reducing cost in health care

Using #Leadership in Health Care Organisations to reduce care cost I #business #management #healthcare

In developing economies, non-profit organisations play a vital role in social marketing and in the provision of key services like health and education.

Because of lack of financial resources and know-how, the public sector cannot provide essential services like health and education to all the people that many citizens in the developed countries take for granted. This lack of provision is visibly acute in remote rural areas where public services have not necessarily been decentralised or organised for. Lack of infrastructure makes it difficult for multinationals and the local private sector companies to reach the people in rural areas. As most of the amenities are centralised in big cities or in the capital, in many cases rural people are left to their own devices. Because of the low literacy rate, unemployment and low economic conditions, they are not ‘traditionally’ profitable enough to the private sector unless there is a paradigm shift in marketers’ understanding of the attractiveness of the bottom of the pyramid (BOP) consumers and the very low income group market (Prahalad, 2005; Prahalad & Hammond, 2002).

Leveraging diversity to successfully influence business operations is a business imperative for many healthcare organizations as they look to leadership to help manage a new era of culturally competent, patient-centred care that reduces health and healthcare disparities.

As healthcare providers cope with pricing pressures and increased accountability for performance, they should be rededicating themselves to improving the value they deliver to their patients: better outcomes and lower costs. Time-driven activity-based costing offers the potential for clinicians to redesign their care processes toward that end. This costing approach, however, is new to healthcare and has not yet been systematically implemented and evaluated.

The greatest opportunity for lower­ing costs without sacrificing quality, safety, or outcomes is gained from helping clinicians intelligently reengi­neer their clinical and administrative processes (Hoffman & Emanuel, 2013; Berwick, 2012). Some clinicians, how­ ever, resist top-down pressure to assume responsibility for cost reductions (Tilburt et al„ 2013). Others may recognize that cost considerations should be incorporated into physician treatment decisions and clinical process designs (Brook, 2011) but lack the information or organizational support to institute significant changes. The existing cost systems in healthcare impede clinician-driven cost reduction and process improvement initiatives.

These systems rely on inaccurate and arbitrary cost allocations and provide little transparency to guide attempts by first-line care providers to understand and modify the true drivers of their costs (Kaplan & Porter, 2011).

One tool with significant potential to fill this gap is time-driven activity- based costing (TDABC) (Kaplan & Anderson, 2007). Activity-based costing has been widely adopted and used in industries outside of healthcare to improve operational processes and help managers make better decisions about resource allocation, product and service mix, and pricing. But applications of TDABC to healthcare have been limited (Hennrikus, Waters, Bae, Sohrab, & Shah, 2013; French et al., 2012). In this article, we describe how clinicians at several leading healthcare organizations in the United States and Europe have begun to apply TDABC to identify multiple opportunities to improve the value they deliver to patients.

The simplest way to reduce a provider’s costs is to impose across-the-board spending cuts to all departments. But such arbitrary reductions could adversely affect access and healthcare outcomes. Sustainable cost reductions and better capacity utilization should be the result of bottom-up reengineering that enables the provider to maintain and improve its healthcare outcomes and serve a larger patient population with the same resources. Such sustainable reengineer­ing must be based on valid calculations of the total cost of delivering care over complete treatment cycles.

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Reference:

Dotson, E, & Nuru-Jeter, A 2012, ‘Setting the Stage for a Business Case for Leadership Diversity in Healthcare: History, Research, and Leverage’, Journal Of Healthcare Management, 57, 1, pp. 35-44, Business Source Premier, EBSCOhost, viewed 31 July 2015

Kaplan, R, Witkowski, M, Abbott, M, Barboza Guzman, A, Higgins, L, Meara, J, Padden, E, Shah, A, Waters, P, Weidemeier, M, Wertheimer, S, & Feeley, T 2014, ‘Using Time-Driven Activity-Based Costing to Identify Value Improvement Opportunities in Healthcare’, Journal Of Healthcare Management, 59, 6, pp. 399-412, Business Source Premier, EBSCOhost, viewed 31 July 2015.

Rahman, M, Haque, S, & Rashid, A 2012, ‘Nonprofits’ engagement with the private and public sectors: The case of providing essential healthcare in rural Bangladesh’, Marketing Review, 12, 1, pp. 5-16, Business Source Premier, EBSCOhost, viewed 31 July 2015

 

About the Author:

Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice from the University of Salford where his Master dissertation subject is the effect of Emotional Intelligence on improving Dentistry care in Middle East. Born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and reforming delivery of health care services. His main interest is business consultancy, leadership and entrepreneurship.

Twitter: @hishamsafadi

Tags and Keywords:

Health, healthcare, leader, leadership, business, organisation, start up, emotion, intelligence, emotional intelligence, scale, research, study, big data, science, Salford, Dubai, university, Saudi, united Arab emirates, Arab , middle, east, Egypt, Qatar, Jordan, , free zone, industrial, talent, management, entrepreneur, nation, Manchester, hisham, safadi, hishamsafadi, , ras al khaimah, UAE, Abu Dhabi, dentistry, dental, patients, staff, employee, government, conflict, compete, growth hacking, marketing, sales, management, administration, nurses, doctors, business plan, talent management, USA, United, State, Kingdom, UK, Europe, Auditing, White, paper, white paper, project, project management, HK, twitter, Facebook, LinkedIn, social, media, social media, news, platforms, apple, android, google, MSN, yahoo, article, must read, read, references, resources, risk, entrepreneur , shark tank, dragons den, investment, invest, leader, Internet, google, LinkedIn, yahoo, Microsoft, apple, toothone.com, seo, software, free, business, make money online, Internet, money, web design, Web Hosting, work from home, home business, Travel, make money, weight loss, design, Games, marketing, computer, online, Internet marketing, Health, Music, news, website design, forex, Hosting, real estate, Movies, Blog, video, online business, affiliate marketing, advertising, download, work at home, search engine optimization, Entertainment, shopping, traffic, art, Education, Gifts, hotel, SEO Services , Books, business, opportunities, fitness, home, hotels, iPhone, jewelry, jobs, Blogging, finance, game, make money from home, programming, Business opportunity, electronics, photography, Videos, Web Development, buy, forex trading, free icons, Icon, icons, Javascript, mobile, application, mobile app, web-application, web-design, wholesale, animated gif, animated image, computers, cool, fashion, loading, PayPal, fund, fundraising, kick start, innovation, quality, immigration, visa, work, opportunity, university, universities, MBA, airline, flight, cheap, shopping, jumairah, mall, ticket, car, trade, YouTube, google, upload, download, nurse, football, Messi, Spanish, match, gumtree, translator, translation, medicine, hospital, ask, amazon, EBay, café, restaurant, dinner, lunch, discount, sale, make up,

