Increases corporate transparency
• Aligns managers in
RONA stands for Return On Net Assets. This equals the Net Operating Profit after tax divided by the sum of cash and working capital requirements plus fixed assets. It takes into consideration the assets a company uses to achieve its success.
RONA = Net Income
Fixed Assets + Net Working Capital
The higher the return, the better the profit performance for the company.
RONA Attributes:
• It can maximize value creation
• Increases corporate transparency
• Aligns managers in
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
erest with share holder/owners interest
• Improve internal strategic communication
• Establishes clear priorities
• Streamlines budgeting
WHY I AM NOT A BIG FAN of RONA
Several things keep me from being a big fan of RONA.
1. It can create a negative incentive for individual managers to avoid investing in growth. This is especially true when their bonus or incentive is tied to RONA. Branch managers, middle managers and other managers may make decisions based on RONA that are not i
• Improve internal strategic communication
• Establishes clear priorities
• Streamlines budgeting
WHY I AM NOT A BIG FAN of RONA
Several things keep me from being a big fan of RONA.
1. It can create a negative incentive for individual managers to avoid investing in growth. This is especially true when their bonus or incentive is tied to RONA. Branch managers, middle managers and other managers may make decisions based on RONA that are not i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
n the best interest of the company’s long term growth strategy. A manager could elect to make his personal bonus on the backs of his employees by running too lean. This could cause service problems, customer complaints and quality problems just to mention a few. There are other measurements that can be used just as effectively but I’ll leave that discussion up to you and your CFO.
2. It is an all embracing process that often requires a culture change. This almost always requires consu
2. It is an all embracing process that often requires a culture change. This almost always requires consu
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ting assistance. (Good for our business)
3. It can seem complex to middle management. Actually for most of management that are not trained in finance.
4. Requires diligent, explicit CEO and Board support
5. Specific RONA value based management training is essential By the way---- just for the record --- the perfect value based management system has yet to be invented or discovered. All methodologies have their drawbacks.
Client Corner------ A question from Joe
Rick, I have a sal
3. It can seem complex to middle management. Actually for most of management that are not trained in finance.
4. Requires diligent, explicit CEO and Board support
5. Specific RONA value based management training is essential By the way---- just for the record --- the perfect value based management system has yet to be invented or discovered. All methodologies have their drawbacks.
Client Corner------ A question from Joe
Rick, I have a sal
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
esman that does a pretty good job but he is always whining about something. He takes up a tremendous amount of my time, inside sales and anybody else that will listen. I don’t want to fire the guy because he does put up decent numbers. What do you suggest?
Joe, VP of Sales, Building Products Industry
Dear Joe;
Wow! If I used this term with my wife she’d probably take my head off but you have what is typically known as a high maintenance “Cry Baby Salesperson”
This condition is know
Joe, VP of Sales, Building Products Industry
Dear Joe;
Wow! If I used this term with my wife she’d probably take my head off but you have what is typically known as a high maintenance “Cry Baby Salesperson”
This condition is know
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
as “High Affliative Needs”. It can be a sales person’s downfall. We all have affiliative needs but for a sales person, if they become excessive, they can undermine any real talent they have. This type of person is generally a very likable person and can strike up a conversation about anything, anywhere. That is why they seem to achieve relative success in field sales. But remember, if this person is wasting your time due to this condition, chances are, some or most of his customers fe
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
el the same way. You need to find out.
The question you need to ask yourself: “Is this sales person maximizing the full potential of his territory in market share, profitability and share of spend at existing accounts? The answer to that question will determine whether you must coach, mentor or manage this individual.
Mentor
If he is attaining peak territory performance. Become a confidant and be totally honest with him. When his points are valid – acknowledge that. When he is jus
The question you need to ask yourself: “Is this sales person maximizing the full potential of his territory in market share, profitability and share of spend at existing accounts? The answer to that question will determine whether you must coach, mentor or manage this individual.
Mentor
If he is attaining peak territory performance. Become a confidant and be totally honest with him. When his points are valid – acknowledge that. When he is jus
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
whining --- let him know. Be constructive and supportive. Encourage him. Give him examples and help him come to the same conclusions about each situation as you do.
Coach
Since you stated he put up decent numbers, it sounds like he is worth your investment of time. Start with the numbers. What should peak performance in his territory be? Set some stretch goals. Work with him utilizing your sales expertise in targeting, goal setting and action planning to achieve these stretch goals.
Coach
Since you stated he put up decent numbers, it sounds like he is worth your investment of time. Start with the numbers. What should peak performance in his territory be? Set some stretch goals. Work with him utilizing your sales expertise in targeting, goal setting and action planning to achieve these stretch goals.
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
During the process, his high maintenance, affiliative needs should be apparent. Demonstrate how they can interfere with the achievement of his goals.
Manage
Some managing is certainly mixed in with the coaching process but if coaching doesn’t do the trick and he is actually performing below territory expectations it may be time to get tough. Stick with objective facts. Stick with the numbers. Clearly define expectations and stick to them. You just might have to throw him off the bus
Manage
Some managing is certainly mixed in with the coaching process but if coaching doesn’t do the trick and he is actually performing below territory expectations it may be time to get tough. Stick with objective facts. Stick with the numbers. Clearly define expectations and stick to them. You just might have to throw him off the bus
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/23544/diggit-The-Howl--Monthly-Newsletter--Issue-1.html">The Howl --- Monthly Newsletter -- Issue #1</a>
BB link (for phorums):
[url=http://www.diggit.org.ua/article/23544/diggit-The-Howl--Monthly-Newsletter--Issue-1.html]The Howl --- Monthly Newsletter -- Issue #1[/url]
Related Articles:
10 Things to Do to Get the Job
Conducting Risk Assessments for Hazardous Substances
Awards and Incentives as Promotional Strategies
Bookmark it:
|