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Business Feedback

by Ron Kurtus

Readers have sent in a total of 109 comments and questions on Business issues. They are listed according to date.

You can read them to further your understanding of the subject.



List of next 15 letters

Title

Topic

Country

Physical therapy business profit margin dropping Measure USA
 
Role of science in business General Nigeria
 
How can complexity be a cost driver? General Business Topics Tanzania
 
Organization based on its beneficiaries General Business Topics Sri Lanka
 
What kind of business can I run? General Business Topics Nigeria
 
Concept of vision in business Mission USA
 
Information about Business Strategies General Ireland
 
Wants to know about TQM Mission India
 
Example of business leader General Business Topics Turkey
 
Customer gives requirements verbally General USA
 
How do Christian principles work with HR? General Ghana
 
Customer care General Business Topics Malaysia
 
Seeking business law information General Ghana
 
Most important skills of communication General Business Topics morocco
 
Wants to get in hotel business General Business Topics USA
 

Next 15 letters

 




First 15 letters


Measure

Physical therapy business profit margin dropping

March 29, 2006

Question

wHEN A BUSINESS BEGINS TO SEE THEIR PROFIT MARGINS DECLINING, WHAT IS THE FIRST THING TO DO. IS IT CUT EXPENSES(SALARY FREEZE/ HEALTH INSURANCE) OR TRY TO BECOME MORE EFFICIENT BY EVALUATING PROCEDURES AND CUSTOMER SERVICE. inCREASE MARKETING EFFORTS?

OUR BUSINESS IS PRIVATE PRACTICE PHYSICAL THERAPY- WE ARE AT TIMES LIMITED IN SEEKING HIGHER REIMBURSEMENT FOR SERVICES BECAUSE WE COMPETE WITH BIGGER THERAPY NETWORKS WHO UNDER BID FOR LOWER PAYING CONTRACTS.

jEANETTE
OFFICE MANAGER

jEANETTE - USA (10681)

Answer

You need to take a step back and examine your Business Plan. It you don't have one, it is a good time to write down a plan of how you expect to make money.

Determine who is your competition for clients and patients. Then determine what services you can provide that is different and better than the "big boys". Can you get a more personal approach in dealing with your patients? Are you in a more convenient location? Do you have better hours? Do you have better skills? Are you in a highly specialized area of physical therapy that the others don't cover?

You need to clearly define why customers should come to you instead of a network that charges less. Then you can advertise and market your advantages. Also, note that if your clients are happy, they will give referrals. That is very important in a smaller business.

You want your workers to fell they are part of a team that is doing a service to people in the community. If workers are appreciated and feel they are needed, they will often accept less compensation. But an impersonal wage freeze or such makes for unhappy people. They need to be partners in your efforts.

It is always good to look to areas of waste and improve the way all jobs are done. Getting input from the workers will allow you to find problem areas. I know a dentist who charges 25% more than other dentists but still has great business. He also has a weekly staff meeting with the team to plan out the upcoming activities. People seem to like to work there.

I hope these ideas helped.

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General

Role of science in business

February 10, 2006

Question

I HAVE A QUESTION TO ASK "DISCUSS THE ROLE OF PHYSICAL SCIENCE IN A FINANCIAL / BUSINESS ORGANIZATION WITH PARTICULAR REFERRES TO THE STUDY OF PHYSIC".

Thanks

IFEOMA - Nigeria (10024)

Answer

Engineering companies or companies that make goods using technology use physical science to improve their business. A financial organization make use technical devices, but science is not directly used in those businesses.

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General Business Topics

How can complexity be a cost driver?

December 1, 2005

Question

Explain how can "Complexity" be a cost driver; or,if complexity is not a cost driver, explain why it is not a cost driver.

Evodius - Tanzania (9220)

Answer

The more complex a product is, the more it costs to build it. Also, reliability often drops, resulting in more repairs and returns from the customers. This means extra costs or losses in profits.

Typically, you want products to be as simple as possible and still to be able to provide the desired functions. That takes effective engineering. It may be more expensive to design a simple product, but the savings will make up for it in reduced production and repair costs.

