2007 dbs - workshop 2

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2007 dbs - workshop 2

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