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Chances are you’ve  heard the buzz about  Instagram and have decided to set up an account. If you have a business – you’ll want to set up an Instagram business account.  Why? In a word – analytics. Although Instagram calls it “insights”.  Insights are basically an analytics tool that track data on follower demographics and actions.  It also compares content so you can see how your posts are performing.  Additionally, an Instagram business account allows you to post ads and link to your social media business accounts.

Dr. Evelyn (a fictitious character) has been out of dentistry school for over a year.  At first, she tried to do some of the advertising/marketing on her own but  quickly realized she didn’t have knowledge or the skill. She found between managing her practice and trying to keep up with her hobby of running  Ultra-Marathon’s learning the in’s and outs of digital marketing simply  wasn’t feasible.  

But I’m a dentist – not a writer!

Does the thought of writing a story about you or your practice give you the willies? You’re not alone! The good news is, there are a few simple techniques you can follow to get your creative juices flowing. 

One of the most popular methods of building rapport with your audience is called “The Hero’s Journey”.   If you’ve listened to inspirational speakers within the last 10 years, there is an excellent chance their speech is based on this formula.

If you want to attract a deer, would you put a bowl of warm milk on your doorstep?   By doing  specific research, you would easily discover that a block of salt in a treed area would do a much better job of attracting a deer.

What is SEO?

SEO or search engine optimization uses a complicated set of processes, steps and rules to rank/index your website in internet search results with Google, Yahoo or Bing.  Over 255 factors are utilized to assess the quality of your web page and the SEO process and algorithms are constantly changing and evolving.

Let’s face it – who wants to see the dentist? For most people, dental visits conjure up both physical and financial pain.  Early childhood memories stick. My earliest recollections of our family dentist were of a tall, austere looking man in a white dental coat, who had little to no personality and could never pronounce my name even after 15 years of visits.  I lived in a small town with a total of two dentists, and he was the more personable. His receptionist, however, was a sweetheart, she always remembered our conversations and took a genuine interest in me.

Misapplication of Economic Value Added Concept
Many companies have embraced the notion that the economic-value-added concept is superior to the traditional performance assessment measures based on traditional accounting.

Economic value added, known by the acronym EVA, is a financial measurement metric that considers the relationship between the enterprise’s profitability and the cost of the capital employed to achieve that profitability. The idea behind EVA is that managers should be evaluated in terms of how effectively, productively and profitably they employ capital in the business. To evaluate profit alone without considering the cost of the capital employed to achieve that profit can be very misleading. But if the relevant content and timing factors are not appropriately considered, EVA calculations can be as distorting and misleading as traditional profitability measures.

Ignoring the Stock Price
Companies that ignore their stock price do so at their peril.

While it is crucially important to concentrate on the basic business of the company, if a company is not mindful of what happens to its stock price, it may find it is in for a rude shock. If the stock price falls too low, investors may lose confidence in management, and critical investors may sell out. If the stock price falls too low, a takeover may happen. A company needs to pay attention both to its basic business and it its stock price.

Ignoring the company’s stock price is a mistake.

Success Needs Sufficient Capital Resources
To succeed in business, you need sufficient capital resources. In fact, it is said that the number one source of failure for small business is running out of money.

If you do not have a realistic assessment of the money that is needed to implement your business plan, you run the risk of running out of money. If you run out of money, your business may likely fail. Failure to have a realistic understanding of the amount of money that is required for the business overall and to implement certain new ventures, particularly, can lead to ruin.

Failing to have adequate money for the business can be a mistake.

30 Retaining the Wrong Professional Advisor

From time to time companies and senior executives inevitably are involved in circumstances that are not familiar to them. In those circumstances, it is a good idea to retain a professional advisor. But it can be disastrous if the wrong advisor is retained.

Often the decision about the advisor who is retained is much more controlling in determining the outcome that is achieved than are the merits of the strategy pursued, the potential of the new business opportunity, what diligence is employed, or how much resources are expended. If you retain the wrong advisor, you may end up with an unfortunate outcome.

Retaining the wrong advisor is a mistake.