Like every business out there, running a practice is a business affair. Business enginess drive the level of success and stress of the dental practice.
Managing, leading, ignoring?
The question becomes, “How well are you leading your team to manage those business engines?”
Most businesses focus on their core competency and training. That is the clinical aspects of their practice. This is absolutely necessary, but not sufficient for the success of an independent practice.
It leaves a lot of business engines running without day-to-day management, project plans, and sometimes they are just ignoring the engines until problems pop up.
The, “if it ain’t broke don’t fix it” approach is often at play. Which, we know will eventually bite us.
It does take leadership and teamwork to get all 5 running smoothly.
The 5 business engines of running a practice
Okay, what are the five business enginess of running a practice?
- The first is finances. These are the number of the business revenue and expenses. A good CPA knowledgeable in dentistry is crucial here.
- Second is Organization and Systems. The processes and systems that hold the daily operations of the business together. Each of these requires an owner and a set of agreements to execute.
- Next is the Clinical and Technology. The core of the operations where all the production rests. The question then becomes how efficient are each of the steps in all procedures, chair side, patient experience from first touch through becoming a lifetime patient.
- Sales and marketing. The driver of new patient and existing patient stickiness. Most practices think of sales and marketing as a separate set of tasks. They are not. They are embedded into everything you do all day.
- People and Team. Without a strong team the other four fall apart. The strength of the team, teamwork, leadership, communication, culture is reflected directly into every one of the four other engines.
“Culture eats strategy for lunch” is the saying often attributed to Peter Drucker, the father of modern business management approaches.
How are you doing in those business engines?
Where can you tune up?
How much does it cost you each day, week, month you let issues go unresolved?
The biggest issue many of practice owners face is how to know for sure what the facts are. How to get the KPIs (key performance indicators) or monitors for each business engine.
Fortune management specializes in the business engines of the practice by bringing depth of expertise to tune up a practice.
As a courtesy, we offer a Complimentary Practice Analysis
What exactly does that mean, “Doing your job as a dental practice owner?”
Like any small business owner, the number one item is to be excellent at your craft. Especially for the owner when the company is small.
Being an excellent Clinician.
That is the foundation. Knowing your craft, hiring the best clinicians to work for you, having the best and latest technology, knowing the best techniques and practices.
And yet, there’s so much more as business owners who want to build value in their business.
The value maybe for retirement, a sale, a merger or any of a number of transitions a dental practice would go through. All requiring building value in the business and 2 other roles to adopt.
By Jennifer Chevalier and Yolanda Mangrum of Fortune Management. Fortune Management Phil Bride, Managing Partner, Executive Coach 503-753-9971 text...
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