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Digg It - 5 Steps To Help Fail-Proof Your Growing Service Business
Business startup and failure rates are scary...
In The USA...
- Every Year Over 1 Million People Start A Business
- By The End Of The First Year 40% Of Them Will Be Out Of Business
- Within 5 Years More Than 80% (800,000) Of These Busines
In The USA...
- Every Year Over 1 Million People Start A Business
- By The End Of The First Year 40% Of Them Will Be Out Of Business
- Within 5 Years More Than 80% (800,000) Of These Busines
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
ses Will Have Failed
(Source: The eMyth Revisited, Michal E Gerber, US Department of Commerce)
In The UK...
- 2003 Saw 423,100 New Businesses In England & Wales Startup
- Over Half of All New Firms Fail In The First 3 Years
- At Least 21
(Source: The eMyth Revisited, Michal E Gerber, US Department of Commerce)
In The UK...
- 2003 Saw 423,100 New Businesses In England & Wales Startup
- Over Half of All New Firms Fail In The First 3 Years
- At Least 21
; 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
,550 Of These Businesses Will Have Failed Before The End Of 2006
(Source: Barclays SME Market Research Team England & Wales Statistics Based On Business Current Account Customers)
Unfortunately more and more people are being encouraged to go
(Source: Barclays SME Market Research Team England & Wales Statistics Based On Business Current Account Customers)
Unfortunately more and more people are being encouraged to go
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
t alone by government agencies and banks while being given out-dated advice that doesn't actually work.
The advisors in these organisations typically have experience in larger production / manufacturing / financial businesses and share marketing a
The advisors in these organisations typically have experience in larger production / manufacturing / financial businesses and share marketing a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
vice that really doesn't work for the majority of small service-based businesses today.
Their text-book marketing principles simply do not translate to businesses with limited money to invest in advertising, direct mail and telesales.
In many cas
Their text-book marketing principles simply do not translate to businesses with limited money to invest in advertising, direct mail and telesales.
In many cas
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s these advisors are telling people how to run a business even though they're actually working for a bank or government agency themselves. They have no real experience spending their own money to grow a business.
Survival and inevitable success me
Survival and inevitable success me
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
ns being lean, mean and focused on getting a genuine result (in the form of profit) from the time and money you invest.
So here are 5 tips you can use to take the power back and begin "fail proofing" your growing business today.
#1. Question "Exp
So here are 5 tips you can use to take the power back and begin "fail proofing" your growing business today.
#1. Question "Exp
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
rts" Thoroughly
Be wary of government funded trainers and / or advisors put forward by banks.
These people, in many cases, don't have a clue what its like to run and grow their own business. Make it your job to "suss them out" before taking anyth
Be wary of government funded trainers and / or advisors put forward by banks.
These people, in many cases, don't have a clue what its like to run and grow their own business. Make it your job to "suss them out" before taking anyth
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ng they tell you too seriously.
Some questions that I like...
What's your experience of starting and running a small business?
Have you actually spent your own money trying to make a business work?
What mistakes have you made? What lessons can
Some questions that I like...
What's your experience of starting and running a small business?
Have you actually spent your own money trying to make a business work?
What mistakes have you made? What lessons can
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
learn from your experience?
Will this advice / support / idea cost me money or make me money?
Who really benefits when I take the course of action you're recommending?
#2. Model Excellent Businesses
Now by this I don't mean simply copy random
Will this advice / support / idea cost me money or make me money?
Who really benefits when I take the course of action you're recommending?
#2. Model Excellent Businesses
Now by this I don't mean simply copy random
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hings they do.
Just because the boss of a successful firm like yours drives a brand-new Bentley it doesn't mean you should rush out and buy one too. That won't guarantee success.
You're looking to find the things that she did in order to afford t
Just because the boss of a successful firm like yours drives a brand-new Bentley it doesn't mean you should rush out and buy one too. That won't guarantee success.
You're looking to find the things that she did in order to afford t
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
he Bentley in the first place.
So find out as much about their processes and systems as you can and then look for evidence to support applying similar things that work for them to your business.
Subscribe to their mailing list. Visit their premis
So find out as much about their processes and systems as you can and then look for evidence to support applying similar things that work for them to your business.
Subscribe to their mailing list. Visit their premis
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
s. Talk to their staff. Talk to their customers. Read their ads (or notice that they don't advertise). Network with them.
You can learn just as much from non-competing businesses too. So why not set up a support / learning group or see if a succe
You can learn just as much from non-competing businesses too. So why not set up a support / learning group or see if a succe
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
sful entrepreneur would be able to mentor you.
#3. Have A BIG Goal
Big goals, by definition, should be easier to hit than small goals. So don't think small - think big.
After nearly 8 years in business I still like to set regular, big, 90 day go
#3. Have A BIG Goal
Big goals, by definition, should be easier to hit than small goals. So don't think small - think big.
After nearly 8 years in business I still like to set regular, big, 90 day go
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
ls. I call these goals SHAGs - Short Hairy Audacious Goals.
Too many businesses focus on surviving. They think in terms of what they don't want. They miss the opportunity to really succeed and then get what they were desperately trying to avoid -
Too many businesses focus on surviving. They think in terms of what they don't want. They miss the opportunity to really succeed and then get what they were desperately trying to avoid -
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
failure!
Focusing on what you don't want really doesn't work. If you don't want to fail you should focus on succeeding in a big way.
#4. Improve Constantly
Have goals and set targets. Know what outcomes you want and quantify them where possible.
Focusing on what you don't want really doesn't work. If you don't want to fail you should focus on succeeding in a big way.
#4. Improve Constantly
Have goals and set targets. Know what outcomes you want and quantify them where possible.
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
Then work towards your goals using the following cycle...
1. Implement (Do Something) 2. Measure (Test & Review) 3. Improve (Learn & Adjust)
As my friend and firewalk trainer Sanjay Shah says, if you simply improve by 1 percent a day, you'll hav
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
improved 300 percent (allowing for holidays) in a year!
#5. Don't Follow The Crowd
Look, we both know most businesses fail so don't do what most other businesses do or you'll get the same results.
Don't just advertise because every other busine
#5. Don't Follow The Crowd
Look, we both know most businesses fail so don't do what most other businesses do or you'll get the same results.
Don't just advertise because every other busine
.
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
s seems to advertise. Make sure advertising will make you money.
Don't just do telesales because that happens to be the service your local Chamber of Commerce is selling.
Don't measure turnover when profit and cashflow is usually more important.
Don't just do telesales because that happens to be the service your local Chamber of Commerce is selling.
Don't measure turnover when profit and cashflow is usually more important.
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
Don't take on staff just because other businesses believe more people equals growth. More people often just means less profit!
Don't do the same thing, in the same way, to the same people as every other business like yours.
Do something different
Don't do the same thing, in the same way, to the same people as every other business like yours.
Do something different
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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