This week is National Small Business Week  (May 16-20). Every year, the president of the United States proclaims National Small Business Week to recognize the contributions of small businesses to the economic well-being of America.
In honor of the week, here are BIO's top 5 strategies for small business success:
1. Identify your company’s true skill or value and hold close to it.
More than ever, today’s biotech company must be laser-focused on its business model and execute stringently.
2. Build a base of support and collaboration.
Share your knowledge and learn from others, uncover opportunities for overcoming common challenges facing start-ups. Always think ahead and plan and prepare for the worst, while hoping for the best possible outcome in your business model.
3. Assemble a strong team.
Identifying and security the right expertise for every stage of development will pay off in the long-run. Creating a team environment, complete with external contract research and manufacturing organizations, is essential for achieving goals on a tight budget. Clearly defined goals, constant communication, an open and flexible culture to encourage innovative ideas are all key components of a strong team-focused approach.
4. Consider reimbursement.
Small biotech companies must constantly collect data to show they have good outcomes to share in order to be considered for reimbursement.
5. Identify an exit strategy.
Today’s small biotech CEO must always be planning ahead and thinking through the steps necessary to follow through on the exit strategy. Achieving strong clinical trial data is a must for sharing with prospective partners.