Tele: 561.316.3330
Breaking Medical Device News

Wednesday, September 22, 2021


HomeARTICLESWhy Is Your Medical Business Not Taking Off?

Why Is Your Medical Business Not Taking Off?

Why is your medical business not taking off you ask?

Well, first and foremost, when you try to start a business of any kind, you need to be focused, dedicated and above all, you need to have the drive to succeed. However, sometimes even when you are all of these things, life just has other ideas. Sometimes things don’t work out in your favor, and you need to start looking at ways to get around the problems that are blocking you. For example, if you are starting a medical business, there could be a number of problems that you are currently facing, and that’s what we’re going to be focusing on today. Keep reading down below if you would like to find out more.

Insufficient Funding

The first thing that might be stopping your medical business from taking off is insufficient funding. As the saying goes, you are going to need to spend money to make money, which means that you need to have some to start off with. Most people don’t put up the money themselves so don’t panic here. It’s common to seek out an investor, or look at crowdfunding options, or even check with the bank to see if they can take out a business loan. Again though, sometimes just one of these options isn’t enough.

Before you even seek out funding, you need to know how much you are going to require. There is absolutely no point looking for money when you don’t know the grand total that you are going to need to make your business work. It’s pointless to go, get half the money, only to come back and realize that you did in fact need more. This will then send you through the whole process again, when you could have completed it in one swoop. This is why it’s so important to get the right funding straight from the get-go.

Poor Customer Service

Have you thought much about customer service? The common answer is no, so we’re not going to hold it against you if you haven’t. The problem here is that this could be causing a bigger issue for your business than you probably realize. Customer service is really what hooks people in about a business, and especially in a field that is so competitive such as the medical industry, you’re going to need to do this as much as you can. It’s for this reason that you really need to evaluate how well you are providing customer service.

If you start to do an investigation, only to find that it is lacking severely, then you need to work out how you can fix this as soon as possible. The last thing that you want is to have people choosing another company simply because your employees didn’t treat your customers with the respect that they deserve. Make sure that you are sending your employees on customer service training courses regularly to keep their knowledge up-to-date and to cement your expectations from them.

Wrong Support

It may also be the case that you are receiving the wrong support as a business. For example, if you don’t have the right services aiding you, then this could be a huge issue. We know that you have employees, but sometimes this is not enough. Your business needs more support than this, and unless you are hiring specialists for areas such as IT, then you’re going to be harming your business. Hiring an IT support company is one of the best things that you can do for your business, especially now that so much information and data is online. You need to be able to protect this, and make sure that your systems are up and running as often as possible. This is where this kind of service comes in handy.

There are, of course, other services that you should also consider hiring but that are slightly less essential as others can handle this. For example, accounting will be beneficial if you are having issues with your budget, or managing the money is simply getting on top of you.

Not The Right Time

It could simply be a case of it’s not the right time. Businesses fail all the time because they tried to start up at the wrong time. We’re not saying that there is a specific time of year where this happens, but if things are going particularly slow in the industry you are hoping to break into, this is a sign that you’re not going to get on well at the moment. This should be highlighted in the market research that you completed before you started your business, so there’s no excuse for not knowing.

Subpar Marketing

Or, the last suggestion that we have is that it could be down to subpar marketing. Are you putting a fair chunk of money into marketing? Do you have a professional on your side who knows all the different marketing tactics and the best way to use them? Do you have a small team that is dedicated to this and only this? If the answer to any of this is no, then you really need to make some changes sooner rather than later. Subpar marketing means people don’t know who you are, which means that they won’t use your business. It also means that if people do see your marketing, it’s not going to have the desired effect, rendering it pointless altogether.

We hope that you have found this article helpful, and now see some of the reasons why your medical business might not be taking off. It’s always heartbreaking to see something that you worked so hard on flop, but hopefully, it’s not too late to sort it out. There are so many things that you can do in order to save your business, you just need to be dedicated to making them work. Now that you know what these things are, it’s not going to be too hard to get started on fixing them. We wish you the very best of luck and hope that you see the success that you are hoping for sooner rather than later.

Medical Device News Magazine
Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

Stay Connected


Don't Miss

Shannon Lantzy MedCrypt New VP of Consulting

"I met Shannon at a healthcare-related event several years ago and was immediately impressed with her passion and drive to move healthcare into a digital future," said Mike Kijewski, CEO of MedCrypt.

Mark Foster Joins Xenocor BOD

Foster is a versatile and visionary C-Suite executive who brings 20 years of general management and leadership experience from both venture-backed growth-stage organizations and world-class medical device companies

Hinge Health Acquires the Most Advanced Computer Vision Technology for Tracking Human Motion

CEO Daniel Perez explained, “We won’t stop investing in technology to deliver the most patient-centered digital clinic that improves member experience and outcomes while reducing costs. wrnch allows us to take a giant leap forward in all respects.”

Dale W Wood Congratulates the Huma Team on Raising $130 Million

Major health and technology companies across the world have committed upwards of $130 million to Huma Therapeutics, the health-tech company backed by Dale Ventures.

Rhaeos Awarded $4 Million NIH SBIR Grant

Under the NIH SBIR grant, Rhaeos will leverage their existing wireless sensor hardware to provide additional quantitative flow data to the clinician, giving insight into this currently inaccessible and highly relevant shunt performance metric.

Gynesonics Announces FDA Clearance of Next Generation Sonata System

“This clearance brings significant system improvements that expand the location of fibroids that can be treated while allowing the physician to control all aspects of the treatment from within the sterile field,” said Jiayu Chen, Ph.D. Vice President, Engineering and Advanced Technologies at Gynesonics.

Blackrock Neurotech Invests In Groundbreaking Auditory Nerve Implant With University Of Minnesota And MED-EL

The new investment will enable the development and translation of a new ANI through preclinical studies and later, a pilot clinical trial, where the ANI is then implanted in up to three deaf patients.

By using this website you agree to accept Medical Device News Magazine Privacy Policy