April 2009

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Recession Proofing Your Practice

In his February 24th State of the Union Address, Barack Obama publicly declared that “The future of our economy relies on the imagination of our Entrepreneurs.”

That twelve-word sentence in President Obama’s speech is more about business than it is about politics. Your practice is a business amidst all the other businesses, and in this day and age, the more you are able to keep your team learning and growing, the better you’ll weather today’s economic turbulence.

The University of Calgary recently offered a course for their MBA graduates by Robert Half International. The Most Common Mistakes Managers Make in an Uncertain Economy drew the largest crowd of any of the sessions I’ve attended. Many came from out of town hoping to learn a few golden gems to help them better manage their team in the unstable environment.

Today’s market downturn presents unique opportunities to the growth-minded entrepreneur. The question is whether you look through a new set of lenses instead of the ‘depressed’ lenses so many find themselves looking through. The number one factor that is non-negotiable today is the importance of focusing on the ongoing development of your people. Your team is increasingly becoming your practice’s most significant source of competitive advantage.

Imagine a large airline postponing maintenance on a Boeing 747 for six months to keep costs down. It seems unthinkable doesn’t it? Yet, there are practices that may be tempted to cut costs in ways that could likewise create disastrous results.

Team Development

Now is not the time to be stingy on team development and training. Complacency is dangerous at anytime, but especially in uncertain times. A titanium-clad rule for not only surviving, but thriving in a recession, is to further develop your team. Now is the time to get your team fully engaged and empowered to help you grow your practice in ways you may have not thought possible.

Employee Moral

When asked the question, “Which one of the following has the most negative impact on employee morale?” 150 senior executives with Canada’s largest firms responded:    

• Lack of open, honest communication           33%
   
• Failure to recognize employee achievements 19%
  
  
• Micromanaging employees                          17%
  
  
• Excessive workloads for extended periods   16%
  
  
• Fear of job loss                                         14%
  

Interestingly, the first two represent over half of the responses. Both of these points address a lack of communication. Now more than ever communication is key. Employees want to know what is going on; often fear of the unknown is far worse than reality.

Communication

Hold a team meeting to talk about the economy. Talk openly with your team so they can see and feel the need for change. Involve them in what it is you are facing. Ask for their input. This will heighten their sense of buy-in, commitment and trust.

If you don’t talk with your team about the state of affairs in your practice, they will be left to determine their own stories. More than half of human resource professionals feel there has been an increase in gossip in their offices. When you don’t share information, the office grape vine tends to fill the void. Prevent rumours from starting by discussing the issues openly and candidly.

The second point, recognition, tells employees they’re on the right track. It fuels motivation, which affects productivity.  If you inject a sense of excitement into your team rather than injecting stress into your practice, you’ve increased your likelihood for success.

Plan of Action

• Involve your team in developing a long-term strategic plan
  
  
• Take calculated risks and break new ground
  
  
• Make decisions fairly by inviting input and explaining your reasoning
  
  
• Empower your team to make decisions that will improve customer service.
  
  
  

The Choice is Yours

Regardless of an inhospitable economic environment, you can meet or exceed growth goals during economically uncertain times. The secret is to fully engage and develop your team. When fully on board, they are empowered to create magical, memorable experiences for your patients. The experiences you create for your clients is your ultimate economic offering. These experiences will keep your patients coming back, and telling their friends about you.

Points to Ponder:

• Do you continually look for ways to further your team’s learning, thereby building and strengthening your practice?
  
  
• Do you share information with your team and welcome their input?
  
  
• Do you give your team positive reinforcement on a regular basis and strive to make their work more satisfying?
  
  
• Do your team members create magical experiences for your patients?
  
  
• Do you have a long-term strategic plan in place?
  
  
  

Getting the best people and helping them become even better is the DNA of the most successful practices. But if performance in your practice erodes, talented workers may head for more motivating environments. Recession proof your practice by developing a great team that would never dream of leaving!

About the Author

CoraMarie Clark, BSDH MBA is recognized as a highly effective dental practice strategist. She works with dentists that want to optimize their potential both personally and professionally. Her collaborative approach has helped teams develop dynamic competitive strategies and achieve high impact sustainable results.

If you would like to explore the possibility of having CoraMarie work with your Dental Practice or speak for your Association or Group, contact us today.

CoraMarie Clark
phone 403.686.6136
email coramarie@strategix-ltd.com
web strategix-ltd.com

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