Chapters 9-17 Test Flashcards
Safety concerns
even more so for wellness practitioner in private practice - be vigilant in approach to personal safety
to be safe schedule appointments when
someone else is in the building or home
sole practitioner benefits
“Self pay” so you can take time off
spa environment clientele
built in clientele with other spa practitioners - give them a massage they will talk to others
nuts and bolts of business start-up for Group Practice
- schedule time for self-assessment
- carefully interview potential associates
- clarify roles, goals, expectations
- Legal status options
- Finances - can’t commingle too much or you’re a partnership
- Product Sales - who sells, how profits are distributed
- Marketing - who handles what, goals, dates, budget
- Interaction levels - meetings, communicating new ideas or concerns
- Office logistics - opening office, supplies, repairs, policy and procedure manual
- Client Scheduling - usually each schedules own, but can get tricky with group marketing and need to develop system for handling new clients from this
Purpose of business policies and procedures
they direct your decisions and actions
2 branches of policy manual
internal company policies
client interaction policies
T/F Policies and procedures can be covered in one manual
True
T/F Operational guidelines make the transition easier if you hire new employees or expppand
True
3 major functions of client policies
finances
communication
confidentiality
scope of practice
T/F Business management requires commitment, creativity and great deal of time
True
T/F To convey professionalism it is important to include a wide spectrum items in your policies, even if you don’t plan to enforce them
False
5 sections covered in the policies and procedures manual
- etiquette
- office procedures
- personal relationships
- business hours and availability
- operational procedures
T/F One of the key requirements in all policies are time limits on when things must be done
True
T/F Medium to large companies should be concerned with risk management, not small business
False
T/F The concept behind Risk Management is to eliminate any risks a company may have with regard to its employees
False
4 risk management factors to be taken into consideration
- condition of building
- escape routes in case of fire
- ergonomic safeguards to avoid injury
- proper use of equipment
The use of technology can increase ….. and enhance …..
productivity
and
repeat services
most important commodity a business owner possesses
time
establishing ….. for yourself and clients is essential to today’s ability to be contacted all the time.
boundaries
4 features software can provide
client management
marketing strategies
desktop publishing
online scheduling
2 forms of tech that make business more profitable
computer
cell phone
5 reasons to buy computer
- keep up with info age
- communicate with colleagues and the online public
- access information and research
- market your practice
- manage your business
how to recession proof your practice
increase your hours & decrease overhead
key to longterm success is
diversification
T/F Being an excellent practitioner ensures that when you make a move clients will follow no matter the distance
False
3 circumstances that prompt an owner to consider hiring help
- more work than they can handle
- take an extended vacation
- expanding practice
- determine cost effectiveness
single most important skill to master to enable employer/employee relationships to flow smoothly
clear communication
T/F as long as you do your job well, your clients will be pleased regardless of whether or not your clerical support staff is friendly and competent
False
To be a good manager/boss you need to
Be organized, know that there’s enough work to be done, meet w// employees, give regular feedback, and be willing to delegate
Independent contractor arrangement
a separate business operating within another business
T/F The feelings about yourself and your attitude toward money is the greatest influence on your affluence
True
1st step to enhancing financial prosperity
transform your attitude toward money
poor but pure concept
uncomfortable with money or fear that financial prosperity corrupts them
most impacts disparity of what client pays and what employee is paid
expense of running the business
purpose of forecasting as pertains to budgets
keep expenses on track
2 most common mistakes regarding finances
doing own taxes & not setting aside enough for taxes
ration of income to money to put aside for taxes
20-30%
if bookkeeping is sloppy what will often be missed
legitimate tax deductions
2 important reasons for keeping accurate financial records are
assist in running business smoothly
taxes
4 record keeping techniques
keep all receipts
use separate business checking account
monthly bank reconciliations
keep auto mileage log
keep canceled checks and bank statements how long
2-3 years
a ledger sheet documents?
all income and expenses
5 examples of documents you must keep
year end financial statements contracts licenses and permits insurance claims tax returns
how long keep tax returns
indefinitely
T/F checks are written from the business account to keep the business finances separate from personal finances as well as keep better documentation than cash
True
When would it be acceptable to write a check to petty cash
if you wrote a personal check for a business expense and need to reimburse yourself
Summary of all sales and cash receipts
income ledger
cash in bank, inventory, equipment, and goodwill are
assests
purpose of petty cash fund
cash on hand for incidental expenses
bookkeeping terminology assets can be defined as
total resources of a sole proprietor or business
accounts receivable
amounts owed to you by another person or business
capital is
net worth of a business - difference b/w assets and liabilities
purchases to be used in business for extended period of time are called
liabilities
beginning a business, the expenses incurred before any revenues are collected are called
owner equity
type of moneys deposited in business account
cash, checks, cc, barter
title of ledger that records separates and classifies business expenditures
income and disbursement ledger
4 methods of payment
cc, checks, cash, barter
what is included in income records
all money related items
4 revenue streams of business income
cc, checks, cash, barter
why should you put 1/2 of all gift card revenue into a separate account
in case you reach a time where you are not receiving new income because you are receiving gift card payments
T/F the most successful practitioners are those who keep their marketing activities separate from their daily lives
False
to market a service business you must
- identify target market
- develop plan
- attract new clients
in marketing a wellness practice, you may feel as though you are competing against other practitioners however a significant part of competition lies elsewhere
products and services
what you should do after you have researched your competitors and compiled a profile on each one
look for patterns and trends and compare your own business assessment
to determine whether other businesses are in competition with you the key point is if they
provide similar services at comparable rates
name and describe 3 different types of cooperative marketing
same services different target market
different service same target market
same service same target market
describe joint ventures that can bring together a large group with resources to build community relations
health fairs
conferences
conventions
2 benefits for practitioners participating in cooperative marketing
expand clientele and services
stretch marketing budget
marketing tool for which you pay directly, listing in newspaper
advertising
a marketing tool that gives you exposure, like sponsoring an adopt a highway activity
community relations
marketing tools paid by sponsoring a team, baseball caps w/ company name and logo
promotion
marketing tools that are free, you’re included in local newspaper article
publicity
percentage of time to spend on marketing in new practice or actively working to increase your client base
50% or more
WIIFM
What’s in it for me?
4 examples of promotional venues
person to person
networking
professional alliances
show and tell
4 Rs of direct referrals
Request the referral
Repeat the request
Reward the referral
Reciprocate the referral
When a satisfied client refers a new person, what should always be done?
thank the referring client and reward them
2 major types of referrals
direct referrals
indirect referrals
Why is it important to be involved in networking groups
much business comes from word of mouth and networking is group of cooperative people supporting each other
