Requirements for a Company to be Successful

For a company to be successful, it is necessary to have a vision, to have the required knowledge, skills and resources, and to develop an appropriate business plan. If any of these requirements is insufficient or lacking, the project may end in confusion, anxiety or frustration and eventually failure. A company must develop a strategy, and follow it. Making choices at the right time is a crucial management attribute. When a company wants to develop new products and grow, it must have a critical

Table 7.12 Ten recommendations for the commercialization process of a biopesticide

• Ensure that the project fits the company's strategy and capabilities

• Draw up a proper business plan with accurate information and market data

• Be conservative in the estimation of the market potential

• Set clear objectives, and allocate resources

• Obtain genuine commitment from all decision-makers in the company

• Install a systematic idea-to-launch-to-sale-volume process, and make the gates work

• Develop a rating system for quantifiable and objective decisions

• Define success criteria and "go/no go"-decision moments up front

• Involve all functional fields in the decision team: R & D, M & S, finance, and corporate management

• Continuously evaluate progress, expenses and expected revenues look inside, and consider whether the current organization is fit for its future outlook. It is vital to have the internal organization structures and procedures in place when growth is the objective. If only growth is pursued, this can easily frustrate an organization and give rise to large difficulties. Growth and internationalization must be encouraged in predictable markets that can be developed without taking too high risks. Continuous improvements on all terrains are necessary to stay competitive. Costs must be vigilantly observed, and progress strictly monitored, new markets developed as speedily as possible to increase income. Profitability is required, so new projects can be started and new products developed and registered. Only profitability can ensure return on investment, new investments and new projects for the future, and that a company can remain competitive, innovative and sustainable. All this is a great challenge for all those involved, and at the same time also highly motivating and fascinating. This should drive entrepreneurs to continue in the field of biopesticides and to make it a successful and sustainable business.

Better Business Planning

Better Business Planning

A business plan is an essential document for anyone commencing a new business, already in business and critical for anyone seeking funding from a venture capitalist. The business plan needs to be comprehensive, well thought and should contain sound business reasons. You can get all the info you need here.

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