Business Sustainability

#Business #Sustainability via Innovation and Financial #Management I #investment #bigdata

Business Sustainability

Part (1): #Management and Future Research on Creating a New Future for #Business (Hahn, Kolk and Winn, 2010)

In their review of research on business and sustainability, Kallio and Nord-berg (2006) reached the discouraging conclusion that—despite the growing volume of research on organizations and the natural environment—“the environmental dimension has thus remained more or less an appendage” (p. 453) to standard management approaches and research. They argue that adopting environmental issues in current research mainly serves to legiti-mize business-as-usual approaches, but that “the fundamental orientation of the discourse has not essentially changed” (p. 453) Reflections on the discipline and on what a (more) meaningful research agenda could look like were already offered fifteen years ago. Gladwin, Kennelly, and Krause (1995), for example, argued for a new paradigm for management theory and research, positing that “it is possible that our theories have tacitly encouraged organizations to behave in ways that ultimately destroy their natural and social life-support systems” (p. 896). These and other authors’ arguments and pleas for fundamentally rethinking the foundations of management research have, however, been acted upon only sporadically. There are many reasons for this inaction, some of which are noted in Goodall’s (2008) investigation of why leading journals in management have failed to respond to climate change. One important reason according to Goodall is that promotion incentives for scholars in business schools are skewed toward incremental additions to established knowledge.

More recently, the occurrence of corporate scandals, particularly as they also involved supposedly leading socially responsible companies, has given rise to contemplation of what “organizational goodness” entails and what role there is for managerial motivations and moral agency (Heugens, Kaptein, & Van Oosterhout, 2008; see also Muller & Kolk, 2010). The question is whether such calls will help management research move beyond incremental adaptation of existing approaches and generate sufficient responses to the changes and challenges that companies and society are facing. While published in general management journals, many of the authors discussed previously specialize in corporate social responsibility and thus are more likely to be attentive to these issues. It remains to be seen to which degree such new directions will filter through to the mainstream more broadly.

It is beyond the scope of a single special issue to cover the full variety of economic, environmental, and social challenges and adequate business responses for sustained environmental and social life-supporting systems. In the call for papers, we argued that research is needed to develop and discuss novel approaches that define the role and purpose of business and management in the light of challenges such as mitigating climate change, alleviating poverty, coping with migration, dealing with resource scarcities, or securing social cohesion. The research articles in this special issue are important efforts toward integrating notions like resilience, embeddedness, and complex adaptive systems with economic viability of business, and across the four contributions, they offer implications for both management theory and strategy. Many other issues, such as conceptions of fairness, equity, and ethics, however, still require a fundamental revisiting of the theoretical foundations of business. In what follows, we touch on several additional areas that seem important for building fruitful further research.

One issue of prime relevance in this context is the question of the role and objective function of businesses. The predominant focus on shareholder wealth creation seems to have aggravated rather than alleviated the crisis we are currently facing (Figge & Hahn, 2008), although no clear alternative approaches have emerged either. It appears doubtful that the shareholder wealth thinking that dominates both the academic and the practitioner discourse is well suited for all types of business and entrepreneurial activities, given that listed companies, though often large and prominent, represent only a very small proportion of ventures (Hahn & Scheermesser, 2006; Reynolds, 1997). Together with the short-term focus of corporate strategy and decision making (Laverty, 1996; Mosakowski & Earley, 2000), which is difficult to reconcile with the longer-term focus of sustainable development (Held, 2001), rethinking the role and objective function of businesses in a wider environmental and societal context appears inevitable. Even if the notion of value creation and growth is still deeply rooted in the thinking of many mainstream management and even ONE and BAS scholars, it appears more doubtful than ever that enlightened business case thinking (Jensen, 2001) can bring novel insights or any real remedies to the situation. On the other hand, there seems to be tremendous potential for research off the beaten track of whether it pays to be green or socially responsible, as well as research that extends to business fields beyond management.

And though our focus here is on business organizations, this focus also brings up questions about whether fundamentally different public policy and market regulation are needed to change the rules of the game, in order to ensure that business conduct is more in line with societal needs. We offer one final set of reflections on the challenges of doing research associated with the topic covered in this special issue. Even though one of the articles (that of Kearins, Collins, and Tregidga) draws on case studies of real businesses to develop its arguments, the contributions in this special issue are predominantly conceptual pieces. This conceptual emphasis is not surprising, considering the early state of this type of research. But we suggest another, perhaps more fundamental, reason for this focus. An inherent dilemma in the rules for empirical research in management studies specifically, and business studies generally, is that the predominant methodologies are descriptive. Both quantitative and qualitative research methods thus necessarily build on the study of what can already be observed—a significant problem if the argument is that, whether in light of climate change, the financial crisis, or other systemic problems, current approaches appear not to work.

PART (2) How to Achieve the Best #Finance Operations #Success (Controller’s Report, 2014)

Here is what the best-practice organizations studied by The Hackett Group did to achieve world-class financial status:

1.Realign talent.

Partner with HR to develop a workforce plan that defines short- and long-term needs and highlights critical gaps in talent. Develop competency models, learning and development programs, and performance management processes to close any gaps.

2.Redesign processing models.

Standardize across all key finance processes, particularly in the transactional areas. For example, by deploying a single set of standard processes in general accounting and external reporting, world- class organizations achieve transaction costs that are 50 to 60 percent lower than those at typical companies.

3.Retool operations with technology.

Automate transactions and improve information-delivery capabilities. Hackett reports that finance operations that have automated processes:

  • Receive 2.5 times more supplier invoices electronically in accounts payable than typical companies;
  • Have a 53 percent greater automated match rate on remittances in accounts receivable; and
  • Have more self-service access to key management information than at typical companies.

4.Allocate resources for planning and strategy.

Invest more resources to help your organization deliver on its strategic goals and objectives. At world-class finance organizations, the budget allocated to planning and strategic activities is 38 percent higher, and the amount allocated to transaction processing activities is 25 percent lower, than at typical organizations, reports Hackett.

  1. Consistently deliver higher-quality services.

For example, world-class organizations have an error rate in customer billing that is 48 percent lower than that of typical companies, which improves the speed at which cash is collected.

“There’s definitely a payback for focusing on finding innovative ways to reinvent your processes,” says Doxey. “However, before you begin, your process improvements should be carefully prioritized. It is also critical to understand the feasibility of a process improvement and determine if a similar company or organization has benefitted. Also realize that a process improvement that works well in an SAP environment may not work well in an Oracle or legacy environment.”

