As the world evolves, so should our business practices. Successful businesses focus on purpose, passion, and profitability. This session will explore these essential areas in business development by creating a vision (the purpose of your business), identifying core passions that support the purpose, and discussing how to hire and retain individuals who are aligned with the business’ passions. Following this 21st century model will result in a thriving, profitable practice and a rewarding career.
A 2009 Gallup poll revealed that 71% of employees are disengaged from their work. On average, each of these employees COST the company $16,000/year. Luckily, many businesses are turning these statistics around and are prospering, in spite of the current economic climate.
Zappos, an online shoe sales company, is a prime example of such a business. Within the past decade, Zappos’ earnings have increased more than 500-fold, from $1.8 million in 2000 to $1 billion in 2008. The secret lies in their business model which is based on delivering a unique value that resonates with the owners and employees. The key is not necessarily the unique value (or mission statement) per se, but rather actively supporting the core passions that matter most for delivering the unique value. Zappos’ unique value is simply “Delivering Happiness.” Happiness is delivered through core passions such as delivering WOW through service, pursue growth and learning, and build a positive team and family spirit, to name a few. These core passions help define Zappos’ culture, brand and business strategies. As one employee remarked, “It is amazing what a bunch of determined people can do when they are really passionate about what they’re doing.”
Not only do core passions help define what is most important in delivering a unique value, but they also create a unifying alignment of purpose between employers and employees. The result is a work environment that nourishes and engages everyone and ensures longevity for the company. Zappos exemplifies the audacity of this new business model and healthcare could learn a few lessons from them. After all, it is unlikely that a 4-person business, which is quite common in the audiology world, would ignore the possibility of a $50,000 increase in revenue (based on the Gallup poll statistics).
My vision for the session is to work through three specific and essential areas in business development: identifying core passions that matter to the practitioner, creating a unique value that is delivered to the patient through to these core passions, and find common ground with employees and the core passions to ensure alignment throughout the practice (or business). This last area is vitally important for our profession where finding the right people is a growing challenge. With this new business model, motivating and retaining staff is easily accomplished. To state it differently, if people believe that what they do matters in delivering the unique value of the practice, not only will they be more productive, they will stay forever.
“After attending this workshop, participants will have …”
1) Developed a vision for their business
2) Identified the core passions that support the vision
3) Apply ideas for managing and engaging staff