MedTech + Mindset Newsletter #019

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This week's Medtech+Mindset Newsletter is brought to you by The Ten Medtech Commandments Paperback and Kindle Editions on Amazon.com.

The Ten MedTech Commandments contains 25 years of lessons learned the hard way...so it's easy for you!

1. Key Performance Indicators Amplify Success

Insight from Alex Kunz

For early-stage companies and ideas, it is critical to develop strong key performance indicators (KPIs); these KPIs will help drive your company to the ideal population to establish the best results possible.

Read on...there's a step-by-step process to support your KPI development. 

One of the most eye-opening things I ever did was visit the Allegheny Observatory.  I looked through the original 13-inch refracting telescope to see the rings of Saturn. At that moment, I was able to focus my attention.  I saw the beauty of space.

This is not much different from KPIs. When you develop the strongest KPIs for your solution, just like the telescope, you can hyperfocus on your goals and what you want to learn.

But you can't just point a telescope to the sky and get a perfect image of Saturn without some basic understanding of astronomy. 

Like scientists in the past, you have to look at the night sky as a whole before you can see the beauty of each planet or star.

It is the same when developing KPIs; you need to look at general indicators as a whole before identifying the exact ones you need for success.

Let’s start by looking at the current problem, what opportunity exists, and the solution we will discuss over the next few weeks. 

 Current Problem

 Most solutions, products, and innovations are viewed and evaluated from a narrower lens than they should be 

 Various stakeholders are often consulted after a decision is made, making their input invaluable  

• Evaluations are made based on opinions and not facts, influencing choice and sacrificing quality 

  The Opportunity  

• Expand the aperture for evaluating products and solutions to ensure a more comprehensive set of criteria.
• Quantitative and qualitative KPIs can be established to evaluate better and test a product or solution.
• Developing leading, lagging, and long-term measurements can help position a product or solution for quicker adoption or early abandonment.  

The Solution  

• Adopt a 360 degree-approach to determining success criteria and establishing KPIs
• Create general set of criteria that can be used as conversation starters 

Next Week…Do’s and Don’ts of Developing KPIs.  

2. Medtech+Mindset Moment Recap

Insight from Matt Tucker

Below are the most recent Medtech+Mindset Moments ranked in order of views.  If you missed any of them, hop in and take a look!

Wanna join a startup..but don't know if its right for you?

Is your anxiety affecting your team?

You're not the only one with good ideas

Marketing metrics and you

Opportunities aren't luck

3. When an employee leaves...you risk more than you think.

Insight from Matt Tucker

Are employees replaceable...sure.  You can always get a butt to fill a seat.  But you can't guarantee you can get a good butt to fill an important seat.

Ten reasons you should think twice about assuming all employees are replaceable.

1. Retention of employees helps retain customers.  Why risk a customer leaving because their favorite contact left for another company?
2. Retention of employees helps the company build loyalty.  Long-term and sustainable success is key to allow you to grow long-term.
3. Retention of employees helps the company build morale.  When employees leave -- especially good ones -- the employees who are left start wondering if they should leave too.
4. Retention of employees helps the company build community.  Community is about trust.  A revolving door of people makes it hard to build trust.
5. Retention = Momentum.   Why start and stop and restart important initiatives...Keep momentum rolling.
6. Retention of employees helps the company meet its goals.  If you think you can meet goals by stopping them for months while you look for a replacement...you're wrong.
7. Retention of employees is more cost effective than hiring new employees.  From the big investment of training, to the development of in-role mastery, to the knowledge of how to navigate the organization effectively...it's cheaper to keep a person than hire a new one.
8. Keeping an employee is cheaper than hiring a new one.  When you hire outside you pay market rate in salary and benefits.  When you keep people you pay them (maybe) 3% more per year.
9. Risk of hiring an idiot. When you hire a new person to replace a known quantity, you risk hiring someone who is great at interviews but bad at work..you risk hiring an idiot to replace someone average to above average.
10. They have nothing to lose by telling everyone what it was really like working for you.  No additional description needed on this one.

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That's it for this week.

 — Your Friends at the M+M Team.

 
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