PART (3): R&D Networks with #Strategic #Substitutability (Cui et al., 2014)

Technological progress is one of the major driving forces of economic growth in both developing and developed countries (Savvides and Zachariadis, 2005; Zachariadis, 2004). It can be fulfilled at the firm level by in-house R&D activities and/or through external R&D means [such as foreign direct investment (FDI) and technological trade]. Firms may, however, differ in their attitudes towards building technology through these channels. It depends on their competitive relationships with others, the level of technological complexity involved and endowments. There has been a growing complexity in the technologies used for production and innovation since the 1980s. Firms have increasingly discovered that their in-house innovative capabilities are insufficient for developing these technologies. Thus more and more firms have pursued an open innovation approach, involving the purchase of patents, or forming research joint ventures with other firms. Consequently, a typical firm has two ways to improve its production technology: internal R&D strategy, in which it undertakes independent in-house R&D; and external R&D strategy, where it access R&D knowledge through cooperative or non-cooperative activities.

A voluminous literature has focused on pairwise collaborative links (Goyal and Moraga-Gonzalez, 2001; Goyal and Joshi, 2003). Each link represents an agreement on joint research project by two collaborators. The benefits for collaborating firms arise from sharing knowledge about a cost-reducing technology. This two-way flow of influence has been central to the study of R&D; however, there also exists another strand of research. For example, Billand and Bravard (2004) assume that each firm unilaterally establishes direct links to access other firms’ R&D knowledge. This non-cooperative assumption reflects the situations where firms can purchase other firms’ patents or analyse other firms’ products, by for instance, reverse-engineering, or talk with technology vendors. The present paper follows this approach. We assume that each firm is able to leverage internal and external R&D activities to build and develop its innovative capacity. Internal R&D activity is induced by its in-house R&D efforts, whereas external R&D relies on its ability to establish links with other firms.

Hence each firm’s strategy consists of a level of internal R&D effort and a specification of the set of firms with whom it unilaterally establishes links. The links formed by firms define a non-cooperative R&D network.

Empirical research on complementarity or substitutability between internal and external R&D strategies has been inconclusive. The latest research by Hagedoorn and Wang (2012) shows that there exists a contingent relationship between internal and external R&D strategies. Most of the existing theoretical literature assumes that in-house and external R&D efforts are strategic complements (see, e.g. D’Aspremont and Jacquemin, 1988; Goyal and Moraga-Gonzalez, 2001; Goyal et al., 2008). In this literature, the marginal reduction of unit cost of additional R&D effort is constant and each firm’s payoff function is convex in R&D effort, implying strategic complementarity of R&D efforts for linked firms. The present paper, however, assumes that each firm’s revenue function is strictly concave in R&D effort. That is, in-house and external R&D efforts are strategic substitutes.

The problem of how firms trade off internal (or in-house) R&D efforts and external (knowledge acquisition) R&D efforts had been examined and given that these two strategic options are substitutes. We have found that firm’s trade off investment cost and acquisition cost. These determine whether firms conduct R&D activities and whether firms totally rely on their own in-house R&D efforts. The equilibrium R&D network is empty when investment cost or linkage cost is high. A core–periphery structure will exist when both of them are relatively low, with core firms investing and periphery firms’ free riding. We have also investigated efficiency issues. We have shown that core firms tend to underinvest in Nash equilibrium as they ignore the positive externality of their own R&D effort. Hence, equilibrium and efficiency may be misaligned under some conditions.

The present papers has focused on the interaction of firms operating in their own independent market where linking cost is fixed. There are many ways to extend the analysis. One possible extension is to consider non-cooperative R&D activities among competitors in the same market. Another possibility is to consider hybrid R&D, where core R&D activities are conducted in-house and non-core R&D knowledge can be acquired from other firms. In addition, we can indigenize the cost of linkage.

It means that each firm is more willing to establish a link with another firm with more R&D knowledge.

Reference:

Cui, Z., Li, Z., Zhang, J. and Zu, L. (2014). R&D Networks with Strategic Substitutability. Review of Development Economics, 18(2), pp.340-353.

Hahn, T., Kolk, A. and Winn, M. (2010). A New Future for Business? Rethinking Management Theory and Business Strategy. Business & Society, 49(3), pp.385-401.

‘How the Best Finance Operations Achieve Success’ 2014, Controller’s Report, 2014, 12, pp. 6-7, Business Source Premier, EBSCOhost, viewed 1 July 2015.

About the Author:

Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice from the University of Salford where his Master dissertation subject is the effect of Emotional Intelligence on improving Dentistry care in Middle East. Born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and reforming delivery of health care services. His main interest is business consultancy, leadership and entrepreneurship.

Twitter: @hishamsafadi

Tags and Keywords:

Health, healthcare, leader, leadership, business, organisation, start up, emotion, intelligence, emotional intelligence, scale, research, study, big data, science, Salford, Dubai, university, Saudi, united Arab emirates, Arab , middle, east, Egypt, Qatar, Jordan, , free zone, industrial, talent, management, entrepreneur, nation, Manchester, hisham, safadi, hishamsafadi, , ras al khaimah, UAE, Abu Dhabi, dentistry, dental, patients, staff, employee, government, conflict, compete, growth hacking, marketing, sales, management, administration, nurses, doctors, business plan, talent management, USA, United, State, Kingdom, UK, Europe, Auditing, White, paper, white paper, project, project management, HK, twitter, Facebook, LinkedIn, social, media, social media, news, platforms, apple, android, google, MSN, yahoo, article, must read, read, references, resources, risk, entrepreneur , shark tank, dragons den, investment, invest, leader, Internet, google, LinkedIn, yahoo, Microsoft, apple, toothone.com, seo, software, free, business, make money online, Internet, money, web design, Web Hosting, work from home, home business, Travel, make money, weight loss, design, Games, marketing, computer, online, Internet marketing, Health, Music, news, website design, forex, Hosting, real estate, Movies, Blog, video, online business, affiliate marketing, advertising, download, work at home, search engine optimization, Entertainment, shopping, traffic, art, Education, Gifts, hotel, SEO Services , Books, business, opportunities, fitness, home, hotels, iPhone, jewelry, jobs, Blogging, finance, game, make money from home, programming, Business opportunity, electronics, photography, Videos, Web Development, buy, forex trading, free icons, Icon, icons, Javascript, mobile, application, mobile app, web-application, web-design, wholesale, animated gif, animated image, computers, cool, fashion, loading, PayPal, fund, fundraising, kick start, innovation, quality, immigration, visa, work, opportunity, university, universities, MBA, airline, flight, cheap, shopping, jumairah, mall, ticket, car, trade, YouTube, google, upload, download, nurse, football, Messi, Spanish, match, gumtree, translator, translation, medicine, hospital, ask, amazon, EBay, café, restaurant, dinner, lunch, discount, sale, make up,

Innovation Voucher

Encouraging entrepreneurship with innovation vouchers I #stratups #invest #entrepreneur

Innovation Voucher

Innovation vouchers are widely used internationally by governments to support emerging small business. Traditionally, vouchers were used to subsidize social benefits such as food, education or health services, but are increasingly used to stimulate entrepreneurial effort. Innovation vouchers are usually given to small firms to subsidize the cost of business or technical services from external providers. This enables the company to have more control over their development activities, while sustaining the external service providers. International and Canadian experience suggests considerable congruence in program design but, in some settings, special features have been devised to address local business needs and development priorities. A largely untapped body of evidence could be used to assess the impact of this tool and opportunities for refinement and application.

