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 work for you, having the best and latest equipment, 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.
Being a CEO
Now, to run the company. Becoming a CEO and a Leader.
Taking on the role of CEO is crucial for any business owner. Being a CEO is simply a mindset and a set of skills. The CEO is the number one person responsible for the financial success of the company, for all the major decisions.
So, that means the dentist as a CEO is the top sales person, top marketing person, top financial person, top business visionary and strategist, top staffing and team building person and keep going across all five business engines. As a result, this does not mean they do everything. The doctors are responsible though.
- What has to happen each week to develop a CEO mindset, skills and decision making abilities?
- It turns out the answer is to follow a set of steps and get guidance. Just like learning how golf well … so you don’t become a hack. The best get coached, get trained. Who would go to a dentist who learned on Youtube and read books and didn’t do clinicals?
Then, becoming a leader worth following
Leadership is big topic. Here’s crux of it.
Getting people to do the right things that make the company grow defines a leader worth following. People love doing those things. This goes for the team, the patients, partners, family, everyone involved in the business.
Leadership is a skill, not an inherent trait. It has very definable skills that people either learn and develop or they don’t.
- What happens when dental practice owners work on their leadership skills each week, every day?
- The team steps up. Doctors who specifically work on leadership skills, create more value for patients and the business, generate more profits. They have teams that are accountable for results, provide a WOW experience for patients. The teams schedule to goal with little doctor involvement and so much more.
Doing your job as a dental practice owner
At Fortune Management, our dental practice owners work at being CEOs and leaders, then become excellent at those skills. It’s not about reading a book. Although that helps. It is about skillful action. Every day.
It shows in their teams, their patients, the business’ rapid recovery from the shutdown. The results show.
And with some, they are on track to having “the best year ever in 2020!”
Get a complimentary Practice Analysis.
Get a comprehensive business analysis covering the 5 business engines. You will get an objective view of where you perform well and where you can improve. Use it for your next business plan.
It’s yours to keep. (a $2,400 value)
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