SILKIN MANAGEMENT GROUP: A Sample Yearly Production Game and Staff Meeting

by Silkin Management Group on February 16, 2012

In yesterday’s Silkin Management Group blog we presented an example of a successful yearly game one of our clients used that ended up sending their entire office to Hawaii for a week. Was it worth it? Yes! It increased their income by about $200,000 that year. You can link to that article at this Silkin Management Group blog site: http://bit.ly/AzGa8L

Today we’ll offer up another example yearly game that can be gone over at a first of the year staff meeting. It is for a veterinary office, but can easily be adapted to any health care office.

If you would like more information about the various management tools used at Silkin Management Group that can expand your practice, contact us at 800-695-0257 or you can go to our website: www.silkinmanagementgroup.com

JONO LOBUE
Silkin Management Group Consultant

EXAMPLE AGENDA FOR FIRST OF THE YEAR STAFF MEETING
SETTING UP PRODUCTION GAMES
FOR A VET OFFICE

I. Employee of the quarter:

The following criteria will determine the employee of the quarter.
a. Employees will vote on their choice—winner receives 5 points
2nd place receives 3 points
3rd place receives 1 point
b. You will receive 2 points for each referral you have come in during
that quarter.
c. You will receive 1 point for each puppy or kitten program you sell during that quarter.
d. You will receive 3 points for any solution to a problem you come up with or 2 points for any suggestion you make and we decide to use.
e. You will receive 5 points for meeting your target stat each month. (If you exceed your target by 50 points or more, you will receive an extra 5 points.)
f. For each time you are late, 3 points will be deducted and for each day you miss that was not a scheduled vacation day (scheduled at least 2 weeks in advance), 3 points will be deducted.

The employee of the quarter will receive $250.00 cash and a plaque with their name on it to hang in their reception area for the next quarter.

II. Staff Referrals:

a. Each quarter a prize will be given to the employee with the most referrals for that quarter and a year end prize will be given to the staff member with the most referrals at the end of the year. The prizes are as follows:

Each Quarter Winner: dinner for two at the restaurant of your choice ($100.00 value), plus $100 cash.
Winner for the entire year: $500.00 cash

III. Bonus/Goal:

If the office increases production and collections by 20% for the entire year, all staff who have been here all year will receive a $200 bonus. Any staff who have been here less than one year will get a bonus pro-rated to their time here.

Any staff member who also meets their yearly production quota will also receive an additional $250 bonus if the office’s 20% increase goal is made and a $100 bonus if the goal is not made.

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SILKIN MANAGEMENT GROUP: Use of a Balance Sheet in a Loan Process – Part 2

by Silkin Management Group on February 9, 2012

Two days ago, on this Silkin Management Group blog site we began a discussion of when and when not to acquire debt and the use of a balance sheet when applying for a loan. Our philosophy is that one should attempt to pay off debts as fast as possible and only go into debt for something that will increase income and productivity and/or increase in value. Examples would be educational expenses that make one more able to manage and deliver services, new equipment that will increase productivity and keep one competitive, buying a house that will increase in value over the long term and provide tax savings yearly, etc. Examples of things not to go in debt over would be vacations, “toys” like a boat, jet ski, etc.

Once you have decided to get a loan, you will more than likely be required to submit a balance sheet as part of the application documents. We discussed what a balance sheet is in the previous article on this Silkin Management Group blog site. It is simply a snapshot at any point in time of a business’ worth by comparing assets to liabilities. Today we will get into more details on what assets consist of for the purposes of a balance sheet. This information was compiled from an article published in Fox Business New which can be found at http://smallbusiness.foxbusiness.com/legal

.Here are some categories of assets:

• Current assets: these are assets that can easily be liquidated in a year or less. Cash, stocks, accounts receivables, etc.

• Prepaid expenses: These usually are expenses incurred for the long term but paid for early. For example, let’s say you have a 2 year contract for maintenance of your equipment that you pay $5000 for. You will expense this monthly at $208.33 per month (1/24th of the $5000). Tax laws generally require you to expense it this way and it results in a less distorted balance sheet.

