Hi there, everyone, im j. J. Ramberg, and welcome to your business. It is every entrepreneurs dream. Business is doing so well that theres a need to expand in order to meet demand. But, easier said than done. One orthodontist in arkansas found a way to consolidate overhead, plan for growth and keep his patients smiling. Orthodontist ben burris set up his first practice in jonesboro, arkansas straight out of dental school. Soon other locations followed. And arkansas braces dentzistry was born. In a traditional Small Business you have a single location with everything you need in that one location. And then you start to grow so you have multiple locations but all you do is you repeat your model. We were too big. We were victims of our own success, and so everything was incrementally getting out of control. They why expanding quickly but didnt really build a strong back bone. At the rate they were going dr. Burris knew the business could eventually implode. So he brought in a ceo to help him thoughtfully scale his practice practice. When matt wilkins, the new ceo, dove into the details he was shocked at the inefficiencies. When you come into a service industry, you should only have professionals doing what only they should do. Meaning you do everything you can to get them at capacity of the work that they have to provide. Matt took over the business side so that dr. Burris could do what he does best. Tend to patients. The first thing matt changed was the internal structure. He created a centralized call center, so the individual offices would not be bothered with most daily issues like billing, and scheduling appointments. What that does is frees up people who are in the clinic seeing patients that day. So when you have patients right in front of you, youre not trying to handle administrative issues with other patients. Were able to focus more on what we do daytoday patient care and service. Rather than clerical things. And he centralized inventory from brace brackets to promotional prizes. Anything any of the offices could possibly need is now kept in one main storage facility. Its much easier for us to monitor the supply consumption when we do it centrally. The other thing is this way were able to make sure everybody uses the same consistent supplies so that if we move staff or teams around that they have the same supplies that theyre used to using. Were also able to negotiate Better Vendor deals by concentrating our purchasing. Reporter when matt looked into the detail of patient visits he also found a lot of inefficiencies. Turns out each office didnt have the demand to be open every single day. So arkansas braces developed teams that worked in multiple offices on different days. In arkansas you know we are very rusch, and its not always easy to get east to west north to south, and get some of these areas so we have a couple of small planes that we utilize. Once matt understood the business, he set a standard that could apply to every branch. One thing we figured out, its very tough to run a business and scale a business when you have differing expectations of teams. So if i expect this team to see 180 patients a day, and im only expecting another team to see 40 it becomes very difficult to manage those. Arkansas dentistry and braces constantly monitors data like how many patients are seen in an hour and how long a patients afull treatment plan takes. If were not seeing enough patients to full up one day we wont open up more than one day. They do have checks and balances, though. And the ultimate check is dr. Burris himself. One thing we like to do is make sure ben gets involved in the clinics from day one. And he really starts them off. And that helps us cultivate the level of expectation we have for our staff and doctors. Once we do that it becomes much easier for us through our management systems, to show them those Clinical Results to make sure that were still providing that great care long after hes gone. Having an owners eyes on it generally cant replace that. You cant substitute for that. The system works because the teams are meant to ultimately function without always having dr. Burris at the helm. Its very difficult to scale if everythings about you. So, we try to make it about the systems, not about the owner. In spite of all the new efficiencies, there is one thing that hasnt changed with this company. At the core of their growing empire is an unwavering dedication to never forgetting there is a patient sitting in the chair. No matter where that may be. Generally what we tell people is first things first. Take care of people the way you take care of your own child. And so if people will focus on that number one, well then their practice will grow enough to the point they can get big enough for multiple offices. If they dont take care of the very first thing and lose track and start thinking well i want to grow this practice without doing first things first theyll never get there. Every business would love to see the growth that dr. Burris practice has experienced. But to do that you have to know how to properly price your product or service. Make things too expensive, youll lose customers, make them too cheap, youll lose money. As we found out from the owner of an indianapolis hardware store, you have to know your customers. Think about their needs, and understand the competition. Everybody in the industry always talks about service. Service, service. But, really the underlying theme for most consumers is really pricing. No matter what anyone says he believes your Small Company must always compete on price. The pricing is not there, people are going to just going to i like the store, i like what you have but theyll quietly go down the street where they know its at a better price. The owner of north meridian hardware says understanding your price something a reality of doing business. People are watching dollars. Because, 5 saved here 15 saved here 20, you know that adds up. With so many clients doing their