3 Core Concepts for Building a Successful Business
Mr. Samii and Lisa Rock, president of National Medical Billing Services, discuss three core concepts for growing a great company.
1. Put employees in the right place. Once you've hired a team of great employees, you must understand their individual strengths and weaknesses to place them in the most beneficial position for the company. "You want to put people into places where they will thrive and excel so they will be passionate about what they do," says Mr. Samii. "Utilize the skills they have. Some people are better at internal interfacing, others are better at external interfacing."
When the employees are in the right place, you must outline their expectations — which should be consistent with the company's mission — and monitor their progress. Value the skills of each employee to foster growth.
"If you don't value what an individual brings to the table, I don't think you will be successful," says Ms. Rock. "If someone is quiet and introverted, they would be better fit in the coding department. Someone who is outspoken might go to the accounts receivable department. Some of our decision is based on the individual's personality, the other is based on the company's needs."
2. Build a strong foundation for daily processes. Growth in the future is dependent on the strength of your company's foundation. "You have to have very strong processes that are standardized and repeatable, which allows you to do business," says Mr. Samii. "The key is to focus on standardized processes so quality doesn't suffer as you continue to grow."
National Medical Billing Services has grown five-fold over the past year and a half, which Mr. Samii attributes to giving a great business culture and customer-focused mindset. He says the company is constantly focused on how it can continue to grow and innovate by anticipating the market.
"We are trying to figure out how to use technology to grow our company in a scalable way," he says. "Companies need to get away from the old mindsets and use technology to their advantage."
3. Keep the customer in mind. As different pieces of the company grow and come together, don't forget who you are really working for: the customer. "As we build our business, we constantly have the customer and client in mind," says Mr. Samii. "We aren't innovating for the sake of innovating. Our innovations must satisfy the customer's needs. We do things that will help us be successful with our clients."
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