In Canada, and elsewhere, many national and regional programs have been set up to support company creation and growth. Various programs are intended to help generate new knowledge, enrich human talent, and create research facilities, share expertise, or aid business financing. Support can involve some mix of direct mechanisms (that is, grants, loans, procurement) targeted at specific entities, and indirect approaches (that is, tax credits, regulatory incentives, infrastructure) aspiring toward more general outcomes. Governments can emphasize supply-side or demand-side interventions, and pursue overall systemic enhancements, or focus on mission-oriented priorities. Finding the right tools and policy mix can be a complex, ever-shifting challenge. A more novel approach in recent times involves the use of government funded innovation vouchers, given to small firms toward payment of external expertise or support services. This policy tool has been widely embraced and could play a greater role once the strategic value is further appreciated. The purpose of this research note is to introduce and call more attention to vouchers as a policy instrument, review the origins and adoption of the voucher concept, including international and Canadian experience, and consider lessons learned and design implications for achieving desired policy outcomes. This research note seeks to encourage additional, more systematic research on vouchers used in Canada and internationally.

Vouchers have emerged as a popular type of financial support for start-ups and small business inside and outside Canada. They are not a tax credit, a contract, a grant, a loan, or any form of direct ownership or investment more common forms of government involvement. Innovation vouchers are essentially a credit note that covers full or partial payment of external services for companies. However, vouchers do introduce some novel and noteworthy aspects in terms of encouraging the collective dynamics of entrepreneurship.

New entrepreneurs and emerging firms are by nature very resource constrained. They lack many or all of the requirements to create and grow a business. Small size alone means little time or attention for getting anything done. Even if needs are well understood, there may be limited awareness of where and how to get external help. And service providers may be reluctant to deal with unknown or not-yet-credible entities. For the majority of start-ups, money is the most constant and pressing issue: personal drive and commitment are the most vital and vulnerable resources available at the early stage.

Historically, the voucher concept has been a common mechanism to provide social benefits for disadvantaged groups. Vouchers have often provided full or partial subsidy for obtaining food, housing, education or other public assistance. Using vouchers to support entrepreneurship has emerged out of efforts to assist developing countries. In 1993 vouchers were used in Peru to finance training for microenterprises, although results were not very positive because of flaws in design and implementation. In 1994 the World Bank launched a voucher program for training established small to Medium Enterprises (SMEs) in Kenya; it included setting aside 20% of awards for women entrepreneurs. After piloting a program in Paraguay in 1995, the Inter-American Development Bank replicated the effort in many other countries throughout Latin America. USAID ran a pilot voucher program in Ukraine in 1999; turning again to vouchers in 2011 with a reincarnated program to aid “last-step-to-market” activities of local SMEs

Over the last decade, innovation vouchers have gradually become a small business support mechanism used by regional and national governments almost worldwide. Limited pilot programs in the Netherlands during 1997 and 2004 evolved into a national offering for all SMEs, soon emulated throughout many European regions (Koskenlinna et al. 2007). A 2009 European Union survey of 23 programs used in 21 different administrative jurisdictions found significant differences in process and principles, yet also identified a core of common practices (Schade and

Grigore 2009). Among overall benefits, the innovation voucher is appreciated as an effective method for breaking down barriers to cooperation between small firms and large research institutions, often causing first time contact. A UK study observed that vouchers can encourage creativity and overcome the perceived “risk aversion, status quo bias, and myopia” characteristic of many smaller firms (Potts and Morrison 2009: 3-5). Several past program evaluations (for example, Netherlands, UK) concluded that vouchers can induce incremental job creation, revenue growth, product development and interaction between industry and academia; making good returns on government investment. Innovation vouchers have now spread widely with programs introduced in Singapore (2009), New Zealand (2010), Australia (2011), and several US states, adding to growing recognition as global good practice.

Vouchers are now widely understood. For example, a broad assessment undertaken by the European Commission’s Enterprise and Industry Directorate in 2010 culminated in the Riga Declaration of principles for the design and management of innovation voucher programs. This report strongly advocated broader dissemination and continued experimental adaptation. Although voucher programs everywhere share some common elements, there is also evidence of unique variations corresponding to local setting or policy priorities.

Vouchers clearly have a role to play as a policy mechanism. They may have some potential drawbacks, but they can also avoid deficiencies in other types of support programs. Tax incentives, grant programs and subsidized loans can directly impact business, although benefits may be offset by resultant costs of government bureaucracy and business compliance. With proper consideration, vouchers can be deployed to target support to different industry sectors, varying stages of company growth, and for a range of development activities. They can deliver complimentary add-on support to other major programs or project initiatives. Or they can be offered in more general fashion. Significantly, voucher schemes reflect the development process they are intended to support, encouraging entrepreneurs to take initiative in bottom-up fashion, rather than being subservient to top-down institutional directive. So far, vouchers have been used primarily to encourage knowledge sharing, networking and collaboration; building positive social capital not only for individual firms, but also in forming successful economic clusters integral to most regional and national innovation policies.

Reference:

CANADIAN PUBLIC ADMINISTRATION / ADMINISTRATION PUBLIQUE DU CANADA VOLUME 57, NO. 2 (JUNE/JUIN 2014), PP. 318–326

About the Author:

Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice from the University of Salford where his Master dissertation subject is the effect of Emotional Intelligence on improving Dentistry care in Middle East. Born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and reforming delivery of health care services. His main interest is business consultancy, leadership and entrepreneurship.

