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2007 dbs - workshop 2

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  • 1. The Dental Business School - Quarter 2 Strategy 1 – Control your finances Strategy 2 – Lead a championship support team
  • 2. Housekeeping
    • Agenda for today
    • Comfort breaks
    • Please watch your valuables!
    • Ask questions
    • Please say “pass”
    • Mobile phones
  • 3. Introductions
    • Who are you?
    • Where are you from?
    • What do you do?
    • How were the last 90 days?
    • What are your expectations from today?
  • 4. Reading in first quarter
    • The 7 habits
    • First Things First
    • The E Myth
    • The Portable Coach
  • 5. The 8 key strategies
    • Create a powerful three year vision
    • Plan the time to plan
    • Control your finances
    • Lead a championship support team
    • Offer a world-class Patient Journey
    • Refine your selling skills
    • Create a low cost marketing engine
    • Maintain balance between work, rest and play
  • 6. A question…..
    • Are you planning to succeed…….
    • Or planning to not fail?
    • The Financial Control 100
  • 7. Strategy 3 - Financial control
    • Budgets
    • Management accounts
    • Meetings
    • Course correction
    • Pricing
    • Debt reduction
    • Reserves
  • 8. Step 1 – Looking back
    • Looking back - use your book-keeper to prepare management accounts – and analyse the Key Performance Indicators
  • 9. Looking back at management accounts
    • Book-keeper prepares monthly management accounts
    • All totals are divided into gross sales to give ratio
    • Look at the trends in the ratios
    • e.g. lab fees are:
    • Jan - March 10.0%
    • April - June 10.5%
    • July – Sept 11.0%
    • What is happening here?
    • What are you going to do about it?
  • 10. Key Performance Indicators
  • 11. Step 2 - Looking to the future – the MOAS
  • 12. Step 3 – The financial section of your Monthly Board Meeting
    • Page 2.3 of workbook 2
    • Review of last month
    • Review of YTD
    • Current cash flow
    • Comparison of budget v. actual
    • Course corrections
    • Accelerating cash flow
    • Current pricing review
  • 13. Step 4 – Course corrections
    • Increase sales (without increasing hours)
    • Increase prices
    • Reduce costs
    • Reduce overheads
    • Especially – “just in time pricing”
  • 14. The “what-if” analysis
  • 15. Associate Profitability
  • 16. Associate Profitability Up to £12,500 per month 35% £12,500 to £15,000 per month 40% £15,000 to £17,500 per month 45% £17,500 to £20,000 per month 50% Over £20,000 per month 55% I suspect that if this sliding scale were to be applied then each percentage would be paid on the amount of earnings that fell within its appropriate % band.
  • 17. Step 5 - Pricing
    • How do you set your prices?
    • Scientific?
    • Or……
    • Emotional?
  • 18. Scientific pricing…
    • Gross Sales Target Hourly rate for ALL
    • ÷ = products and
    • Number of clinical hours services
    • And, therefore….
    • Price = Hourly rate + lab costs!
    • But what about:
    • Loss leaders
    • Discounts
    • Zoning the hourly rate
  • 19. Emotional pricing 1 - The QPT Triangle High Quality Product/Service/Customer Journey Lowest Price Rapid/convenient time/location/environment
  • 20. Emotional pricing 2 – John Ruskin 1890
    • “ It is unwise to pay too much but it’s worse to pay too little.
    • When you pay too much, you lose a little money – that’s all.
    • When you pay too little you sometimes lose everything, because the thing you bought is incapable of doing the thing it was bought to do.
    • The common law of business balance prohibits paying a little and getting a lot – it cannot be done.
    • If you deal with the lowest bidder, it is well to add something for the risk you run.
    • And if you do that, you will have enough to pay for something better.”
  • 21. Emotional pricing 3 – What do customers buy?
    • Outcomes
    • Features
    • Products and Services
  • 22. Step 6 – Debt reduction
    • Do you have normal debt?
    • Do you have investment debt?
    • Do you have stupid debt?