• Fixed assets: these are things that have more than a one year life span, such as business vehicles, equipment, office furniture, leasehold improvements, etc.

• Goodwill: You man not count the value of your business’ goodwill as an asset unless you paid for it when purchasing the business. Although goodwill is often the major asset of a practice, it is only allowed on a balance sheet if it is something you actually paid for.

In our next Silkin Management Group blog we will complete the outline of what is involved in a balance sheet by going over liabilities and other relevant information.

Gary Crawshaw
Silkin Management Group Consultant

Find out more about Silkin Management Group by visiting our website at www.silkinmanagementgroup.com or give us a call at 800-695-0257.

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SILKIN MANAGEMENT GROUP: Use of a Balance Sheet in a Loan Process

February 7, 2012

At Silkin Management Group we preach getting out of debt and have many financial tools to help our clients accomplish this. At the same time, having a fixed idea of never wanting to incur a new debt is not always wise. The philosophy at Silkin Management Group is that one should only incur new debt [...]

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SILKIN MANAGEMENT GROUP: Final Article – More Tax Issues We Should be Aware of for the New Year

February 3, 2012

Over the last several weeks we’ve written a series of articles on our different Silkin Management Group blog sites covering some key tax related points that all small business owners, whether Silkin Management Group clients or not, should be aware of this year. Previous articles have covered the following points: a) increased tax audits and [...]

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SILKIN MANAGEMENT GROUP: Balance Sheet – Part 3

February 3, 2012

In earlier Silkin Management Group blogs, which you can find on this site, we’ve discussed what a balance sheet is and its use when applying for a loan. As part of this we’ve also discussed Silkin Management Group’s philosophy on incurring debt. Today we’ll complete our discussion of balance sheets so that Silkin Management Group [...]

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SILKIN MANAGEMENT GROUP: How Come It Took So Long

January 31, 2012

I just read an article from Bloomberg Business Week that outlined a proposal from President Obama to help small businesses. Some of these ideas I thought were actually good and possibly helpful to Silkin Management Group clients and readers of our various Silkin Management Group blog sites. In many past Silkin Management Group articles we’ve [...]

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SILKIN MANAGEMENT GROUP: Part 4 – Tax Issues We Should be Aware of for the New Year

January 26, 2012

This is a continuation of a multi-part series presented on our various Silkin Management Group blog sites covering some key tax issues that Silkin Management Group clients and blog readers should be aware of for this new year. Previous articles have covered the following points: a) increased tax audits and b) some potential tax consequences [...]

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SILKIN MANAGEMENT GROUP: Tax Issues We Should be Aware of in 2012 – Part 3

January 25, 2012

Today we’ll present the 3rd part of a series of articles on Silkin Management Group blog sites concerning tax issues we all should be aware of in 2012. The points we’ve covered in our two previous articles were a) increased tax audits and b) some potential tax consequences of the federal health care legislation that [...]

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SILKIN MANAGEMENT GROUP: Tax Issues We Should be Aware of in 2012

January 23, 2012

Silkin Management Group clients, all small business owners and primarily health care professionals, are certainly interested in anything having to do with taxes. Nobody likes to pay more taxes than they have to, and many of us also feel that excessive taxes adversely affects the economy and penalizes small businesses. Therefore knowing upcoming tax trends [...]

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SILKIN MANAGEMENT GROUP: How to Lower Your Health Care Costs – Part 4

January 19, 2012

We’ve published on different Silkin Management Group blog sites 3 previous articles covering different ideas for small businesses on controlling health care costs. These ideas came from an article in Forbes magazine which you can access here: http://www.forbes.com/sites/roblynch/2012/01/05/ten-ways-small-businesses-can-lower-healthcare-costs-and-hire-more-people-in-2012/ So far we have covered six different ideas that can be explored by small business owners that [...]

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