Did you realize recently that the 1st quarter is over and you have not hit the revenue target? If so, do you know why the company missed the number? If you don’t know – is that your problem? Is it someone else’ problem?
What is the plan? Is it panic time or do you know the next steps? Does your R&D department lob new products over the wall at the Marketing and Sales Departments without any warning or are you pushing them for the long overdue product? How does your job feel to you – is it a proactive role or a reactive role?
How you answer these questions can tell you a lot about your future.
Bioscience companies need a plan. There should be a strategic planning process in place that happens every year on a schedule. It should focus on long term plans (3-5 years) and short term plans (next 12 months). Leaders from every department should be involved in this process – Marketing, Sales, R&D, Business Development, IT, Manufacturing, HR.
Few companies do this but ALL need to. Emphasis on ‘all’. If you are staring at a missed revenue target at the end of Q1 something went wrong. Be honest with yourself – was there a plan?
Years ago there was a book by Steven Silbiger call The Ten Day MBA. Fine idea for its day. I would like to give you the 21st century version.
Ten Second MBA: The PLAN should start with STRATEGY (Sell what to who…) and be followed by TACTICS (marketing plan) that play to your strengths and core capabilities and fit your budget. Everyone needs to be on the same road and following the same road map. Do this every year.
OK ten seconds is not enough time to learn much. If you want some help getting started Percepta can help.
As always, your comments are welcome.