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IT IS NOT IMPORTANT TO BE SUCCESSFUL BUT TO STAY SUCCESSFUL

Categories:
Education Insights, Practice Management
Posted by: BlogAdmin
2 months ago
No comments

IT IS NOT IMPORTANT TO BE SUCCESSFUL BUT TO STAY SUCCESSFUL

The MFD runs his Business as a Practice like an Individual doctor

We operate from the belief that we need to be the Best

And we can spend a lifetime desiring this but we will never become the best

This is just pipe dream because no one has ever been the best

God has created us to be good human beings

Hence our prosperity is a function of what we can give

We can give service which we do to our Clients

We can also give employment for people

Employment is leverage investment

It produces super natural returns because of compounding effect as well as massive margins

However, what we think as hiring is not the complete picture

A Practicing doctor always has a receptionist, helper and sometimes a compounder if he makes his own medicine

These employees are like the Operations staff that we all hire

The problem is we often stop at that

There are three other levels of Employees that we must consider

1) Relationship Managers with complimentary skills of youthful energy, knowledge and communication skills

2) Leaders who know stuff better than us. Who act as our advisors in their area such as Technology, Sales, Marketing etc. They are like department heads in an organisation

3) CEO – This the stage at which you can really call yourself as an Entrepreneur or a Businessman

Entrepreneurs are not the best sales people or the best product people or the best human resources people

But they have a good understanding of who to hire for which job

It is like a car enthusiast know which vehicle to buy for which purpose

The Role of an Entrepreneur is to work ON the Business and not IN the Business

He needs to look at the Business as a System

1) The Corporate Structure – Shareholders and ESOP Structure

2) The Funding Structure – How to raise money if needed

3) The Brand Structure – How to build a Brand to ensure that the Business runs on its own legs without his presence

When he becomes invisible and the business becomes more visible then we can say he has built a Self-Sustaining Enterprise that can live on and on with or without the Business Owner

Because by them the Business will have several owners and a Professional Management Team

Owners are not born with the skills of Management

They may accidentally have some qualities

What Business Owners need to have is a Vision

If we as Practitioners do not have a larger Vision then sooner rather than later we will be devoured by another Business System with a larger Vision

This is the way future business will evolve. In fact this future is already there now

Unless we can think of our Business from the Sustainability lens we are not really creating Serious Wealth for us and our Family

Our Business should be such that our next generation should want to build it further

Are you designing your business in this manner?

That is the million dollar question to answer?

I rest my case

Tags:
#business #insights #MFD #practicemanagement #skillmanagement #success
BlogAdmin

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