research, keith and his staff have made it their mission to get the best prices for popular items like paint and hammers. North meridians goal is to keep its pricing competitive. Were not trying to be the cheapest. And im not trying to be the most expensive. But we havent to have fair pricing thats relative to the industry. What keith has learned is that pricing is more fluid than people may think. Things are erratic. Because pricing fluctuates daily, weekly. And thats why keith knows where his supply is coming from and why. Weve fortunately been tied in with some very good distributors that have been helpful. Before we started, which has helped set the foundation for us to be able to be competitive on the pricing. He even does some Comparison Shopping of his own. If youre buying at a higher threshold, you cant compete. If theres a fluctuation we may actually call the distributor, wait a minute, we see such and such is selling this here so thats how we kind of are able to keep things in check. Unlike big box locations, or Hardware Stores with larger brands keith can exercise some independence in his buying. That freedom also means theres room for negotiation. We can say, hey, you know can you look at this and see if maybe if we increase our quantity of what were ordering for this specific person can we get a better price on it . Being small presents keith with a unique challenge. He cant stock his shelves with too much stuff. He must know what products could be a waste of time and money. We found the mainstream what people tend to buy the most and that mainstream is where we have put the most concentration on being most competitive. Even after products hit the shelves, keith says he still has to be flexible. His Pricing Strategy isnt perfect. Sometimes shoppers say the prices are too good to be true. Theyve come and said do you know that such and such is charging 2 more for this . You might want to look at this price. Other times, clients are wary to make a purchase. Customers have said hey, the cost is a little high here. So, you know well look at what competitors are doing. And if we have the room we will bring it down just a little bit. The key for north meridian is to know who locally is charging what for certain items. Long before it opened its doors, the stores competitors were under the microscope. We studied within about a three to five mile Geographic Area all the competition, small, some other small retail Hardware Stores. Other big boxes. And that trend continues today. Staffers will even walk through their competitors doors to check out the numbers. Keiths just happy customers are taking notice and spreading the word. When i have my shirt on people ask, ive seen that store, thats a very cool store. You guys have good pricing. And keith knows the only way to keep those clients coming in is to keep doing what hes doing. Stay competitive. I think people on average will look at that price difference, and then judge for themselves time value, and then convenience. And thats where they make an internal decision. These are all quiet things that people really dont talk about. Tracking inventory can be a daunting task and if youre looking for an online tool to help you and your team do just that check out our website of the week. Sky ware inventory dotcom is a free web based management fool. The site provides receipts of tickets for inbound and outbound items. Stays on top of transfers from moving products between storage areas, and provides ways to track lost and damaged goods, as well. With trends in technology constantly changing there is increasing pressure on entrepreneurs to keep up. Here now are five great sites dedicated to Online Learning to help you stay ahead courtesy of allbusiness. Com. One, hubspot academy. Geared towards helping professionals reach their marketing goals, the site offers certifications, which can be a helpful resume builder. Two, take lessons. Through this site youre connected with a nearby teacher offering short lessons on a variety of subjects from four Foreign Languages to hue to use powerpoint. You can meet in a public location or take classes via web cam. Three, lynda. Com. You have access to more than 5,000 Video Tutorials on Software Training and business oriented classes. Four monkey see which has more than 11,000 professionally produced free videos featuring various topics. And five duo lingo you can choose from more than 18 different languages to learn. The site also provides quizzes to test your knowledge and mobile apps so you can practice on the go. The National WomensBusiness Council has issued a new report and it says that on average, women received only two percent of total funding from outside equity. Its interesting because they also report that women are starting businesses at extraordinary rates. They say that more than one in four u. S. Companies is owned or led by a woman and among the most successful firms men started their businesses with six times as much capital as women did. So why the disparity . Whats happening . Ann moore is joining us. Shes the president of and owner and gse dynamics and a Council Member of the National WomensBusiness Council, its a nonpartisan federal Advisory Council that makes policy recommendations to the white house, congress and the sba on Economic Issues of importance to Women Business owners. Its so great to see you. Thanks so much. Im, im so interested in this topic. And in part because i do think there was a time when a woman would go in to a venture capitalist, for instance and they would just see female and be less interested. From my experience, and talking to people who i talk to, theres less of that now. Right . I mean i agree. You see these fastgrowing femalerun companies, you are an investor you want to be a part of these. Absolutely. But something is going on because if you look at the statistics, women arent getting as much money. So whats happening . Well i think absolutely there are distinctive differences. The data suggests