Twitter: @hishamsafadi

 

Tags and Keywords:

Health, healthcare, leader, leadership, business, organisation, start up, emotion, intelligence, emotional intelligence, scale, research, study, big data, science, Salford, Dubai, university, Saudi, united Arab emirates, Arab , middle, east, Egypt, Qatar, Jordan, , free zone, industrial, talent, management, entrepreneur, nation, Manchester, hisham, safadi, hishamsafadi, , ras al khaimah, UAE, Abu Dhabi, dentistry, dental, patients, staff, employee, government, conflict, compete, growth hacking, marketing, sales, management, administration, nurses, doctors, business plan, talent management, USA, United, State, Kingdom, UK, Europe, Auditing, White, paper, white paper, project, project management, HK, twitter, Facebook, LinkedIn, social, media, social media, news, platforms, apple, android, google, MSN, yahoo, article, must read, read, references, resources, risk, entrepreneur , shark tank, dragons den, investment, invest, leader, Internet, google, LinkedIn, yahoo, Microsoft, apple, toothone.com, seo, software, free, business, make money online, Internet, money, web design, Web Hosting, work from home, home business, Travel, make money, weight loss, design, Games, marketing, computer, online, Internet marketing, Health, Music, news, website design, forex, Hosting, real estate, Movies, Blog, video, online business, affiliate marketing, advertising, download, work at home, search engine optimization, Entertainment, shopping, traffic, art, Education, Gifts, hotel, SEO Services , Books, business, opportunities, fitness, home, hotels, iPhone, jewelry, jobs, Blogging, finance, game, make money from home, programming, Business opportunity, electronics, photography, Videos, Web Development, buy, forex trading, free icons, Icon, icons, Javascript, mobile, application, mobile app, web-application, web-design, wholesale, animated gif, animated image, computers, cool, fashion, loading, PayPal, fund, fundraising, kick start, innovation, quality, immigration, visa, work, opportunity, university, universities, MBA, airline, flight, cheap, shopping, jumairah, mall, ticket, car, trade, YouTube, google, upload, download, nurse, football, Messi, Spanish, match, gumtree, translator, translation, medicine, hospital, ask, amazon, EBay, café, restaurant, dinner, lunch, discount, sale, make up,

Motivational Scale

#Dental Treatment #Motivation Scale (DTMS): Study on Periodontal Treatment : #patients #dentistry

Motivational Scale Motivation has been shown to have roots in physiological, behavioural, cognitive and social areas and is rooted in a basic impulse to optimize wellbeing, minimize physical pain and maximize pleasure. Motivation also plays an important role in perceived dental competence and treatment seeking behaviour among dental patients. Different theories and models such as the push-pull model and the self-determination theory have sought to explain the various intrinsic and extrinsic influences affecting the patients’ motivation to undergo or refuse treatment.

The role of motivation in dental care is thought to play a major role in influencing dental health behaviour. A previous study which reviewed the behaviour self-regulation model in context of self-care showed that patient motivation was influenced by dental professional and the incentives and rewards offered during the treatment phase. Halvari et al. developed a self-regulation questionnaire for dental treatment which showed that autonomous motivation for dental competence were positively associated with oral self-care behaviour and dental clinic attendance.

The study of Pac et al. assessed motivation among periodontal patients using the zychlinscy scale and found it to be a reliable tool. It also assessed the correlation between the scale and clinical parameters and found that patients with greater motivation had better oral hygiene. However, the tool does not assess the extrinsic and intrinsic influences that motivate the patient to agree for a treatment. Gao et al. assessed the effect of motivational interviewing (MI) in improving oral health through a systematic review and found that four studies reported positive effects of MI on oral health outcomes whereas another four showed null effect. The study emphasized on the need for further studies with methodological rigor for a better understanding of the roles of MI in dental practice

There is a definite paucity in studies evaluating the role of motivation in treatment seeking behaviour of periodontal patients. The research hypothesis of this study is that is no significant relationship between motivation and treatment seeking behaviour among periodontal patients. Hence this study is an attempt to assess the role of motivation in periodontal care by using the Dental Treatment Motivation Scale (DTMS) which in itself is a shortened version of a

Self-regulation questionnaire for dental treatment subsequently modified based on a questionnaire used for assessing motivation in Type-2 diabetic patients. Chronic periodontitis is a multifactorial disease. Along with microorganisms which are responsible for the initiation of the inflammatory reaction leading to subsequent periodontal tissue loss, several other local and systemic factors have been shown to play important modifying roles in enhancing the inflammatory or destructive effects of microorganisms.

The Dental Treatment Motivation Scale is a modification of Treatment Self-Regulation Questionnaire (TSRQ). The TSRQ is a set of questionnaires concerning why a subject would engage in healthy behaviour, solicit treatment for some disease, try to change an unhealthy behaviour, follow a treatment regimen or engage in some other health related behaviour. All questionnaires have the same purpose; which is to assess the degree to which one’s motivation for a particular behaviour is autonomous or self-determined.

The instrument used for data collection consisted of sociodemographic questions in addition to the Dental Treatment Motivation Scale (DTMS) questionnaire. The DTMS is a Likert scale composed of 15 items in which 7 (Q no: 1, 2, 5, 7, 10, 13 & 15) and 8 (Q no: 3, 4, 6, 8, 9, 11, 12 & 14) questions assess intrinsic and extrinsic motivation respectively. The scale measures autonomous and controlled motivations to adopt a healthy attitude towards periodontal treatment. Answers are organized on a Likert scale of 1 to 5 ranging from “strongly disagree” to “strongly agree”. The score of each dimension is obtained by the total sum of all answers of the items in each dimension by the total score. The study was translated into the local language. To check for the consistency the study was back translated into English by two independent bilingual dentists.

MOtivation Scale

The questionnaire showed a good degree of reliability making it a valid tool for periodontal treatment planning. The results of the study showed that the subjects showed high motivation towards periodontal treatment thus rejecting the null hypothesis and accepting the alternate hypothesis. The intrinsic motivation component scored more than the extrinsic component. Motivation is an important component for treatment seeking behaviour.

Overall the study showed a high degree of motivation for treatment seeking behaviour facilitated by both intrinsic and extrinsic factors. Internalization and integration is a process by which extrinsically motivated behaviour can become self-determined. A number of extrinsic factors have also played a small role in motivating treatment related behaviour in this study such as the professional help, appreciation and social acceptability. Dentists can play a major role by facilitating treatment seeking behaviour through professional advice and reinforcements and thus help in integrating and internalizing extrinsic behaviour to an intrinsic motivation. A subjects’ dentist, his peers and his family can play an important role in bringing about a positive health related behaviour. To conclude, the study tested the Dental Treatment Motivation Scale (DTMS) to assess motivation for seeking periodontal therapy. The scale showed good consistency as well as validity and can be used for assessing motivations for other dental treatments as well. The limitation of this study is that the sample size was small and correlation with the actual clinical condition was not carried out. More longitudinal studies with larger samples in a multicentre setting are warranted to further explore the feasibility and acceptability of DTMS.

Reference:

Oruba Z, Pac A, Olszewska–Czyż I, Chomyszyn-Gajewska M. The significance of motivation in periodontal treatment: The influence of adult patients’ motivation on the clinical periodontal status. Community Dental Health [serial online]. September 2014;31(3):183-187. Available from: CINAHL, Ipswich, MA.

