If you are the leader of an emerging orthopedic company, I’m going to guess that your company has a unique thing that differentiates it in the market… and only one thing. This is your Secret Sauce. Your secret sauce is your raison d’être. This is your unique value proposition for the market.
As a comparison, the big 5 Orthos have no secret sauce. They win in the marketplace because they have iron contracts, massive distribution, a ridiculous breadth of product lines and mountains of cash. Scale, but no sauce.
Know your Sauce
As a small company, your secret sauce will make or break your business. You must know exactly what it is. Your secret sauce could be literally anything. Let’s look at some examples.
Whatever your sauce is, you must Own it. You must…
Hire people who have expertise in it and keep them happy. Spend more time on your sauce than feels right.
Don’t worry about your Commodities
The things that are not your secret sauce are just commodities. These are the things that do not define or differentiate your company. You have to know that things that are just ordinary. You could make changes to these commodities and nobody would notice. For instance, your commodities could be your packaging, your pricing, your implant materials, your surgical training, your sales/distribution model, the implant itself, the instruments, your surgical technique, your manufacturing process, your building, etc. You do not need to own these. Outsource them if possible. You do not even have to nurture these.
Focus on your sauce and you will win in the long term.