Date(s) - 08/30/2020 - 08/31/2020
In the dietary supplement industry, you’re bound to face some stiff competition. If you don’t have the right concept and you’re not tracking the appropriate key results (KRs), you’re going to find it difficult to stand out. If you want to align your business, you’ll need to start by picking the right supplement manufacturer.
After all, your manufacturer doesn’t just produce and package your goods. They’re more like team members. Whether you’re creating a vitamin, capsules, tablets, or another dietary supplement, one of your company objectives needs to put finding a manufacturer as the top priority.
Especially when the FDA (Food and Drug Administration) takes interest in your dietary supplement business, you need to ensure the purity of your ingredients. If your dietary supplement doesn’t match up to quality standards, the FDA may penalize you or prohibit you from selling. Outside of the FDA’s regulations, you need to ensure that each package is subject to quality supplement manufacturing. Each package needs to be consistently high quality. What you’re selling is adjacent to medicine so there’s a lot of room for error. In your goal-setting process, look for a manufacturer with a commitment to high-quality dietary supplement ingredients, like Makers Nutrition. Don’t be afraid to do a check-in every now and again either.
To make a quality supplement, you need a manufacturer with quality suppliers. Otherwise, your formulation can suffer. It’s a good idea to look for marketplace certification. After all, the supply side is part of the current good manufacturing practices. This includes ensuring that suppliers can guarantee the potency of their herbs and powders. Any contaminants could easily lose you customers and draw the attention of the Food and Drug Administration. It’s okay to ask your dietary supplement manufacturer about their best practices as this will give you a template for product formulation.
Many dietary supplement businesses use the OKR process to ensure success. OKR (objectives and key results) are crucial to business success. They help you set company objectives and ambitious goals. They also handle quarterly objectives at the end of the quarter. A business goal should be to find a manufacturer whose company strategy aligns with your OKR framework. It’s even better if the manufacturer includes OKRs and stretch goals in their best practices. From setting goals on a team level to refining a company OKR from performance review, your manufacturer should be willing to collaborate with the goal-setting process. There’s a reason the OKR methodology is so popular, after all.
Does your manufacturer focus on tablets? Are they interested in medicine or vitamins? Do they partner with a specific distributor? Learning about the complex process of specialization can help you narrow down your decision. After all, if a check-in shows that the manufacturer makes quality products but not ones that work with your company goal, you need to look elsewhere. Some manufacturers work with all types of dietary supplement products but sometimes this doesn’t provide assurance that each batch of extracts will be uniform.
If your entire company is just getting started, your strategic plans and team objectives need to factor in costs. After all, the ultimate business objective — not just in the dietary supplement health industry — is to turn a profit. Product quality is part of this but one of your measurable outcomes needs to be expenses versus income. When high output management is involved, one of your action items may be to negotiate minimum orders. Until you have some high performers on a company level, you need to keep batches to a reasonable size. Otherwise, your retrospective could show you losing money.
Between navigating your own objectives and OKR goals to learning about promotions for liquids and medication, the only way to find the right manufacturer or distributor is to ask smart questions. Set organizational goals, track your KPIs, and ensure you’re choosing someone who will truly act as a partner in your success.