Here you go: The best business advice ever, Part II

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07/16/2010

Here's the second installment of the "best business advice ever" from speakers who will be at this year's HME News Business Summit, Sept. 12-14, in Nashville. As I said when I ran the first installment June 24, the speakers at this year's Summit are as good as they come. So I figured asking them for the best single piece of business advice they'd ever heard or received would be interesting. I think this stuff is great, and I hope that you will, too.

These short articles are a nice snapshot of the kind of education you'll receive at the Summit. To see everything the Summit has to offer, please go to its website.

Lisa Wells, online marketing and e-commerce consultant
My father was a successful CEO and entrepreneur in the dental industry for more than 35 years. One of his favorite work-related "hobbies" was to sit down with dentists and help them design blueprints for their new or expanding practices. I asked him one morning why he did it for free? He told me: "I'm investing in people whose success will also help me succeed." Throughout my career, I've worked for companies that invest in their people, and also for those that don't. The contrast showed me how much of a difference people development can make in your organization's success--and your own. Think of your career path in places where your managers and peers took time to help grow your skills. How did you feel about your job? Now think of places where you didn't feel valued. Did you have the same level of engagement and motivation? But if you look at successful companies, in any category of any size, you'll see repeatedly that the ones who dominate are the ones that invest in their people, knowing their investment will pay off, time and time again.

Doug Westerdahl, president, Monroe Wheelchair
The single best piece of business advice I ever received was that to succeed
in any business, there are revenue growth points where you must change your
business model or go out of business.  In the early stages of your business,
those changes occur at $500,000 and $1 million in annual revenues. The span
between when those changes are necessary grows wider the larger your company becomes. The next changes must take place at $3 million, $5 million and $10 million in annual revenues.  For example, the owner of a complex rehab company who is an active ATP must at some point hire an ATP to take over those responsibilities. Only this way will the owner have time to manage/run the business.  In most cases, the necessary changes are very obvious. However, many business owners are afraid or unwilling to make them.

See you at the Summit.

Mike Moran