that in our report. But i think the important thing to note also about these distinctive differences is we are bridging that gap. And i think as more and more women are getting educated about Financial Literacy theyre more adept at being able to walk in to a bank or walk in to an Angel Investor and talk the proper talk. You know. This is my business plan. This is my Revenue Growth that im predicting. This is who im going to hire. This is my product. I think as more and more women again are more literate to the Financial Talk theyll be more respected and hopefully you can bridge that gap. So im a woman. I just spoke to a good friend of mine who sold her Company Recently with her husband and she says that in those meetings the acquisition meetings she was invisible. And i dont know. I wasnt there. I dont know her in business. I dont know if its because there was a bias against her or if its because of the way she was carrying herself. But, for a woman who hears stories like that what do we need to know in order to make sure that doesnt happen to us . Well exactly what youre doing here with me. We need to mentor some of these young ladies. Obviously with more and more young ladies going to the s. T. E. M. And the higher level, higher pay rate industry focuses, i think we do have to take on a mentoring role. And teach women about body language, and how you handle yourself, and you know even prep for the meeting, where am i going to be siktd, where is the ceo, where is the Angel Investor going to be sitting. Get familiar with your surroundings so that you maximize the effect that you have when youre in there. Its interesting. Its all of these little things. Again as we started the conversation, its not always necessarily the woman, im not going to pay attention, but these tiny things that we need to think about. Exactly. Well im very encouraged by your optimism. Thank you. In the study. Keep bluging. Weve got to keep plugging. Look as more women are successful they become the investors. Theyre the angels and theyre the venture capitalists. One of the big things also the rate of womens success in companies right now is extraordinary. So to me its the commonsense thing that if the women are showing such great Revenue Growth in the companies with less funding right. They are the ones that we should put our money on. And hopefully with greater capital comes greater revenue and workforce and hire more people and economic impact. And so to me its a very commonsense thing if you look at the numbers. Well thank you so much for sharing insight. I think its infinitely interesting topic to me. It is. Thank you very much. Thank you. When we come back advice on finding wholesale distributors and the pros and cons of virtual assistance. And todays elevator pitcher wants to soothe our panelists aches and pains with her bodyworks selfmassage balls. If i can impart one lesson to a new business owner, it would be one thing ive learned is my philosophy is real simple American Express open forum is an online community, that helps our members connect and share ideas to make Smart Business decisions. If you mess up, fess up. Be your partners best partner. We built it for our members, but its open for everyone. Theres not one way to do something. No details too small. American express open forum. This is what membership is. This is what membership does. This weeks your biz selfie comes from on sip a cloud based phone System Company headquartered right here in new york city and if you can see theyve got a bunch of their people in there. Thank you for sending that. If you want to see your selfie on the show send a shelfee of you and your business and add the your biz selfie. Tweet it to us at msnbc your biz or email it to your business msnbc. Com. Please dont forget to tell us your name your city, and of course the name of your company. Todays elevator pitcher was sitting in a massage chair while getting a pedicure and thought if only she could create a tool to recreate the benefits of the chair. Well, she did. And lets see what our panel thinks of her idea. Joining us today is the founder and ceo of broten hotels larry broten. And business strategist chris brogan. Hi gentlemen. Did you know that today sitting is as bad as smoking according to mayo clinic Cleveland Clinic and harvard . That the average american is sitting ten hours a day plus sitting hunched over tech devices . I created the body works ball in an attempt to help counter the ill effects of sit something. Ive been working with pro athletes and teams since the 90s and fortune 500 companies. Its a selfmassage tool used to counter the ill effects of technique, which is now a medical syndrome were looking for 250,000 for a threeyear return of 30 . Well be using the 250,000 for immediate branding packaging, custom point of sale displays as well as to automate our technologies so we can handle larger volume orders. And to use the product you would simply put it where you need to its selfdirecting. Its also good to use on the bottom of your feet. Weve been using it. Its the only product to be used by two super bowl mvps, an nba mvp, combat medics in afghanistan, as well as the wounded warriors. Were looking to also set up a fund so every from every sale a percentage goes to the wounded warriors, as well as for cancer research. Congratulations. Hi. Im going to give you two these on a scale of one to ten lets hear what you thought of the pitch. While i try and i need Something Like this right . I am not alone. I spend too much time sitting. So you lean up against the wall. It wont damage a wall. Because my athletes stay in five star hotels cannot have walls damaged. And theyre bigger than me. And fortune 500 companies, every hour they take two to renew. 100 made in the usa. The first of eight products in the line that ive designed. Okay good. Lets see what you thought. Larry. One to ten. Ill give it an eight. Why . What was missing . I like the idea that you said what youre doing with the 250,000. We