A Short List of Fundamental Business Concepts

 

Businesses often get lost in the day to day routine of operations. We get mired in the endless details that we think must be accomplished. It gets confusing and leads to sluggishness and inefficiency. When you are overwhelmed by minutiae, red tape and rules, read over these basic business concepts. It will help you understand what is important and essential to your business operations.

 

Always pass increased taxes and fees on to your customers, if you don’t, or can’t, you won’t be in business much longer.

Hire for the personality, train for the skills

Your business is a stage, everything is perfect there. Put on your happy face when you walk in the door

Test everything

                (Slogans, Logos, Names, Advertising)

Don’t make rules for the good based on the faults of the bad.

Have as few “Standard Policies” as possible. For those few that you do have, be sure:

                They are really needed and valuable

                They don’t punish the 80% because of the 20%. ( reference Paredo’s Law)

                They aren’t seen as totally inflexible. There is no policy that can’t be re-examined if necessary

Don’t begrudge people for using a discount or coupon that you publish. If you don’t want to give a discount, don’t offer one.

One of Tom Peter’s best managing tips. MBWA. Managing By Walking Around. If you don’t know what’s going on in your business, you can’t manage effectively. Don’t wall yourself off inside an office. If you have some time when you’re not busy, MBWA, you’ll be surprised by what you learn and the effects on the employees.

To properly lead, you must appeal to one’s emotions as well as their intellect. Lead bottom up, (appeal to emotions) and top down, (appeal to intellect).

The Three Qualities of a Successful Business

                Good Leadership

                Good Customer Service

                The Ability to Create New Goods and Services

The last is one of the most important. Without the energy, stimulation and growth provided by new product development, the business will stagnate and fail.

About Steven C. Reynolds

Steven C. Reynolds, D.D.S., M.S.B.A., M.A.Ed. is a Clinical Assistant Professor at Midwestern University Dental Institute, and was formerly a Clinical Assistant Professor at the University of Detroit Mercy School of Dentistry, in Detroit, Michigan. Dr. Reynolds owned a 4 doctor, 42 employee practice for 32 years before selling it and moving into academia. Dr. Reynolds received his dental degree from the University of Detroit, his M.S.B.A, in Medical and Dental Practice Administration, from Madonna University, in Livonia, Michigan and his M.A.Ed. from University of South Dakota in Vermillion, South Dakota. His teaching experience includes the practice management curriculum at the University of Detroit Mercy, attending the residents in that school’s AEGD program, as well as serving as Group Leader for the 3rd and 4th year dental students in the school’s dental clinic. He is currently a faculty member at Midwestern University Dental Institute, Arizona where he is a clinical care coordinator and teaches practice management as well as clinical pharmacology. He participated in the Evidence Based Dentistry Champions Conference hosted by the American Dental Association, in 2008. He is a member of the ADA as well as ADEA.
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