June 1, 2022

Measuring the Health of YOUR Business

MEASURING THE HEALTH OF YOUR BUSINESS!

In today’s dental market, we understand the unique challenges you face in the increasingly sophisticated and competitive world of dentistry.  Now, more than ever, it is vital to have your finger on the pulse and health of your business rather than flying blindly by the seat of your pants and hoping for results.

There are a few key elements into ensuring your practice is healthy and thriving.  So where should you start?  

1.   Leadership

It is hard to be the visionary that sets the strategic direction for the practice, the manager of a thriving business, the leader inservices delivery, and a great people manager… all in the same day… every day!

Being a leader is not always easy and it doesn’t always come naturally.  It takes time to develop your skills UNTIL it becomes natural.  Every great athlete needs a coach to be their best, why do we assume we are any different?   The leader that you decide to be will inspire your team to do the things they never thought they could!  

2.   Team Culture

You should have an all-star team that is excited to come to work every day and supports you to achieve your practice goals.  

If you have a loyal dynamic team already, give yourself a pat on the back!  Ensure that you continue to encourage their growth and development to retain them.  

It isa definite struggle to attract top talent and it will take creative avenues to find and train individuals.  If you have any team members that are a current distraction to your business and are not in alignment with your vision and values, perhaps is it time to make some tough decisions for the overall health of the team.  

Having an all-star team leads to greater creativity, more innovation and better performance overall.  Your patient’s wellbeing and your bottom line will improve significantly when your team members function at their individual and collective best.

3.   Systems

Systems and infrastructure are what helps to increase your revenue stream strategically and consistently—ultimately making your practice more valuable.   Documentation of the step-by-step process for everything that you do and have implemented in your practice, is crucial.  

With the challenge of turnover of team members, your systems will become invaluable for training new team members, and it ensures that you are not dependant on the one employee who doesn’t share their resources and is the knowledge hoarder.  

4.   Metrics

You may consider yourself to be business savvy and can’t wait to review the results each month.   Monthly monitoring and measurement of your key performance indictors is crucial for making timely decisions, and it will help to reach or exceed your production projections and goals.    It’s too late to make any adjustments that will impact your bottom line if you are only looking at your financial statements at the end of the year.  Measurement is the ultimate key to your success!

5.   Marketing and Acquiring NewPatients

Today, more than ever, one of our greatest challenges is the increase in competition. You need to protect and enhance your competitive edge by becoming the dentist and/or specialist of choice! Increase your patient satisfaction and create unshakable long-term loyalty—turn your patients into avid cheerleaders who refer others.  

You must have an active presence on social media to be relevant, to reach new patients, maintain contact with our active patients and reconnect with the ones that haven’t seen you since Covid.  Ensure you are consistent with your brand and have a relevant message or call to action! New patients naturally equal an increase in productivity!

6.   Reach out for consulting, coaching and support

It is important to understand the current health of your business and the opportunities to be the best.  Our team of consultants specializes in implementation of systems, provide specific metrics, assist with HR and recruitment, and provide hands on training and support to ensure your practice is healthy and generating the results you expect.   More than just providing theory, we help you manage the transformation of your people and processes so that you enjoy permanent and lasting results.  

If you are ready to ramp up your business, our goal is to help reduce your stress so you can enjoy more of the life balance you deserve and have worked so hard to achieve.  

 

We look forward to supporting the health and success of your business!

Today’s Strategies…. TomorrowsResults!

 

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