I strongly believe in business growth and expansion. Growth is the signpost of progress. If your business is generating the same annual revenue for straight years, it means that something is wrong with your management capacity.
Your business cannot grow if you are married to just one idea or one line of products or services. Large corporations are always on the lookout for new products and services or how to upgrade their products and services in order to engender unprecedented growth and expansion.
A Swiss pharmaceutical company is today the world leader in veterinary medicines, yet it had not itself developed a single veterinary drug. But the companies that developed those medicines refused to serve the veterinary market.
The medicines, mostly antibiotics, were of course, developed for treating human diseases. When the veterinarians discovered that they were just as effective for animals and began to send in their orders, the original manufacturers were far from pleased.
In some cases they refused to supply the veterinarians; in many others, they disliked having to reformulate the drugs for animal use, to repackage them, and so on.
The medical director of the pharmaceutical company that created these veterinary drugs protested that to apply a new antibiotics to the treatment of animals was a “misuse of a noble medicine.”
Consequently, when the Swiss approached this manufacturer and several others, they obtained licenses for veterinary use without any difficulty and at low cost. Some of the manufacturers were only too happy to get rid of the embarrassing success.
Human medications have since come under price pressure and are carefully scrutinised by regulatory authorities. This has made veterinary medications the most profitable segment of the pharmaceutical industry. But the company that developed the compounds in the first place are not the ones who get those profits.
The problem was that the original manufacturers of these drugs were married to human medicines, and forgot to keep opening more doors for bigger revenue. At the end of the day, they lost a golden opportunity.
So, what is the way out? How do we know when opportunities like this is knocking on our door? How do we generate ideas for new products and services? How do we even know that an idea will sell? I will answer all these questions while teaching on product innovations this Saturday, 2nd February, 2019 at Oriental hotel, Lekki, Lagos.
All you need to do is to book your seat right now. Admission is N50,000. You can pay through King’s Uncommon Wisdom Limited. 0141855113. GTBank. Or simply click this link https://bit.ly/2GJNB1H and pay directly from your bank.
If you have any question, please call 07032681154.
See you at the CEO Success Summit this Saturday!