The Definition of Success

There comes a time when you, as an entrepreneur, have to sit down and see where you are going with your company, then plan how you will get there.

Before you proceed, however, please do the following: Review the demographics of your market. Has it changed? How has it changed? The population of the United States is a constantly shifting entity, and what your market is now compared to what it was the last time you checked could be a big surprise. Also, determine which segments of your current operation your profits are coming from.

Every time providers I have spoken with have gone through this exercise, they get a shock. Too often, they find that the Medicare or Medicaid business they thought they were dependent upon does not generate sufficient profit dollars. They discover the amount of time spent providing services to this segment is out of proportion to the return they receive.

I am not going to suggest that you cease providing service to Medicare and Medicaid patients. But you must consider this as only one part of your total operation. What will happen if you enter Medicare's coming competitive bid but do not win?

When you write a new business plan, think about third-party service as a small portion of your total volume and explore additional sources of income. Make an effort, for example, to become a provider of equipment and services to industry in your community. Look to servicing business, police, fire departments and schools, especially universities. And, as I have suggested so often over the years, look at the opportunities for building up your over-the-counter sales.

When you see which disciplines you currently service and the profits each provides, then that is where you should place extra efforts. Build these areas up, invest the necessary dollars to make them grow, train your staff and make sure your outside salespeople are beating the drum that your company is able to provide the best service in the community.

Redefine your company!

Elucubrate and Pococurante

No, these words are not foreign. They are interesting because they apply to all of us.

Elucubrate means “to produce by long and intensive effort,” according to Webster's College Dictionary. Shelly's translation is that it describes “working hard and diligently.”

Pococurante is used to portray “a careless or indifferent person.” Shelly's translation is simply one who is nonchalant or apathetic, or the opposite of elucubrate.