Start-Up Priorities: Take the Time to Understand

Comprehend - Follow - Grasp . These are all synonyms for understand.

In its most basic form and according to the Merriam-Webster Dictionary it means "to grasp the meaning of".

So you may ask what does this have to do with starting a company?

It means more than many of us are willing to possibly acknowledge.

I order to be successful when launching operations , there is a need to fully understand the nuances of the market that it wants to launch in and to ultimately have success.

This begs the next question. What does one need to understand. The list is very long and includes the following, and more - but I think you get the idea!

Each one is unique. And each one can have a direct impact on a different functional area and at a different point in the lifecycle of a product or a company starting out.

For example, the non-optimal label (indication), as an example, can adversely impact how the product or products can get reimbursed by public and public payers. If not planned properly and addressed with a strategic lens this could lead to tactical challenges for the reimbursement process and negatively impact the success of the organization.

If one takes the time to properly understand all of the potential pitfalls early, it leads to better assumptions which should lead to better business outcomes.

While focusing on understanding seems like a very simple starting point it is often a step that is rushed to the detriment of the business.

It has been my experience that conducting these steps properly will yield a much better ROI than if you rush through and then have to adjust on the run.

If you would like to have a more detailed discussion around this very important topic I would invite you to email me at jovan@strat2tact.com or by calling me at +1-514-909-6807.

STRAT2TACT Consulting (www.strat2tact.com) is a boutique consulting business for BIOPHARMA, BIOTECH and MEDICAL DEVICES companies.

STRAT2TACT focuses on:

• Start-Up Operations
• Growth Strategies
• Planning for Growth
• Fractional (Interim) Management

All this with a unique operating model to ensure EFFICIENCY, AGILTY and TRANSPARENCY.

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