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E-Folder - Employing People Can Accelerate Your Small Business Growth
A great way to accelerate your small business growth is by employing people.
Okay, it may sound a little simplistic, so let me give you an actual client case study of mine to illustrate how you can do it for your small business growth.
Jason owned a
Okay, it may sound a little simplistic, so let me give you an actual client case study of mine to illustrate how you can do it for your small business growth.
Jason owned a
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
door painting business and worked with me a number of years ago. Within just 3 months his small business sales per month grew from $45K to $90K because he employed a new staff member.
Yes, it’s true! Doubling your business could be as simple as that!
Yes, it’s true! Doubling your business could be as simple as that!
; 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
Let me explain how Jason did it.
Jason’s business was set up for some business growth, yet he needed a little help to identify how he could achieve it.
We identified that in the production area of the business, he had some reliable staff doing a grea
Jason’s business was set up for some business growth, yet he needed a little help to identify how he could achieve it.
We identified that in the production area of the business, he had some reliable staff doing a grea
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
job. Yet in the sales and administration part of his business – he was doing all the work.
We identified that he was getting ‘bogged down’ in the admin roles in the business and it was keeping him from what he does best; Selling.
One of the keys of
We identified that he was getting ‘bogged down’ in the admin roles in the business and it was keeping him from what he does best; Selling.
One of the keys of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
effective business growth is to generate profitable sales. Yet for Jason, the admin work he was doing was taking time away from him being able to sell. He was bogged down in the day-to-day administration of the business.
If you have a business, consi
If you have a business, consi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
der this - Sales people should be doing one thing – selling. If they are doing the daily administration work they may be costing you profit. And growth.
What we did was simple. We put on an office/admin person.
The key guideline in putting on a perso
What we did was simple. We put on an office/admin person.
The key guideline in putting on a perso
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
is this; as soon as you can afford half of a person’s wage you employ them. The reasoning is simple. They’ll pay their way when they get going.
Prior to putting on the admin person, we developed the systems in admin so that the new person could follo
Prior to putting on the admin person, we developed the systems in admin so that the new person could follo
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
w them. And we also developed training programs to ensure that the new person would be up and running in next to no time.
If you’re looking to put someone on in your business, you’ll also need to put into place systems so that they can follow them con
If you’re looking to put someone on in your business, you’ll also need to put into place systems so that they can follow them con
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sistently – especially during the first month. You’ll also find that you’ll probably stunt the growth of your business in the first 3 to 4 weeks because you’ll need to devote a lot of your time to training that person 100%.
It’s the old notion of havi
It’s the old notion of havi
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
g to take one step back to take three or four forward.
If you train them at less than 100%, say 50% you’ll only ever get out of them what you put in. That’s where most business owners fail. Firstly they select the wrong person and then they don’t have
If you train them at less than 100%, say 50% you’ll only ever get out of them what you put in. That’s where most business owners fail. Firstly they select the wrong person and then they don’t have
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
a great system to train up new employees.
Anyway, Jason put on the new admin team member. We defined her roles and responsibilities. We got her to read the about how the business ran so that she could understand systems and how they can work for a b
Anyway, Jason put on the new admin team member. We defined her roles and responsibilities. We got her to read the about how the business ran so that she could understand systems and how they can work for a b
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
usiness and then we coached her on how to systematise her tasks as we explained them to her.
It took about one or two months before the new team member was up and running. In that second and third month, Jason brought on new business like crazy!
With
It took about one or two months before the new team member was up and running. In that second and third month, Jason brought on new business like crazy!
With
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
the extra time on his hands, he met more people, had more appointments and brought on more customers.
As a side note, the new team member was completing the businesses admin activities in just 2 days that used to take Jason two weeks to complete.
Thi
As a side note, the new team member was completing the businesses admin activities in just 2 days that used to take Jason two weeks to complete.
Thi
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
s meant that the new team member could then be focused on improving the administration of the business, and then the financial tasks of the business.
Eventually this admin person worked on documenting the systems of the entire business, enabling Jason
Eventually this admin person worked on documenting the systems of the entire business, enabling Jason
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
to sell the business some time later.
Now let’s consider your business.
If you would like to grow your business, consider getting other people to do activities that are tying your down.
To help you in your business here’s what you should do…
1. Pu
Now let’s consider your business.
If you would like to grow your business, consider getting other people to do activities that are tying your down.
To help you in your business here’s what you should do…
1. Pu
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
a value on your time. For example, if you charge out at $50 or more per hour that’s great. What it means though is that you’re wasting your time and holding your business back if you are doing any tasks that you can pay someone less than $50 per hour
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
to do.
2. List the jobs that are less that your $ value per hour. I would suggest that it would be the banking, getting the mail, opening the mail, doing your book work, doing mail outs, etc…
3. Delegate these jobs to your team. Or even better hire
2. List the jobs that are less that your $ value per hour. I would suggest that it would be the banking, getting the mail, opening the mail, doing your book work, doing mail outs, etc…
3. Delegate these jobs to your team. Or even better hire
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
someone to do them for you. If you can pay someone $20 per hour to do your bookwork and you can go and make $50 per hour, you are $30 in front. Plus they’ll get in done in half the time.
4. Make it happen.
Too many small and medium sized business own
4. Make it happen.
Too many small and medium sized business own
.
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
rs do too much work ‘in’ their business. Consequently their business doesn’t grow.
Work out what you are best at in your business. Then surround yourself with people that will do the things that will free you up so you can do those ‘best’ things.
The
Work out what you are best at in your business. Then surround yourself with people that will do the things that will free you up so you can do those ‘best’ things.
The
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
n you can concentrate on doing the things that you know could grow your business, and the people that you employ can do what they do well. The end result will be significant business growth for you.
Copyright © 2005 by Casey Gollan. All Rights Reserve
Copyright © 2005 by Casey Gollan. All Rights Reserve
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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