Baktari MD
Jonathan Baktari MD is the CEO of eNational Testing, e7 Health, & US Drug Test Centers. Jonathan Baktari MD brings over 20 years of clinical, administrative, and entrepreneurial experience. He has been a triple board-certified physician specializing in internal medicine, pulmonary, and critical care medicine.
Jonathan Baktari is a preeminent, national business thought leader interviewed in The Washington Post, USA Today, Forbes, Barron’s, and many other national publications. He is also an opinion writer for The Hill and the Toronto Star.
He is the host of a highly-rated podcast Baktari MD as well as a guest on over 70 podcasts. Jonathan Baktari MD was formerly the Medical Director of The Valley Health Systems, Anthem Blue Cross Blue Shield and Culinary Health Fund. He also served as clinical faculty for several medical schools, including the University of Nevada and Touro University.
Baktari MD
How Business Integrity Can Grow Your Bottom Line (2023)
Welcome back to episode 22 of Baktari MDs' CRASH CEO SCHOOL! In this weeks episode we talk about how business integrity can help grow your bottom line! As we mention in this video, it is other people who decide your level of trustworthiness, so having business integrity is PARAMOUNT in growing your business and reach across the industry.
All of the tips and tricks you need to grow your bottom line are right here! How do you build business integrity? How do you gain more clients? How do referrals contribute to this? Find out all of this and more in the full episode!
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Many of you heard that people often quit their jobs, not necessarily because they don't like the job, but often they don't like the person they report to.
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So people often don't quit their job. They quit their bosses.
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Hi. Welcome to another episode of Baktari MD. This year, we're going to do Crash CEO School, where we go over everything you need to know to be an effective CEO and leader.
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Today's topic is very interesting because it's not really talked about a lot and that is business integrity and how it can impact your business and specifically how it can impact your bottom line.
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What I want to talk about and what I've learned in my travels is that business integrity is fundamental for any company that's really going to have sustaining power and really grow, because at the end of the day, people figure this out, whether your business has integrity.
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And I've mentioned in my earlier videos, but personal integrity often is the precursor for business integrity. So what you often see in organizations where the leaders in their own personal lives or personally may have some issues often that sets the tone and impacts business integrity in ways that sometimes are subtle and sometimes are not so subtle. So I think when we talk about business integrity, the first question is what does it mean?
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And of course, it is kind of fluid, it's kind of vague, but I think we all know when we run into a business and certainly people that have integrity, meaning they mean what they say, they're really looking out for themselves as well as you, as well as their staff. And they are going to be honest and truthful in their dealings with everybody, including clients, customers, partners, vendors and the customers,
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downstream from them, they're going to treat them the way they would want to be treated.
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They're going to convey the truth while still obviously marketing things, but convey the essence of their products or services in a way that a reasonable person would say, yes, they're being forthright. So let's talk about the three ways that integrity can impact people in your business.
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The first and the most obvious are the clients and the customers.
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So if you don't convey integrity, the clients and customers will eventually figure it out, whether it's your offering that did not match up what you what you put out there or in some way you may have misled them or maybe not disclosed everything. And that will impact in ways that we're going to talk about. But so first of all, business integrity can impact your clients and customers.
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The next group of people, it can impact our vendors and partners. Most of us have vendors and partners that we rely on in our business to get our parts or our goods, who are our partners, who are maybe doing our marketing for us, or social media or anything else we outsource. So people who are helping our organization but are outside of our organization will quickly calibrate, you know, how much that organization can be trusted.
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And this will have a real material impact in ways that you can't fully appreciate. For example, in our business, often our partners and vendors come to us and give us information or offer us things that they may have not offered other clients or give us early warning when things are about to change. By and large, a lot of that has to do with the volume of business you're giving them.
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But also a lot of it has to do with personal relationships as well as they feel like your business and the leadership have integrity. So
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can dramatically impact sometimes even the deal your vendors and partners give you if they feel like you have integ- business integrity.
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The next is really where it can really make an impact is on your online business reputation and of course, social media.
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What happens is if you treat vendors and partners and clients and customers a certain way, eventually some of that seeps down into social media and your online reputation. So these are three different some overlapping ways that your reputation as someone who has integrity will impact. Impact customers, clients, vendors, partners, and all of that will filter into social media.
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So let's talk about how if you convey that your business has integrity, that you have integrity, that the senior leadership has integrity. Let's talk about how that might impact your bottom line in a positive manner.
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Well, the first thing, of course, is the clients and the customers. You know, if you take any business course, they talk about the lifetime value of a client, Meaning once you acquire a new client, how much is it going to cost to acquire that client?
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And then over the lifetime of that client's business relationship with you, what is that client worth to you? Well, if you're churning over clients, that's going to dramatically impact the lifetime value of any one client. And yes, obviously, the value you give to the product itself, how good it is, impacts that. But irrespective of those two things, a lot of times if they feel that the business they're dealing with is not on the up and up 100%, that actually impacts the lifetime value of your clients, which will go right to your bottom line immediately to your bottom line.