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General Business Topics

Organization based on its beneficiaries

November 24, 2005

Question

For an organization based on its beneficiaries to what extent are managers,
1.knowledgable about the the expectations of their beneficiaries
2.Actively persuading their interest.
3.Keeping them informed.

Amali - Sri Lanka (9079)

Answer

A beneficiary can be a customer that gets a produt, service or even money from the organization. Managers must have some method of finding out the expectation of these customers, whether by marketing research, survey questions or simply asking them. They cannot guess at what they think are the expectations.

It is a good practice to keep the customer informed of important information. It depends on what has been promised.

(I am not sure what you mean by "Actively persuading their interest.")

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General Business Topics

What kind of business can I run?

April 26, 2005

Question

having small money in Africa.what kind of business can I run

gregisaac - Nigeria (6783)

Answer

Look at what people want and need. Then look at your skills and what you like to do. This is called supply and demand.

If you find an inexpensive product or service that people around you want and need, and then you determine how you can get the product or perform the service, you can easily start a business with little money.

Start a one-person business first. If you have the right product or service, you can then hire helpers. If you want to buy and sell products, you can start with a few and find a good place to sell those goods.

A smart person with a good sense of what people want and need can be very successful in Nigeria.

Best wishes on being a champion.

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Mission

Concept of vision in business

March 23, 2005

Question

in a simple way can you explain for me the concept of vision in business?

Iness - USA (6429)

Answer

Often companies will have a vision statement that they will be the biggest and best in the industry. This is often meaningless and impractical.

Ideally, the vision statement is a realistic picture of where the company sees itself in 5 years or so. The vision can then be adjusted as conditions prevail.

"Our vision is to expand into the education market with new tools (within 5 years)."

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General

Information about Business Strategies

March 16, 2005

Question

I am studiying Business and Marketing at Rathmines College, and at the moment looking for information about Business Strategies. I am very grateful if you can help me. Thank you very much for your time.
Kind Regards,

Natalia - Ireland (6358)

Answer

Two interesting areas on strategies to improve business are TQM and ISO 9000. On our site, they are at:
http://www.school-for-champions.com/tqm/
http://www.school-for-champions.com/iso9000/

Also see: http://www.school-for-champions.com/business/

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Mission

Wants to know about TQM

February 2, 2005

Question

Iam a student of mechanical engineering in 2nd semester. We are having a subject of TQM in our course. I want to know more about TQM. For example:- TQM consultancy companies, their visions, missions, purpose and their quality policy statement. I want to know how do they function in real life and how do they serve society?

Hope to hear from you soon!
vivek

vivek - India (5831)

Answer

TQM is mainly about improving work processes, reducing waste and satisfying the customer. It especially uses statistical methods to verify improvements.

Company vision and mission statements are goals for a company but are not necessarily a requirement for using TQM. Many low quality companies have mission statements.

The Quality Policy Statement or manual is typcially part of the ISO 9000 process.

Some companies serve sociery and some serve their own greed. It depends on their leaders.

See our sections on TQM and ISO 9000 for more information.

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General Business Topics

Example of business leader

December 27, 2004

Question

hi 1'm melih from turkey my english teacher gave me a homework in university the suject of homework is (a business of a good leader for example: bill gates)his business life with qualities of a leader can you send me a composition about it? bye

melih - Turkey (5424)

Answer

You can read about Bill Gates from:
http://www.microsoft.com/billgates/bio.asp

Also on leadership qualities, it would appear that the successful leader of the 21st Century organization will be one who can consistently give a view of what will come next. The simple recognition of being trustworthy seems to count a great deal. When leaders behave consistently, fairly, reasonably and reliably, these qualities spread through the organization.

See:
http://www.mce.be/knowledge/205/27

Also note that you wrote your email address as: www.melih_guzelsozlu@mynet.com. There is no www in it.

Best wishes in your studies.

