This week I talked to Don Davis of 5280 Life Sciences Consulting. Don helps companies scale up through leadership development, project and process improvements. He is also the host of the Life Science Success podcast.
The challenge comes when a small company of about ten employees becomes successful and gets an influx of cash and all of a sudden is becoming a company of one or two hundred.
Interestingly, the first thing he mentioned were mission, vision and values. It’s important to know where you are going and those things support the right decisions and behaviors. He also pointed out that when you get to 200 employees, most of the managers weren’t there at the start. If they are not dialed into the direction you are going, things can unravel.
Beyond those basics, we talked about how companies of any size should evaluate the tools they will invest in, beginning with requirements and working from there.
At some point, that small company may be acquired by a bigger company and that brings another set of challenges with integration. It’s not always a case of migrating data. Often small companies will use a tool in ways other than intended. Valuable assets can be lost if those systems are shut down following the acquisition without knowing what information is kept there.
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I highly recommend this episode to anyone who is growing their business either by investment or acquisition.
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