We work with a number of dental practice owners, practice managers, and dental associates to help them to achieve their business goals through coaching them in the areas that are categorically fundamental in running a successful dental practice. Be it sales, marketing, operations, or finances – we’re pretty good at that one. As well as helping dentists to buy a dental practice, sell a dental practice, or grow their dental practice(s).
We love a ‘top five’ so we’ve put together a list of 5 things that can help you to achieve success in running your dental practice in 2019:
1. Ask For Help
Running a dental practice or any business for that matter is hard work. So if you want to run a successful dental practice, you need to ask for help and do it early on.
2. The Idea of Perfection
Let go of it. Especially if you’re starting out, you’ll want to run your dental practice seamlessly without making so much as one mistake. But striving for perfection can be paralyzing and mistakes help us to learn so try and see them as a positive but make sure you learn from them. Be open about things that haven’t worked so well and create an action plan to avoid repeating the mistake.
3. Understand Your Finances
You’re not expected to become a chartered specialist in dental finances, but it is important for practice owners and practice managers to have a good understanding of what’s going on in your business financially. The key is to get the right accountants on board (ones who understand your business objectives) and to use software that can keep your figures as live and as accurate as possible. We like Xero, which gives you live data at the touch of a button, you can literally pull out your phone and see how much you’ve made so far TODAY. We also like to set our clients up with a dashboard so they can see their key financial data whenever they need to. It’s a great way of keeping on top of things.
4. Get a Business Coach
If you’re serious about driving your business forward, growing your practice, or buying more of them, a business coach (preferably one that specialises in dental practices) will be an absolute godsend. They’ve done it before, and if they haven’t they’ve seen others do it before. So they can help you to make the right choices, at the right time which will be instrumental in creating your success.
5. Think Bigger
It’s easy to focus on what’s in front of you, which is probably a wide open mouth that needs seeing to. But get outside of your line of expertise. Just because you’re a great dentist doesn’t mean you’re great at running a dental business. Even if you have nailed the finances talked about above.
You’ll need to work hard in these areas too:
Marketing; (understand your local demographic, practice uniqueness and understand what it is that you’re offering that another dental practice isn’t) Operations; (Ask yourself if your practice runs smoothly? Is there anything that prevents your practice running smoothly on a day-to-day basis that you can look into fixing? An efficient dental practice will increase co-workers spirits and enhance the client experience.
Ok I know we said five but there is one more really important thing that will add a wealth of value to a running a successful dental practice, and that is…
The Right Team
Having a willing, motivated team who are aligned to a common purpose and who are accountable for their individual goals and the practice’s goals. Having the right team, and learning to communicate with them effectively, will achieve much bigger goals than you could imagine.
If you want to create a successful dental practice or improve one that’s already doing well we can help you in all the areas above (and many more). Get in touch and make 2019 the year you step up to the plate.