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General

Customer gives requirements verbally

July 24, 2004

Question

I am finding it difficult to memorise what the customer has told us about his requirements. Even though we jot it down on the notes, some of the important points, we are finding it difficult to explain. For example, MS Project Integration. - this is the topic on which the customer gave a presentation and told us the how the MS Project is integrated into the software tool for developing the project. I had to struggle a lot to explain this concept to the end users.

How to overcome, How to write, grasp in a clear concise fashion.

Kindly respond

NVL - USA (3839)

Answer

Many companies demand that requirements be stated in writing to make sure their are no misunderstandings. Unfortunately, a writer will often run into a customer or manager who wants to give verbal directions.

Taking notes while listening to the requirements and then immediately writing them up, when they are fresh in your mind is a good practice. Then show the written requirements to the customer to make sure it is exactly what he wants.

You can also tape the conversation to listen to later for getting the information. But that is seldom done in practice.

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General

How do Christian principles work with HR?

July 7, 2004

Question

i will first of like to know what are the basic christian religious principles, and how relevant they are to human resource management in an organisation. What roles can human resource managers as well as employees can play to ensure the princples fused into the human resource management practice becomes a success?
i will be very grateful if you would give me an answer since the question has been bothering me for months.

Solomon - Ghana (3704)

Answer

The basic Christian principles are to love God, do to others as you would have them do to you, and accept that Jesus Christ is your savior. Some say to live as Jesus did and be a good person.

It is not usually good to include the beliefs of any religion in the human resource management of a company, because there may be workers, managers and customers of other religious faiths. It is better to emphasize good character among all people, including honesty and determination.

See our material on character at www.school-for-champions.com/character/

The School for Champions philosophy emphasizes the 5 Powers of a Champion: maintaining your health, seeking knowledge and skill, doing excellent work, being valuable to others, and having good character. We believe that those 5 items should be used in human resources at all levels to improve the company and its business. They all fit in well with the various religious beliefs.

Best wishes in your endeavors.

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General Business Topics

Customer care

June 2, 2004

Question

1. How T.Q.M contributes to customer care?
=is that to prevent wastage, time?

2.What is customer care? What is the benefits, which can result from imporved quality and customer care?

3. The common unethical business acts practiced by firms.

yewhung - Malaysia (3451)

Answer

One aspect of TQM is to reduce waste in the production or in work done. Another aspect is to satisfy the requirements of the customer. What is called customer care is an extra service provided by the company that goes beyond what is expected from the product or service. For example, if you buy some equipment and the salesman says he will deliver it for free. That is an extra service that is customer care.

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General

Seeking business law information

March 18, 2004

Question

i will be very grateful if you could give me full details and explaination on the following cases as used in BUSINESS LAW.
'cheney v conn'
'nash v inman'

WILLIAM - Ghana (2742)

Answer

The following links may help you:

http://www.icrc.org/ihl-nat.nsf/0/045274592afffa11c1256ba3004260d3?OpenDocument

http://www.shipley.ac.uk/learn/hnc/unit6/contract.html

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General Business Topics

Most important skills of communication

March 3, 2004

Question

what are the most important skills of communication that one need in his life in general and at work in particular?

sabah - morocco (2595)

Answer

Being a good listener is very important. People like others who seem interested. Bosses like workers who pay attention. Also, if you listen well, there are less chances for misunderstanding.

When you do talk, try to make sure the other person can understand what you are trying to say. Often people just want to say things without thinking of their audience.

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General Business Topics

Wants to get in hotel business

February 26, 2004

Question

Hi how are you all today,
I am a junior in high school and I attend a private school and have a business class and chose another one for my schedule for next year. I fell in love with business and i like the hotel business and want to make a success in this firm. I was looking for any tips that you can give me that will help me with ownership and wealth like J.W Marriott "the great one himself"

Benhur - USA (2528)

Answer

It's good to check into the life of Marriott. A short biography is at http://www.vitalog.com/cgi-bin/profile/index.cgi?id=1988.

Another person to check into is Conrad Hilton. See http://www.hrm.uh.edu/home.asp?PageID=183. That site also gives information about hotel management.

Best wishes in working towards your career. It can be exciting.

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