3 Success Principles for Life Science Business Growth
The ever-expanding life sciences landscape has reached a new pinnacle in the UK, as funding for biotechnology reaches the highest ever amount ever recorded in a single quarter. The BioIndustry Association report that UK biotech companies raised an incredible £453 million in venue capital financing – an amount facilitating more year-on-year sector growth than the US and China.
Meanwhile, the wider life science industry continues to flourish, as global organisations including the likes of Jeff Bezos’ Altos Labs, and Croda; who have received £15.9 million in investment from the UK government for their manufacturing developments, establish themselves within the country.
To facilitate widespread expansion for life science organisations, the UK government has also indicated sector specific allocation of further investments to enable the success of life science organisations working in scientific superclusters.
While financial investment is a crucial step in the expansion process, a clear and sustainable growth strategy is equally as integral for long-standing organisational success
Read on to discover the 3 key success principle behind sustainable life science business growth.
Find out how to:
- Unravel business challenges
- Future-proof your organisational strategy
- Invest in your people’s expertise
Success Principle 1: Unravel Business Challenges
To effectively unravel your business challenges, there must be a significant time commitment to understand the nature, and impact of your organisational challenges across the wider business.
Reflecting on my time working with clients looking to grow rapidly, I invest a significant amount of time to delve beyond surface level issues, to uncover what the fundamental challenges are, and how
they’re affecting different teams.
By understanding your business challenges, surrounding both due diligence, and on-site hurdles, you’ll be able to prioritise your framework for expansion, and get a realistic idea of what areas need the most development and investment to ensure teams are adequately supported.
Success Principle 2: Future-proof your organisational strategy
Ensuring that your expansion strategy is only efficient today, but for the future is essential to capture the full benefit of an empowered, and productive workforce. While organisations often face the temptation of hiring temporary support to deal with immediate challenges, the question of whether the challenge has really been alleviated remains.
When a large amount of temporary workers are brought in, they’re often placed under internal management which takes more time away, and perpetuates a downward cycle where a busy group of people involved in overarching strategy and expansion, as well as bringing in new equipment and potentially automation, are also having to deal with managing and ensuring new workers successfully mitigate existing challenges on an almost cyclical basis.
In my experience, a more holistic model where on-site teams are externally managed establishes a much needed stable platform, where teams have a solid understanding of what they’re delivering, without adding additional pressure onto each other.
Success Principle 3: Invest in your people’s expertise
Your scientific teams are your greatest asset throughout your organisational expansion, it’s important to ensure that while the company is growing, that employees remain supported in role.
By making work meaningful, and aligning responsibilities with your employee’s strengths, expertise and interest, you’re more likely to see greater levels of not only employee retention, but candidate attraction as your workplace’s reputation spreads across the wider scientific community.
For us at Synergy, we support our clients with this directly by deploying our onsite teams to take over routine tasks, while also managing and developing them, to ensure that they have a continuously expanding level of expertise to complement organisational growth.
Ready to facilitate your business growth?
Synergy provide specialist scientific services to organisations operating across the life science industry, from global pharmaceutical organisations, to specialist biotech companies.
Synergy power innovation and business continuity with tailored, flexible solutions that empower our clients to return time back to their core science.
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