About the Author:

Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice from the University of Salford where his Master dissertation subject is the effect of Emotional Intelligence on improving Dentistry care in Middle East. Born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and reforming delivery of health care services. His main interest is business consultancy, leadership and entrepreneurship.

Twitter: @hishamsafadi

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funding

When Should #Startups Set Out to Raise Money? The Wall Street Journal June 2015 #Business

fundingIt can be tempting for a startup founder to look for investors early on, especially in today’s market. Despite little revenue, companies such as Snapchat Inc. and Pinterest Inc. have grown into billion-dollar businesses over a few short years, thanks in part to cash infusions from venture-capital firms and other investors.

But what are the risks of giving up equity and bringing investors on board? How should founders decide when and how much capital they need?

On The Accelerators, a blog on the challenges and strategies for starting new businesses, experienced entrepreneurs and investors shared their tips on the right time to raise money. Edited excerpts:

Raising Money? Choose to be Humble

I encourage founders to ignore the hype and the ego stroking that comes with a big valuation and instead choose to be humble. There’s no need to raise more than you need—it’s dangerous to do so. If you raise ahead of your skis and your business can’t deliver, the fall is very painful. This is the scenario in which CEOs are fired. This is the scenario all founders must avoid.

There’s no free lunch anywhere, especially not in Silicon Valley. Investors generally exchange their capital for shares in the company—it’s a bet on the startup’s future. They therefore expect founders to create value today and every day after that. With more money invested, they believe more value can be created, which means the bar for delivering a return is raised higher than ever.

It’s crucial to raise the right amount. Obviously, you never want to be out of cash so that you are forced into a fire sale or expose a soft underbelly where someone can take advantage of your vulnerabilities. But don’t raise so much that you do stupid things, such as blowing money on fancy facilities, hiring a lot of salespeople when there’s no product or recruiting a team of engineers when you don’t know what the product is.

— Maynard Webb, founder of the Webb Investment Network and co-founder of Everwise, Los Gatos, Calif.

Do You Need the Capital?

It is true that today’s capital markets are flush with venture money, and it seems every day a new “unicorn” is born over the rainbow. You read in the news, story after story, of a wunderkind entrepreneur raising millions of dollars to transform this or disrupt that. But while fruit grows on trees, money doesn’t. It takes a lot of grit, sweat and hustle to get to the point where you have the option to raise capital. And as soon as you take on venture money, you run the risk of getting kicked out of your own garden. Once you bring on investors, it is no longer completely your company. If you are okay with the possibility of getting pushed out of your own startup and left on the sidelines, then proceed. Institutional investors invest in the company, not in you.

Additionally, ask yourself if you really need the money. Taking on capital is a big commitment. You should first figure out how big your market is, and what it will take to be the leader in the field. Sometimes, raising money causes more problems than solutions. You wouldn’t want to raise $10 million to go after a market that’s worth $1 million a year in revenue, for example. You’ll likely never reach a profitable outcome. Be conscious of what you’re raising money to accomplish, and make sure it jives.

— Richie Hecker, CEO of Traction + Scale, New York

Wait Until You’re Profitable

It’s easy to buy into the hype that securing funding should be a startup’s top priority. Many founders today look to raise capital right off the bat—as soon as they have a concept, a leadership team and a mock-up, they’re asking for investors. But when you first create a company, you won’t know exactly where the future will take you. If a startup has deep pockets at this stage, the founders will be tempted to spend the money in foolish ways. Instead of planning carefully for sustainable growth, they will throw spaghetti at the wall to see what sticks. So what if, instead, you waited until you are profitable to raise money?

Let’s say you show up to an investor’s door with an idea and nothing more, and ask for $250,000. What’s going to happen? Maybe you’ll get lucky and the investor won’t just laugh you off. If they do decide to accept your request, they’re going to set a very low valuation for your company and ask for a substantial amount of equity in return. After all, it’s just an idea—and good ideas are a dime a dozen.

But imagine that you go to an investor after turning a profit—after you have a proven idea. You’ve moved beyond prototype, you’ve done your marketing and you have paying customers. You’ve shown financial discipline in balancing costs with income to turn an actual profit. That’s something every investor wants to put money behind.

Seeking funding when you’re profitable may sound foolish, but it’s just the opposite. Not only will you be able to raise money at a higher valuation, but you’ll be able to give up less control in return for that cash.

 

 

About the Author:

Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice form the University of Salford where his Master dissertation was in the effect of Emotional Intelligence on improving Dentistry care in Middle East. He was born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and investment management. His main interest is business start-up, leadership and mentoring. Currently he is leading several projects in Manchester that is related to enhance patient experience and improving leadership style through education.

Twitter: @hishamsafadi

References:

 

 

 

 

 

 

 

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quality improvemnet

Enhancing Quality Improvement in Health Care via Innovation: A Lead for Change #innovation #health #care

quality improvemnet

Quality is a complex notion and means different things to different people. So before we challenge ourselves to improve quality, we need to define exactly what it means. The definition of quality is essentially very simple; we see it as the ‘degree of excellence’ in healthcare. Excellence has many dimensions. But within the healthcare sector it is widely accepted that excellent healthcare should have the following six characteristics1:
•    Safe – avoiding harm to patients from care that is intended to help them.
•    Effective – providing services based on scientific knowledge and which produce a clear benefit.
•    Person-centred – providing care that is respectful or responsive to individuals’ needs and values.
•    Timely – reducing waits and sometimes harmful delays.
•    Efficient – avoiding waste.
•    Equitable – providing care that does not vary in quality because of a person’s characteristics.
However, there are tensions among them that need to be balanced – for example, person-centeredness may not always go hand-in-hand with efficiency.A number of solutions that have the greatest potential to make lasting and widespread improvement to health services are:
•    A sustained focus on continuous improvement in the quality of health services is needed.
•    Emphasise the importance of internal motivators (for example, professionalism, skills development, organisational development and leadership), alongside external ones (for example, regulation, economic incentives and performance management).
•    Align quality at every level to make sure that all levels of the system relate to each other in supporting quality.
•    Redefine the nature of the relationship between people who use services and those who provide them.
•    Build knowledge, skills and new practices, including learning from other sectors that have improved their performance and reliability in highly complex areas.
Most important ingredient to improve quality and achieve sustained improvement. The way in which the change is introduced and implemented. Best outcomes achieved through utilising a combination of change behaviour and systematic change methods and structures
The Key Principles of Leadership and Quality Improvement are the following:
•    Vision of what the organisation should look like and agreed strategy
•    Agreed role responsibilities for Quality Improvement
•    System changes (data collection, rewards, incentives)
•    Training and development
•    Communication and commitment (Ovretveit 2005)
•    Aims of improvement and Board commitment
•    Systems alignment ( strategy, projects, leadership learning)
•    Channel leadership to system level improvement
•    Right people
•    Financial support
•    Clinicians engagement
•    Build improvement capability (Reinersten et al. 2005, IHI 2008)
We should be aware too about the Key Principles to Quality Improvement which are:
•    Governance, leadership and management (as opposed to policies and procedures alone)
•    In-built quality and safety measures (rewards, penalties for breaches)
•    Self-assessment of culture and values (expressive behaviour) –of the organisation are expressed in behaviour of quality improvement approaches, commissioners will be better placed to ask the right questions about providers’ focus on improvement and the progress
•    Performance management (setting standards, measurement, corrective action: feedback loop)
•    Dialogue and communication with key stakeholders: interaction loop
Focusing on your Service Improvement goals with the organisations strategic goals is needed to achieve those goals which serve the common organisation objective of Improving Quality and Services Improvement.

