I need to reply to the following statement. I need to come up with a reply to this post about it and give remarks but i am stuck..............

The business we would love and anticipate starting is a dental practice. With regard to tailoring your business model in the dental practice industry, I believe there are a couple of areas of emphasis that are key to being the industry leader in your area. The three areas I believe should have significant value in a business model are targeting your specific market, staying up-to-date with the latest procedures and technology, and ensuring the dental practitioners of your office keep up with continuing education requirements.

Targeting your specific market is extremely important and is largely dependent upon the location, size and demographics of your area. While many Americans see a dentist on a regular basis, most people take two things into consideration before committing to the dental chair: the cost associated with preventative and restorative procedures as well as if they are a fee for service or insurance accepting practice. While this may seem insignificant to some dental practices, it can be the biggest reason patients decide to walk / or not walk through your door.

Staying up-to-date with the latest and greatest research and techniques of tomorrow ensures the practice is providing the most efficient form of dentistry. When a dental practitioner is capable of using old techniques in conjunction with new technology and products, it sets them apart from their competitors that are too stubborn, hard-headed, or too cheap to keep up with innovation. Word travels fast in communities and its best not to be on the wrong end of community gossip.

Tailoring your business model is an absolute necessity to obtaining the maximum amount of growth. While it may not be necessary to tailor your business model to stay afloat, treading water will not survive long in today’s economy. An article published by the Harvard Business review stated “Business modeling is the managerial equivalent of the scientific method—you start with a hypothesis, which you then test in action and revise when necessary.” (Magretta, J., 2014) I interpret this to mean that you must continue to shape and mold your business model as you identify and encounter problems. I also believe that a business model is never etched in stone, but rather penciled as controls in business are always fluid and changing as so should your business model.

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Status NEW Posted 14 Sep 2017 07:09 AM My Price 8.00

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