INSTANT MBA: Don’t Think Your Company Is Above The Market


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Today’s advice comes from Precision Therapeutics President Sean McDonald’s interview with Smart Business.“It’s too easy to seduce yourself into thinking that you’re unaffected by things in your market.”

McDonald, president and CEO of Precision Therapeutics, a Pennsylvania-based cancer research company, says companies need to be extremely tuned in if they want to remain adaptable to changes in the industry. This includes talking to your competition and other people in the same market and being on top of what the regulatory agencies are doing.

But your business won’t be able to efficiently make changes if everyone isn’t on board with the new plan. To achieve this, consistent communication is key, McDonald says. 

Leaders need to make it a priority to communicate effectively with the rest of the organisation and invest time and energy to make sure employees understand why these changes are important. They’re the ones who will be directly working with the new technologies and communicating with customers.

“You have to be able to clearly articulate the direction that you’re going in and I think you can always underestimate how hard it is to communicate changes and the thinking behind it,” says McDonald. “You have to be willing to take the time to do those communications and have the patience to do it.”

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