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We recently had the pleasure of speaking with Lynn Walder, Founder and principal of Executive Management Partners and Director of Partnerships Programming at LabCentral. Lynn is a seasoned professional with over 20 years of experience in the biotech startup world. Lynn shared her insights on communication challenges, the importance of strategic thinking, and the critical roles often overlooked by founders and CEOs.
Understanding the Power of Communication:
Lynn emphasized the significance of effective communication in the biotech industry. She highlighted how poor communication can lead to internal issues and hinder the growth and sustainability of a company. Lynn stressed the need for clear and consistent communication from leadership to the entire organization, ensuring that expectations, strategies, and goals are effectively conveyed.
The Stratactical Framework:
One of the key concepts Lynn introduced was her Stratactical framework. This framework focuses on bridging the gap between strategy and execution, with two critical roles: HR and people strategy, and executive administration. Lynn emphasized the importance of these roles in supporting the vision of the CEO and ensuring operational frameworks are in place to drive success.
The Role of HR and People Strategy:
Lynn debunked the misconception that HR is solely responsible for talent acquisition. She highlighted the broader scope of HR, including benefits management, employee engagement, performance management, and learning and development. Lynn stressed the need for early-stage startups to prioritize HR and people strategy, starting with fractional HR support and gradually scaling up as the company grows.
Managing The Miscellaneous:
Lynn emphasized the role of executive administration in supporting the CEO and leadership team. This role, often referred to as the "manager of the miscellaneous," plays a crucial part in translating strategy into actionable plans, ensuring accountability, and facilitating effective decision-making. Lynn encouraged founders and CEOs to recognize the value of this role and invest in it early on to drive operational success.
The Importance of Internal Communications:
Internal communications emerged as a critical aspect of building successful biotech companies. Lynn highlighted the common complaint of poor communication in employee surveys and stressed the need for clear and consistent communication from leadership. She emphasized the role of internal communications in fostering a positive company culture, aligning teams, and driving organizational success.
Key Takeaways:
1. Communication is key: Effective communication is vital for the growth and sustainability of biotech companies. Clear and consistent communication from leadership is essential to align teams and drive success.
2. The Stratactical framework: Bridging the gap between strategy and execution requires roles such as HR and people strategy, and executive administration. Recognizing the importance of these roles early on can set the foundation for operational success.
3. Prioritize HR and people strategy: Startups should invest in HR and people strategy from the beginning, ensuring the right resources and frameworks are in place to support growth and talent acquisition.
4. Value executive administration: The role of executive administration is often overlooked but plays a crucial part in translating strategy into action, facilitating decision-making, and ensuring accountability.
5. Internal communications matter: Effective internal communications are essential for fostering a positive company culture and aligning teams. Leaders should prioritize clear and consistent communication to drive organizational success.
Lynn's insights on communication challenges, the Stratactical framework, and the importance of HR, executive administration, and internal communications shed light on critical aspects often overlooked by founders and CEOs. By prioritizing effective communication, investing in key roles, and fostering a positive company culture, biotech startups can build successful and sustainable companies that bring life-saving drugs to patients.
To learn more about Lynn, tune into our full podcast episode and be sure to connect with Lynn on LinkedIn!
For those who prefer a visual experience, you can watch the conversation unfold below.