Five ways to streamline your growing business
Anytime a new business owner steps into the market place, there are going to be a few growing pains. Even with the most elaborate business plans, surprises will come up and many new business owners quickly realize that they are spending much more money than they had initially estimated. Once this happens, generally there is a mad scramble online for advice, many hoping they will find an answer to their problems, if they simply “click here”. However, the best advice that anyone can give to a new business owner is the knowledge of how to streamline the business, and here are five examples of how streamlining can help you save some money.
5. Hire an SAP Consultant
SAP software will definitely be a large change, but once implemented, this software can be used to streamline the important functions of your business. Discussing the software with a consultant who is familiar with how it can benefit your business is a great way to see how you can save money by using a singular software solution rather than having different software, for different positions throughout your organization. Click here for more information about SAP consulting.
4. Don’t Hire More Than Needed
It is easy to become overly optimistic, when it comes to a new business and hiring the biggest staff possible almost seems to be a necessity, since you plan on your business booming. However, when you hire more people than the work demands, you will have people who are, essentially, being paid for sharing a job between them, that they could easily handle, all on their own.
3. Create A Short Term Business Plan
Big picture thinking is a great way to avoid the tunnel vision that can come along with the opening of a business, but once you notice things are not quite going along your scheduled time line, it is time to reevaluate your business plan. Set short term goals that will eventually lead to your long term endeavor. Otherwise, you may become to overwhelmed to effectively keep your business going.
2. Advertise To Your Client Base
If you were to ask many successful businesses how they advertise, many will let you know that only a portion of their advertising is truly beneficial. That is because many companies tend to spend money advertising to the entire world rather than limit their campaign to those who may be interested in their business. For instance, if you sell cigars, you should advertise in areas that you know smokers visit often, such as bars or cigar shops. Advertising your cigar shop near a hospital, on the other hand, may not work out so well.
1. Remember That You Are An Employee
New business owners tend to forget that they are their own most valuable employee. There is no one in your business that cares more about the success of the business than you do. So, don’t be afraid to get your hands dirty! By doing so, you can save money on your staffing and, more importantly, things will be done exactly as you want them.
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.”