Adapted from Reinerstein J.The work of pursuing perfection. Cited by NHS Institute for Innovation and Improvement (2005) Improvement leaders Guide: Leading Improvement, Personal and Organisational Development

Challenge to organisations is to implement the change. Change is a necessary condition for survival and in organisations and individuals is a never ending search for improvements to gain competitive advantage. Change is a necessary condition of survival. In fast changing environments not to change is to lose. Change in terms of clinical leadership is to devolve power to frontline staff- to innovate locally. Use the softer term of innovation as it has less connotations to that of the term change. Innovation- term combined with change and progress.
In Core Principles change management for the purpose of patient and service improvement are Diagnosis or assessment, Planning, Implementation and Evaluation.

Innovation in Quality Improvement:
In Finding the Important characteristics of an innovation it will include the following:
•    Relative advantage (the degree to which it is perceived to be better than what it supersedes);
•    Compatibility (consistency with existing values, past experiences and needs);
•    Complexity (difficulty of understanding and use);
•    Ability (the degree to which it can be experimented with on a limited basis);
•    Observability (the visibility of its results).
The important roles in the innovation process include:
•    Opinion leaders (who have relatively frequent informal influence over the behaviour of others);
•    Change agents (who positively influence innovation decisions, by mediating between the change agency and the relevant social system);
•    Change aides (who complement the change agent, by having more intensive contact with clients, and who have less competence credibility but more safety or trustworthiness credibility

About the Author:
Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice form the University of Salford where his Master dissertation was in the effect of Emotional Intelligence on improving Dentistry care in Middle East. He was born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and investment management. His main interest is business start-up, leadership and mentoring. Currently he is leading several projects in Manchester that is related to enhance patient experience and improving leadership style through education.
Twitter: @hishamsafadi
References:
–    Foundation, H. 2015. What is quality? – Health Foundation. Health Foundation. http://www.health.org.uk/about-us/what-is-quality/, June 12, 2015.

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Management Skills

Entrepreneurial Skills that Change Business in 2015 I #business #Entrepreneur #startup

Management SkillsWhat makes someone a successful entrepreneur? It certainly helps to have strong technology skills or expertise in a key area, but these are not defining characteristics of entrepreneurship. There’s a question that haunts every would-be entrepreneur – and many actual entrepreneurs – every day: “How do I know if I have what it takes?” Yes, the Internet is full of ideas, tips, tricks and even awesome quotes. But do you actually have the skills. While the debate rages on as to whether entrepreneurs are born or made, one thing can’t be disputed: polishing certain skills can help you be a better entrepreneur.

If you want to start a business, it’s essential to learn the specific skills that underpin these qualities. It’s also important to develop entrepreneurial skills if you’re in a job role where you’re expected to develop a business, or “take things forward” more generally.

In this article, we’ll look at the skills you need to be a successful entrepreneur, and we’ll explore resources that you can use to develop the traits needed for success.

Defining Entrepreneurship

Some experts think of entrepreneurs as people who are willing to take risks that other people are not. Others define them as people who start and build successful businesses.

Thinking about the first of these definitions, entrepreneurship doesn’t necessarily involve starting your own business. Many people who don’t work for themselves are recognized as entrepreneurs within their organizations.

Regardless of how you define an “entrepreneur,” one thing is certain: becoming a successful entrepreneur isn’t easy.

So, how does one person successfully take advantage of an opportunity, while another, equally knowledgeable person does not? Do entrepreneurs have a different genetic makeup? Or do they operate from a different vantage point that somehow directs their decisions for them?

Though many researchers have studied the subject, there are no definitive answers. What we do know is that successful entrepreneurs seem to have certain traits in common.

We will be discussing the following entrepreneurship criteria that build success for entrepreneur personality and business, which are:

  • Communication and Networking
  • Business and Personal Branding
  • Sales and Marketing for Business Success
  • Strategy and Decision Making
  • Finance and Account Management

In all the above points we will include a personality analysis that combine with the points.

  1. When you’re a solopreneur, you may think communication is less of an issue, since you don’t have staff to interact with. But you’ve still got to maintain clear lines of communication with your customers via email and phone, as well as ensure that the message you send through your website and social-media profiles is the one you want.

If you do have staff, communication is even more important. After all, poor communication skills can lead to decreased productivity with your staff, as well as low morale and opportunity for them to make more mistakes if they don’t understand your instructions. There is an opportunity to enhance your communication methods with your staff after you success building your business. Communication will give you as entrepreneur the ability to manage staff. Once you have the right people, you need to manage them well. Early on in your business’s growth, you’ll be everyone’s manager, so it pays to be effective. If you don’t already know how to manage, take the time to learn how to motivate, encourage, and develop your staff. Also communication will give you the ability to make entrepreneur friends. According to entrepreneur Jim Rohn, “You are the average of the five people you spend the most time with.” So who do you want to be? Improve your odds of success by finding entrepreneur friends who will be able to understand your struggles and give you much needed insight.

  1. Branding (personal and business). 

To start a correct branding, first, examine your personal characteristics, values, and beliefs. Do you have the mind-set that’s typical of successful entrepreneurs?

  • Optimism: Are you an optimistic thinker? Optimism is truly an asset, and it will help get you through the tough times that many entrepreneurs experience as they find a business model that works for them.
  • Vision: Can you easily see where things can be improved? Can you quickly grasp the “big picture,” and explain this to others? And can you create a compelling vision of the future, and then inspire other people to engage with that vision?
  • Initiative: Do you have initiative, and instinctively start problem-solving or business improvement projects?
  • Desire for Control: Do you enjoy being in charge and making decisions? Are you motivated to lead others?
  • Drive and Persistence: Are you self-motivated and energetic? And are you prepared to work hard, for a very long time, to realize your goals?
  • Risk Tolerance: Are you able to take risks, and make decisions when facts are uncertain?
  • Resilience: Are you resilient, so that you can pick yourself up when things don’t go as planned? And do you learn and grow from your mistakes and failures? (If you avoid taking action because you’re afraid of failing, our article on Overcoming Fear of Failure can help you face your fears and move forward.)

