As a business owner, I find the principle of deciding who I want to serve as important. Indeed, every business must identify a customer base for its products or services on offer ( Fisher, 2007). Understanding the people that I want to serve will enable me to know how to brand my products and how the products will reach the intended market. The other relevant principle is the aspect of managing my employees since they determine how first I achieve my goals. I also found the principle of establishing goals to be important due to the fact that goals give direction in life.
The above principles are used in my current facility; for instance, all the employees are rewarded for higher productivity. In addition, they work in a pleasant and safe environment. I also allow them to air their grievances and I take corrective measures where necessary. Employees perform better when working in a free environment ( Fisher, 2007). Importantly, I understand the people I want to serve and prepare my product to meet their needs. I have also set goals for myself and I inspire all employees to work towards the same goals.
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The three principles are essential in healthcare, as they ensure that the drugs and services offered meet the established standards. The goals ensure that the healthcare sector attains universal standards ( Alhassan & Nketiah-Amponsah, 2016). By taking care of the employees, they remain committed to providing quality services. Ultimately, the principles are essential as they enable me to offer satisfactory services to my clients while ensuring that the business remains sustainable.
The principles of managing cash flow and managing customer expectations relate closely to the system cost and the patient. System cost entails profitability analysis, cost control, profitability analysis, among others, that help to manage finances ( Keel, Savage, Rafiq & Mazzocato, 2017). Customers’ expectations, on the other hand, must be achieved through the delivery of quality services.
References
Alhassan, R. K., & Nketiah-Amponsah, E. (2016). Frontline staff motivation levels and health care quality in rural and urban primary health facilities: a baseline study in the Greater Accra and Western regions of Ghana. Health economics review , 6 (1), 39
Keel, G., Savage, C., Rafiq, M., & Mazzocato, P. (2017). Time-driven activity-based costing in health care: A systematic review of the literature. Health Policy , 121 (7), 755-763.
Fisher, Greg. "Top 10 Basic Business Principles". Retrospective Bias , 2007, http://gregcfisher.blogspot.com/2007/03/top-10-basic-business-principles.html. Accessed 10 Oct 2019 .
