4 overlooked ways to develop company growth
Maintaining a company’s growth can be an intimidating task. Businesses must constantly be thinking of new and unique ideas while simultaneously fostering current relationships.
So, how does one successfully balance both? Sean Rudner, small business expert, creative entrepreneur and owner of the ultimate business resource StockPKG, has been asked on multiple occasions how he has lead his company to maintain triple digit growth year after year.
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Below, Rudner offers four simple principles on how to be successful in growing a business.
1. Avoid having “shiny object syndrome”
Many companies become so focused on acquiring new business they completely forget about their existing customers. It is much less expensive to maintain an existing customer than it is to replace them.
2. Set goals
StockPKG sets monthly goals similar to many other companies, but has three specific aims outside of revenue and profitability including its number of orders, its total number of repeat customers and its number of new customers
3. Don’t try to save your way to prosperity
Although StockPKG focuses on controlling its costs, it also strives to be a customer-oriented company. The company doesn’t look to generate our money on just one order. It keeps margins tight and reviews the customer’s worth over the lifetime of our business together.
4. Use Spare Time Productively
Many entrepreneurs choose to spend their spare time talking to their suppliers because it “feels good.” Instead, StockPKG spends that time talking to prospects and existing customers to learn more about their business (how they’re perceived by customers, ways to improve, etc.).
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Be sure to make the effort to pick up the phone and ask your customers specific questions on how you can improve as a supplier. You may be blown away with what you’ll discover.
These four principles have lead StockPKG to unparalleled success since inception in 2012 and Rudner intends to continue achieving his business goals well into the future.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”