Whether you’re striving to brand your business or looking to establish yourself as an expert in your industry, knowing how to do so online is essential to your success. Branding starts with being active on social media, and is shaped through content publication, whether on or off your website. Be aware, though, that poor content can lead to negative branding. It’s important to know how to deliver content and resources that your target audience wants and will find valuable. Another method of branding yourself and your business is social networks. Social networks represent a key part of any business’s marketing strategy. Not only will you need to understand each platform, you’ll want to arm yourself with the best strategies for getting your start up and personal brand noticed on each one.

One important internal driver that branding yourself and your self will be increased is the ability to deal with failure. No business venture is a straight line to success; knowing how to deal with ups and downs is essential. Remember that every successful person out there failed dozens of times before getting a win. Failure isn’t the end – it’s just a data point on the way to success.

  1. You may not identify with salespeople, but the fact is, if you run a business, you’re involved in sales. You might have a sales team that handles all of your company’s sales, but every time you deliver your elevator pitch about your business, negotiate with a vendor, or even just persuade anyone to do anything, you’re tapping into sales skills. To enhance your sales records for your business you must have the ability to be productive. This is a big topic, because there’s no one right way to be productive that works for everyone. Learn about your peak energy times, your routines, and the productivity tools that work for you in order to create your own plan for success. Another element is the ability to close a sale. Letting customers know you understand their pain is important, but asking for the sale is where many entrepreneurs get stuck. If you’re nervous about this step, try enrolling in a sales workshop to learn these much-needed skills. Adding to that the ability to spot new trends is another element that you should be aware of. Business moves fast, so you’ve got to have the ability to see changes coming in your industry. Make it a point to keep up to date on new start-ups and the advances in technology that could be poised to disrupt your field.
  1. Strategy. It’s easy to think about the “right-now” aspect of your business, because the results are easy to see. But what about the bigger picture, long-term challenges and goals? How often are you thinking about those? Without a constant eye on your business’ strategy and skilled assessment of that strategy relative to the industry and your competition, you can’t hope to grow it over time and remain competitive in the marketplace. You also need the practical skills and knowledge needed to produce goods or services effectively, and run a company.
  • Goal Setting: Do you regularly set goals, create a plan to achieve them, and then carry out that plan?
  • Planning and Organizing: Do you have the talents, skills, and abilities necessary to achieve your goals? Can you coordinate people to achieve these efficiently and effectively? (Here, effective project management skills are important, as are basic organization skills.) And do you know how to develop a coherent, well thought-through business plan, including developing and learning from appropriate financial forecasts?
  • Decision Making: How good are you at making decisions? Do you make them based on relevant information and by weighing the potential consequences? And are you confident in the decisions that you make?
  • Core decision-making tools include Decision Tree Analysis, Grid Analysis, and Six Thinking Hats.
  • You need knowledge in several areas when starting or running a business. For instance:
    • Business knowledge: Do you have a good general knowledge of the main functional areas of a business (sales, marketing, finance, and operations), and are you able to operate or manage others in these areas with a reasonable degree of competence?
    • Entrepreneurial knowledge: Do you understand how entrepreneurs raise capital? And do you understand the sheer amount of experimentation and hard work that may be needed to find a business model that works for you?
    • Opportunity-specific knowledge: Do you understand the market you’re attempting to enter, and do you know what you need to do to bring your product or service to market?
    • Venture-specific knowledge: Do you know what you need to do to make this type of business successful? And do you understand the specifics of the business that you want to start? (This is where it’s often useful to work for a short time in a similar business.)

You can also learn from others who have worked on projects similar to the ones that you’re contemplating, or find a mentor – someone else who’s been there before and is willing to coach you.

Within your strategy you should focus on other stakeholders who are customers, staff, new staff and factors which are productivity, talent management and business position.

Focusing on Customers: To be clear, without customers, you have no business. Make sure all of your pitches, products, and services are focused on actual customer needs. If you don’t know what these are, research and ask questions so that you’re able to give great customer service.

The ability to manage staff. Once you have the right people, you need to manage them well. Early on in your business’s growth, you’ll be everyone’s manager, so it pays to be effective. If you don’t already know how to manage, take the time to learn how to motivate, encourage, and develop your staff.

The ability to train new staff. When you bring on someone new, a robust on boarding process will ensure that they know what to do and not do. Not only will this help keep your company moving the correct direction, it will increase the commitment level of good employees and give you grounds to follow up on misconduct.

The ability to hire effective people. Speaking of hiring, this is easily one of the most important skills any entrepreneur could have. Having great people on your team will give you access to new strengths, while also building a company culture that people want to be a part of? Hiring the right people is essential to get where you want to go.

The ability to identify strengths and weaknesses. As a business owner, you don’t need to be perfect at everything. You do, however, have to understand where you’re strong and where you’re weak. Assessing this will inform everything from the business decisions you make, to the partners you bring on, and to the employees you hire.

The ability to be productive. This is a big topic, because there’s no one right way to be productive that works for everyone. Learn about your peak energy times, your routines, and the productivity tools that work for you in order to create your own plan for success.

  1. While you don’t need to be a CPA to run a successful business, you should still have a decent understanding of your finances, profit margins, cash flow and funding. The more comfortable you are with all of these numbers, the more confident you’ll be, and the better decisions you’ll make. If you have an accountant to handle all the number crunching, that’s great, but don’t use them as a crutch to keep you from digging in and really understanding where your money’s going. It’s your duty to rein in costs, optimize efficiency and find ways to grow revenue. As a business owner with entrepreneur skills you will be required to focus on enhancing your abilities to raise and manage money.

The ability to raise money. Once you can manage money, can you get more? In order to get investment, you need to not only understand where to get money, but how to convincingly make a case that your business is a good risk as well.

The ability to manage money.Very simply, if you can’t manage money, you can’t manage a business. Do you know where your money goes each month? Do you live off less than you earn? If the answer to these questions is no, you’ll struggle to manage a business budget as well.

 

 

 

 

 

About the Author:

Dr.Hisham M Safadi (Hisham Safadi ) BDS & MSc Leadership and Management in Health Care Practice form the University of Salford where his Master dissertation was in the effect of Emotional Intelligence on improving Dentistry care in Middle East. He was born and raised in the Emirates of Ras Al Khaimah, United Arab Emirates. Dr.Safadi had start his professional career as a dentist then turn to the field of managing medical facilities and investment management. His main interest is business start-up, leadership and mentoring. Currently he is leading several projects in Manchester that is related to enhance patient experience and improving leadership style through education.

Twitter: @hishamsafadi

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