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So you spend a certain amount of money acquiring these clients, right? So the client acquisition cost may be $100, and then the lifetime value may be, you know, $1,000. But if that lifetime value drops to 500 or 400, now you can see the ROI on you acquiring those clients dramatically changes. So just conveying moral integrity and business integrity can impact the lifetime value of those clients.
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Number two is referrals from clients and customers.
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Besides the lifetime value of a client, you know how many people are they going to refer to you?
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If you have a great product and have great customer service, but they feel that parts of the business are being run with less than ideal integrity. Nobody wants to refer their friends, family or other business partners to someone.
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And in my own personal travels, I've heard of the many, many times where I may ask for a referral like, well, you know, you can use that law firm. They're really good. They know what they're doing, but they pad the bill or blah, blah, blah.
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You can see that referral even though they're saying that they're a great law firm or they're a great marketing company.
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But if they don't have, let's say, billing integrity or other things that will seep into the conversation and dramatically impact the likelihood that they will, that you will actually act on that referral.
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The next thing is similar, but what I call that what I call it is or online organic spread. What you see is even without people referring people organically, if you if you are the kind of business that people can rely on and you and they can trust that trust factor seeps into the online world and seeps onto social media, that you're a company that can be trusted even even if you're not the best in the industry.
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Often what I hear is, you know, can I trust them to do the right thing to do, win-win? More odten so, then are they the best at it? Of course, it helps to be the best at it, but you would be surprised how being honest and having integrity can sometimes supersede that. I'm going to talk about that in a little bit.
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And the next thing is how it might impact your bottom line. And I alluded to earlier, we have seen that a lot of our vendors preferentially, often come to us rather than our competitors who they're also servicing because of our relationship of being straight and honest and, you know, saying what we mean and and having things that we say later on turn out to be true.
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So this relationship that you cultivate is, you know, your word is your word and you can be relied on impacts what kind of offerings and pricing you get from your vendor suppliers and partners in your business.
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Next thing I want to talk about is your own staff and your employees. To a certain extent,
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the message you send from the top impacts the culture of the organization.
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And if the message from on top is, yes, we care about the bottom line, but we're not going to compromise that by being anything less than 100% truthful and doing the right thing for our clients and put our clients first. That kind of message seeps to the rest of the staff's senior leadership as well as the staff. And what's interesting is
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Many of you heard that people often quit their jobs, not necessarily because they don't like the job, but often they don't like the person they report to.
00;10;44;00 - 00;10;47;08
Unknown
So people often don't quit their job. They quit their bosses.
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And I think I've seen it and we've heard it when the bosses are willing to cut corners and not be 100% truthful all the time in their dealings with the outside world, from their from their company. I think the senior staff and the regular staff pick up on that and that impacts employee retention.
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So and I think we've all, you know, got out to lunch or dinner with a friend who said, yeah, I quit that job. You know, I didn't like the way they were running their business, you know, what does that really mean, running their business? Often if you dig a little deeper, you're going to come up with some of the things that we've been talking about.
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You know, So
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in terms of employee retention, maintaining talented people and having them be devoted and committed to the organization, not just you, but to make the organization move forward and to espouse your principles of having business integrity and always doing the right thing. Once that conveys to them, often they're the ones that are touching the clients. And so by you having that approach to senior leadership, having that approach that can go downstream and then go to where it's actually going to touch the clients.
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So having your staff, your culture be one of integrity and honesty and doing the right thing will impact your bottom line and help you retain employees who will, of course, impact your bottom line.
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The next thing I want to talk about is
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and I again, I alluded to earlier, but I just want to hit the point home, which is often businesses that do the right thing can compensate for other shortcomings.
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So your selection may not be the biggest, you may not be the quickest per se, but often for for a lot of people, it is the integrity that really matters and even in my world, in the health care world, you know, a lot of times
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people choose the doctor, let's say, based not necessarily on if they went to the best and brightest medical schools, although that's a good thing.
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But also whether they feel like they can trust the doctor who really cares about them is going to take the time to really understand them and do the right thing. Are much more so much more so than necessarily, you know, the ranking of the medical school they graduated from. So all of these things can have an impact.
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To Sum up what I what I've been saying on this video.
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And if you're still watching it, it tells me that you understand the value of integrity and how it how it can impact your bottom line. So integrity, of course, is a value. It's not a skill. You have to understand that it's not something you're doing just to make money. You have to actually have the values and believe in them.
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But if you do and if you convey that, and if you if you don't cut corners often, if you have a business that's already successful, it will directly go to your bottom line and impacted in really positive ways that you can't really imagine. Just in our own experience to tell you, I cannot I cannot tell you how many times we have been offered things based on our reputation, not necessarily just on the product that we're delivering.
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So think about that.
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By the way, thank you so much for watching. If you like this kind of content, please comment like and subscribe and we will see you on the next video. Thank you so much.