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| | | | | | | Today's advice comes from ProPhase CEO Ted Karkus' interview with The Street:
"You can have the best product in the world, if you don't have good management and you don't have good employees and a good staff working with you there is no way the product is going to be successful. ... There are a thousand decisions I have to make every day, and I rely on my entire team to make them." When Karkus took over ProPhase in 2009, he had never been a CEO with dozens of employees to manage before. He was leading a company that had a legacy of declining revenues, even after the pharmaceutical company created Cold-EEZE, its now-flagship clinically-proven cold cure. But a disorganized operation needed to be revamped, and Karkus took on the board of directors and demanded change. He brought in consultants and cut positions, keeping the employees who served specific, vital functions. Now, thanks to the advice Karkus heeded and the expertise of the colleagues he's retained, the company has a boosted bottom line — revenues were up 58% in the first half of this year. Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email. Please follow War Room on Twitter and Facebook. | | | | | | | |
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