Final

Question 1

What are five reasons to develop a business strategy?

Answer 1

1. Increase ROI
2. Change direction
3. Take advantage of strengths
4. Framework for making decisions
5. Increase chance of success

Question 2

Your ___________ define why your business exists.

Answer 2

core values

Question 3

A well defined ___________ will clearly state why your company exists.

Answer 3

Mission Statement

Question 4

What are four key components to a business plan?

Answer 4

1. Mission statement
2. Marketing plan
3. Management plan
4. Financial plan

Question 5

What are some reasons for creating a legal entity?

Answer 5

1. Delineation of ownership and control
2. Protect personal assets
3. Profit distribution
4. Possible taxation benefits

Question 6

Which type of business is the easiest to set up and operate?

Answer 6

Sole proprietorship

Question 7

In a _____________, all owners have personal liability for all debts, taxes, and liabilities of the business.

Answer 7

General partnership

Question 8

In a __________ there are limited partners (not involved in day to day) and general partners (run business).

Answer 8

limited partnership

*limited partners are only liable up to their investment

Question 9

T/F: In a limited liability partnership you are not personally liable for debts and taxes of the business.

Answer 9

True

Question 10

T/F: In a LLP you are not responsible for your partners negligence or malpractice.

Answer 10

True

Question 11

T/F: In an LLP you are not responsible for your own negligence or malpractice.

Answer 11

False

Always responsible for your own negligence/malpractice

Question 12

Which type of business involves the profits being double taxed?

Answer 12

C-corporation

Question 13

T/F: An LLC is considered a corporation.

Answer 13

False

Question 14

T/F: Profits in an LLC are double taxed.

Answer 14

False

Question 15

Who holds the decision making power in a corporation?

Answer 15

Board of directors

Question 16

Your _______ is what other people say about you when you’re not in the room.

Answer 16

Brand

Question 17

What are the four components of marketing to consumers?

Answer 17

Awareness: make them see you
Nurture: help guide them to making an appointment
Convert: make it easy for them to make the appointment
Grow: continue making appointments

Question 18

__________ is a key marketing strategy that often gets ignored.

Answer 18

Patient retention

Question 19

An effective _____________ is aspirational and inspirational and motivational and focuses on the future.

Answer 19

Vision statement

Question 20

T/F: Vision statements are detailed.

Answer 20

False

Question 21

A mission statement is a written declaration of an organization’s ______________.

Answer 21

Core purpose, focus, values.

Question 22

In what book does the author talk about beginning with the end in mind?

Answer 22

7 habits of highly effective people

Steven Covey

Question 23

What are the three parts of a mission statement?

Answer 23

1. Purpose
2. Plan
3. Core values

Question 24

________ are the structural foundation of any business.

Answer 24

Values

Question 25

What are characteristics of a good mission statement.

Answer 25

1. Clear and concise
2. Memorable
3. Not too long

Question 26

T/F: Your mission statement should never be changed.

Answer 26

False

Revise when necessary

Question 27

T/F: When it comes to equipment, you should start with the patient experience, then work back toward technology.

Answer 27

True

Question 28

Roughly how much does a single operatory cost to outfit?

Answer 28

$25,000-60,000

Question 29

__________ is the #1 key to practice success.

Answer 29

Location strategy

Question 30

What numbers typically correlate to a saturated market in dentistry?

Answer 30

2000people/1dentist

Question 31

T/F: Zip codes are an accurate way of analyzing demographics for locating a dental office.

Answer 31

False

Use census blocks instead

Question 32

Roughly how many associateships do not work out as planned?

Answer 32

80%

Question 33

What is one of the most important factors in choosing an associate ship?

Answer 33

Where do you want to live

Question 34

How much should new patient growth per year be to grow a practice?

Answer 34

10-20%