    • Do you have a debt repayment programme?
    • Do you have an accelerated debt repayment programme?
  • 23. Step 7 - Getting out of the rat race
    • Business
    • Property
    • Internet
    • Stock Market
    02/07/10
  • 24. Strategy 4 – Lead a championship support team
    • Eliminate - do not tolerate
    • Fabricate - an organisational structure
    • Orchestrate - a system for everything
    • Motivate - recruit, train and facilitate
    • Indoctrinate - share your vision
    • Delegate - but do not abdicate
    • Congregate - to communicate
    • Compensate - performance related
    • Educate - role play and courses
  • 25.
    • Management
      • Create systems
      • Measuring systems
      • Monitoring systems
      • Adapting systems
      • Dentists – 3/10
    • Leadership
      • Leadership is the communication of vision and the example of behaviour and “letting go”
      • Dentists – 2/10
    02/07/10
  • 26. 02/07/10 Effective systems Poor systems Poor leadership Effective leadership
    • The Benign Dictator
    • Alan Sugar?
    • The Inspirer
    • Richard Branson?
    The Naïve Leader The Democrat
  • 27. The Helium Culture
    • Money
    • Appreciation
    • Fun
    • Environment
  • 28. The Environmental 100
    • The 5 senses
    • Sight
    • Sound
    • Touch
    • Smell
    • Taste
    • And….
    • Relationships
  • 29. Step 1 - Eliminate – do not tolerate
    • One-baggers are one baggers
    • One-baggers will drag you down
    • They often do the job competently
    • So you will have to smoke them out!
  • 30. Step 2 – Fabricate an organisational structure
  • 31. Step 3 – orchestrate Brand Standards for everything
    • Finance
    • Sales
    • Marketing
    • Resources
    • Personnel
  • 32. Step 4 - Motivation
    • Recruitment
    • Training
    • Motivation
    • Retention
  • 33. Step 5 - Indoctrination
    • Vision
    • Mission
    • Roles
    • Goals
  • 34. Step 6 - Delegation
    • Who?
    • What?
    • When?
    • Why?
    • How?
  • 35. Step 7 - Congregation
    • Daily
    • Weekly
    • Monthly
    • Quarterly
    • Annually
    • Group
    • Section
    • 1:1 – appraisal technique
  • 36. Step 8 - Compensation
    • Good basic wage
    • Increased in line with AEI
    • +
    • Performance related bonus
    • Paid annually
    • Costed a year in advance
    • Measured how you like
    • Made to work
    • =
    • an extra month’s wage for all payroll staff
  • 37. Step 9 - Education
    • Formal training in house
    • External training
    • Role play
    • Feedback
    • Professional and personal development
  • 38. Strategy 4 – Lead a championship support team
    • Eliminate - do not tolerate
    • Fabricate - an organisational structure
    • Orchestrate - a system for everything
    • Motivate - recruit, train and facilitate
    • Indoctrinate - share your vision
    • Delegate - but do not abdicate
    • Congregate - to communicate
    • Compensate - performance related
    • Educate - role play and courses
  • 39. Reading in second 90 days
    • Rich Dad, Poor Dad – Robert Kiyosaki and Sharon Lechter
    • Building the Happiness Centered Business – Dr Paddi Lund
    • Leadership From the Inside Out – Kevin Cashman
    • Shackleton’s Way – Margot Morrell and Stephanie Capparel
    • The 8 th Habit – Stephen Covey
  • 40. So what next?
    • Clean Sweep 100
    • DDS 100
    • Financial 100
    • Environmental 100
    • 90 day goals
  • 41. The Coaching Gym
    • 24/7/365 email from any team members
    • [email_address]
    • Weekly email reporting (WWOL)
    • Monthly call-in days
    • Monthly teleconference calls
    • Access to web site downloads
    • Ezine
    • Blog
  • 42. Thanks for listening and visit the web site for free downloads, recommended reading, testimonials, programme brochure and lots of other stuff w ww.thedentalbusinessschool.com

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