Main Subject - Business

Trends in Small Business Management Skills

New data has shown that the majority of business owner-operators neglect their personal needs and have no plan to exit their business upon retirement

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

. The survey indicates that only 37% of owner-operators have planned for their own exit from the business and only 38% have any form of personal development plan to ensure ongoing career devel

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

pment and satisfaction.

64% of SME owners work more than a 40-hour week and only 45% take four weeks holiday each year. While many business owners consider they’re in business for lifestyle r

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

asons, this is clearly not their reality.

These insights have emerged from a sample of more than 300 Small to Medium-Sized Enterprises (SMEs) in 32 industries. Respondents have gone to http:/

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

www.eyeswideopen.com.au/pages/Quiz where they have completed a 22-point questionnaire that provides them with a snapshot of their own business, how it rates in their industry and compares it wi

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

th the total sample.

Kirrily Dear, Director of ‘Eyes Wide Open’ (a pragmatic business consultancy servicing SMEs) says this survey is different because it addresses the happiness and fulfillme

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

t of the owner.

“We believe it is the first time the owner-operator’s personal needs have been acknowledged as a critical part of management. It is possible that there is a connection between

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 owners neglecting their personal needs as they strive to grow their business and the long terms sustainability of small businesses”.

Management Skills Gap

In the wake of a major grow

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

h surge in the size of the SME sector of the economy over the last ten years, the survey points to a serious gap in on-going management skills.

For example, only 61% of businesses completing t

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

he questionnaire set and hit their sales and profit targets in the last 12 months. 60% have defined roles; responsibilities and targets for their team, but only 55% actually conduct regular pe

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

formance reviews.

However, small business owners continue to perform well as employers. 87% encourage team members to contribute ideas on improving business operations and 85% regularly offer

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

encouragement to the team. 77% regularly discuss achieving business goals with their team.

Out in the lead is the Human Resources sector with an overall score of 73%. This industry out-perfo

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ms others in internal communication and performance management. For instance, 86% of Recruitment/HR/Outplacement companies conduct regular performance reviews compared with the total sample (5

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

5%). Many also work 40 hours per week or less.

At the other end of the spectrum, the Retail trade had an average score of 44%. This sector scored below average on 19 of the 22 attributes mea

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ured. Of particular concern for this sector is the lack of planning. Only 23% had a business plan compared to 50% overall.

The questionnaire is available online for the next six months and c

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

n be completed by any SME owner-operator. Ms Dear says, “It is very thought-provoking and reminds us of key management issues that may have been forgotten in the busy-ness of day-to-day busine

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

s”.

Kirrily Dear has this advice for SME owner-operators: “Take stock of why you are in business and what's important to you. It is important to be clear about these factors to ensure you are

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

able to sustain your motivation and commitment to building a successful business. Also you need to work on reducing the extent to which the business relies on you personally. It is crucial th

.

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

t you keep perspective on your own health and general well-being”.

Survey top-line Results:

1. Recruitment, HR, Outplacement = 73%

2. Accommodation, restaurants, cafes = 66%

3. Marketing &

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

iz Consulting = 62%

4. Manufacturing and construction = 61%

5. Financial Planning = 59%

6. Accounting and business administration = 58%

7. Retail trade = 44%

http://www.eyeswideopen.com.au

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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