Let’s face it. Allowing your team members to “look under the hood” of the numbers driving your dental practice sounds radical. Controversial. Maybe even dangerous.
But we’re here to tell you that you’d be crazy NOT to share those numbers with your team.
After all, every dental practice owner, leader, or manager we know, wants to work with a motivated, engaged, and high-performance team who are all committed to the success of the practice and the well-being of its patients.
Dental practice leaders overwhelmingly support sharing key numbers with their teams, for three very good reasons.
1. Sharing your numbers provides the context essential for your team members to understand their contribution to the practice.
If you have a bigger vision for your practice, and if your vision includes creating an extraordinary patient experience, your team members have to know not only what to do and how to do it, but WHY they need to do it just that way. Once they have that context, team members can begin to understand how interconnected they are and how their jobs work together, to create results.
Tracking numbers week by week, month by month, and year by year, and sharing those numbers with your team, shows them in stark terms, the health of your practice. Where does the money come from, and where does it go? What do things like supplies, rent, equipment, utilities, and insurance really cost?
And once your team understands the basics, they’ll become more aware of how and where they can make improvements like reducing waste, negotiating costs, and streamlining procedures.
2. Sharing your numbers contributes to a culture of trust and honesty.
Some practice owners fear that sharing numbers openly might cause division and distrust between the team and management. But nothing could be further from the truth.
After all, numbers don’t lie. They’re an accurate measure of effort. If you can openly show your team what and how you’re measuring success, they’ll be able to see their role in it and get an honest, clear picture of where they (and your practice) stand.
In actual fact, openness and honesty build trust, and a culture of trust is essential for a team to embrace and make the changes necessary for success. If everyone on the team knows the numbers, they know where the practice has been, where it is now, and where it can go in the future IF everyone works together.
3. Sharing your numbers helps you create meaningful performance incentives to inspire and reward your team.
Rather than conducting traditional semi-annual or annual performance reviews and basing raises, bonuses, or incentives on the calendar, thriving practices build their employee incentive programs on actual performance and measurable results, based on real data.
Sharing your practice numbers helps your team understand their role in making the practice profitable and healthy and gives them the opportunity to take advantage of ways to improve not only their own performance, but the health of the practice. And tying their compensation to the real data of their contribution, helps them connect the success of your practice, with their own personal success.
Share your numbers at least monthly, recognizing and rewarding great performance in real time, as it happens. Set up a monthly, quarterly, and annual goals to help your team share ownership of your practice success.
Have a question or concern about sharing your practice numbers with your team?
Just ask the experts! Schedule a Complimentary 30-Minute Discovery Call with Patrice & Shelly and get the answers you need.
For over 20 years, P&S Coaching has worked with dental practices all over the country, showing them how to collect and measure the data that helps them increase their revenue. We also work with them to create systems that deliver proven results, helping build a thriving culture that attracts qualified, dedicated, motivated staff who are thrilled to come to work every day.
It’s not uncommon for our clients to see revenue increases of up to 40% within their first year of working with us. But the real transformation happens over time, as we help you and your team develop the sustainable systems that will grow your bottom line while you consistently deliver a world-class patient experience.
And we’ll show you how to share numbers with your team so you can create and implement meaningful bonus, salary, and performance rewards that foster a truly engaged team.
Contact us today to schedule a complimentary Peak Performance Assessment and 30-minute strategic solutions call to give you a snapshot of how well your practice is performing right now, and show you areas for improvement that will help you bridge the gaps and achieve your true potential.
We are passionate to roll up our sleeves and work alongside you and your team to help you exceed your goals.