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E-Folder - Business Profitability - 10 Ways To Boost
10 Ways to Boost your Profitability
So many business owners work hard - really hard - just to break even or keep afloat. Each one of us deserves reward for our efforts, whether that be financial or personal. The question to ask yourself is whether you are directing your effort in the right places, to get the reward you want?
Of the businesses I’ve seen and worked in, there are plenty of ways to mis-sp
So many business owners work hard - really hard - just to break even or keep afloat. Each one of us deserves reward for our efforts, whether that be financial or personal. The question to ask yourself is whether you are directing your effort in the right places, to get the reward you want?
Of the businesses I’ve seen and worked in, there are plenty of ways to mis-sp
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
end effort - that is, to work hard - but on the wrong things. Here are ten of the most common areas where the return on your efforts can really be ramped up.
1. Marketing Inconsistently
Once you have committed to owning and running a business you must be equally committed to marketing and selling the products and services of that business. It is difficult, if not impossible, to stay and remain profit
1. Marketing Inconsistently
Once you have committed to owning and running a business you must be equally committed to marketing and selling the products and services of that business. It is difficult, if not impossible, to stay and remain profit
; 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
able without a commitment to ongoing concerted marketing.
To get more out of your marketing, create a simple marketing plan that includes marketing activity every day, every week and every month. Marketing plans combine formal activities (such as advertising, promotions and writing) with informal activities (such as making new contacts) . Don’t underestimate the power of talking to people about what you do. Use every o
To get more out of your marketing, create a simple marketing plan that includes marketing activity every day, every week and every month. Marketing plans combine formal activities (such as advertising, promotions and writing) with informal activities (such as making new contacts) . Don’t underestimate the power of talking to people about what you do. Use every o
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
portunity, every time.
2. Fear of Asking for the Sale
Isn’t it true that we think asking directly for someone’s business means coming across as pushy or obnoxious. But if we have this attitude, we are letting profit-producing opportunities pass us by. Worrying more about what someone thinks of you than bringing more money into the business is an all too common mistake. If you find it difficult to "as
2. Fear of Asking for the Sale
Isn’t it true that we think asking directly for someone’s business means coming across as pushy or obnoxious. But if we have this attitude, we are letting profit-producing opportunities pass us by. Worrying more about what someone thinks of you than bringing more money into the business is an all too common mistake. If you find it difficult to "as
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
k for the sale", you can be sure that you're not bringing in as much money as you could be.
The most effective way to address this issue it to practice asking for the sale in language that you are comfortable with (not too wishy-washy please). Write down what you want to say first, then practice it over and over. There is also plenty of stuff out there on handling objections. Prepare your responses to the most common o
The most effective way to address this issue it to practice asking for the sale in language that you are comfortable with (not too wishy-washy please). Write down what you want to say first, then practice it over and over. There is also plenty of stuff out there on handling objections. Prepare your responses to the most common o
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
bjections so you are well armed before you speak with your prospective customers.
3. Getting help
Most business owners possess strengths in one or two specific areas, but whether by necessity or design, they often end up working in areas they aren’t strong in. This builds inefficiencies and potential for mistakes into the business. To compound the problem, we don’t ask for help straight away, but stru
3. Getting help
Most business owners possess strengths in one or two specific areas, but whether by necessity or design, they often end up working in areas they aren’t strong in. This builds inefficiencies and potential for mistakes into the business. To compound the problem, we don’t ask for help straight away, but stru
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
gle on doing the stuff we are not suited to (saves money right?) But each day that goes by with your business running at less than maximum efficiency, means dollars lost from your pocket.
Work out where you add the most and least value in your business. Pay someone to help you out with these low value add activities. Your time is best spent where you add the most value. If you can do more of this kind of activity, your
Work out where you add the most and least value in your business. Pay someone to help you out with these low value add activities. Your time is best spent where you add the most value. If you can do more of this kind of activity, your
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
business will benefit.
4. Use your Existing Customer Base
All the research tells us that it is easier and cheaper to keep working with customers you already have, than to get new customers into your business. If you are not following up with past customers on a regular basis you are reducing your profitability potential.
Develop strategies to keep your customers with you, such as loyalty plans, reg
4. Use your Existing Customer Base
All the research tells us that it is easier and cheaper to keep working with customers you already have, than to get new customers into your business. If you are not following up with past customers on a regular basis you are reducing your profitability potential.
Develop strategies to keep your customers with you, such as loyalty plans, reg
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ular communications and special offers. Implement a regular process for following up your customers after they buy from you.
5. Managing Expenses
Savvy business owners regularly appraise their business expenses and find ways to reduce costs without sacrificing quality. If you haven't completed a cost analysis lately, you might be paying more than you need to be, which will reduce your profitability.
5. Managing Expenses
Savvy business owners regularly appraise their business expenses and find ways to reduce costs without sacrificing quality. If you haven't completed a cost analysis lately, you might be paying more than you need to be, which will reduce your profitability.
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
t least once per quarter you should review your expenses and negotiate for adjustments as appropriate. Categorize everything you spend under 3 headings: Essential, Nice to Have and Non-Essential. Everything in the last two categories is up for grabs – be ruthless!
6. Spending large amounts on glossy, slick marketing materials and expecting business to pour in without any additional effort.
Glossy broc
6. Spending large amounts on glossy, slick marketing materials and expecting business to pour in without any additional effort.
Glossy broc
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hures and slick marketing materials are a nice addition to more active forms of marketing such as meeting people, calling people and speaking to people. However, brochures and business cards, no matter how beautiful, do not replace direct contact. If you are spending money on flashy marketing materials in the place of marketing directly, your profitability will suffer. The most effective form of marketing comes from you
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
talking about your business to others.
Marketing materials are an expense, and to be sure they are working, you need to get some handle on the return on your investment. At the very least you should be tracking where new business is coming from so you can get an idea of whether your marketing materials are contributing to any new business you get.
7. Spending a significant amount of time in low-return activit
Marketing materials are an expense, and to be sure they are working, you need to get some handle on the return on your investment. At the very least you should be tracking where new business is coming from so you can get an idea of whether your marketing materials are contributing to any new business you get.
7. Spending a significant amount of time in low-return activit
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
es
Don’t we all know about this one! If you are spending the majority of your day completing tasks which are administrative in nature and/or which can be easily completed by other people then you are not putting yourself to best use. For most of us, the best value-adding activity we can be involved with is in bringing business in the door by building relationships, talking to prospective customers and promotin
Don’t we all know about this one! If you are spending the majority of your day completing tasks which are administrative in nature and/or which can be easily completed by other people then you are not putting yourself to best use. For most of us, the best value-adding activity we can be involved with is in bringing business in the door by building relationships, talking to prospective customers and promotin
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
g our business.
What value do you put on your time? Assign yourself a competitive hourly rate for the market and industry you work in – it might be anywhere from $100 per hour or upwards. Then ask yourself whether you would pay anyone that hourly rate to process accounts or do administrative work. If the answer is no, find a way of getting these low-return activities done for a lower hourly rate. Hire a bookkeeper or
What value do you put on your time? Assign yourself a competitive hourly rate for the market and industry you work in – it might be anywhere from $100 per hour or upwards. Then ask yourself whether you would pay anyone that hourly rate to process accounts or do administrative work. If the answer is no, find a way of getting these low-return activities done for a lower hourly rate. Hire a bookkeeper or
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
assistant for a few hours a week, and spend your time doing the valuable work.
8. Not charging enough for what you do.
This challenge seems to arise especially for people who sell services. Either we feel embarrassed to ask for the amount we want, or we simply accept less money than we need - so we get "some money" rather than "no money". But beware, after a while, working for too little can leave yo
8. Not charging enough for what you do.
This challenge seems to arise especially for people who sell services. Either we feel embarrassed to ask for the amount we want, or we simply accept less money than we need - so we get "some money" rather than "no money". But beware, after a while, working for too little can leave yo
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
exhausted and resentful, not to mention the impact it has on your profitability.
You do not need to defend an increase in your fees either. It is normal business strategy to review fee structures, make changes and advise customers. And contrary to our fears, it is often the case that business levels improve after fees are increased. It seems that we attract a whole different class of customer when our fees reflect th
You do not need to defend an increase in your fees either. It is normal business strategy to review fee structures, make changes and advise customers. And contrary to our fears, it is often the case that business levels improve after fees are increased. It seems that we attract a whole different class of customer when our fees reflect th
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
e value we provide.
9. Not making enough use of technology which could save time and effort.
As a business owner, you have a fixed amount of time and energy within which you must maximize your profits. Technology can help you do this in the form of autoresponders, voicemail, wireless internet connections, speech recognition software, SMS from your computer and so on. All of these tools are widely ava
9. Not making enough use of technology which could save time and effort.
As a business owner, you have a fixed amount of time and energy within which you must maximize your profits. Technology can help you do this in the form of autoresponders, voicemail, wireless internet connections, speech recognition software, SMS from your computer and so on. All of these tools are widely ava
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ilable to us, and are designed to save time and effort. Each of us needs to continually look for ways to make business processes more efficient by using inexpensive technology.
Often the problem is that we don’t know what we don’t know. Some wonderful tool might be available but we don’t know it exists. You need to stay on top of the latest products by regularly checking in with business and telecommunications sites.
Often the problem is that we don’t know what we don’t know. Some wonderful tool might be available but we don’t know it exists. You need to stay on top of the latest products by regularly checking in with business and telecommunications sites.
.
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
10. Sticking with outdated business models or plans.
You’ve all heard it before - doing things the way they have always been done means that you will get the results that you always got. If you are not satisfied with your results then you need to re-look at what and how you are doing things. An astute entrepreneur has a mindset that is always challenging the way things are done in the business.
Anothe
You’ve all heard it before - doing things the way they have always been done means that you will get the results that you always got. If you are not satisfied with your results then you need to re-look at what and how you are doing things. An astute entrepreneur has a mindset that is always challenging the way things are done in the business.
Anothe
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
r great way of coming across new ideas is to attend seminars and conferences on various topics. If you get a single idea to put into practice in your business, then that seminar has been worthwhile.
If you are serious about improving your business' profitability (and aren’t we all?), then taking action on these areas will help you make more money and have more fun in your business. And that’s what it’s all about really
If you are serious about improving your business' profitability (and aren’t we all?), then taking action on these areas will help you make more money and have more fun in your business. And that’s what it’s all about really
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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