How do you create a successful dental practice? A practice with an endless supply of loyal patients who look forward to their appointments, pay their bills on time, and happily refer their friends and coworkers… A practice that virtually runs itself because of your resourceful, motivated staff… A practice where you sleep soundly rather than lying awake worrying about income … or profitability… or staffing issues…
It can seem impossible, elusive, and unattainable.
You know you need to work hard, and you’re nearly exhausted. Some days you feel like a hamster on a wheel, running as fast as you can just to stay even. Some days you wonder if it’s even worth it.
Make no mistake: It is hard work and it can be exhausting. But it doesn’t have to be.
You see, there are people who’ve figured out how to run successful practices almost on autopilot. And if they can do it, you can too. They’re not any smarter or more qualified than you are; they’ve just discovered these five keys to success.
1. Success is the Result of Focus
Success is not about working harder or working longer hours, it’s about staying laser-focused, even if you’re drowning in distractions. You must stay focused on what matters.
Life is full of distractions. Tasks and projects will compete for your attention every single day. Your role is to cut through that cloud of clutter and treat distractions like flies at a barbeque – swat them away. When a new “shiny object” presents itself and you’re tempted to chase after it, ask yourself if pursuing it will help you achieve your goals. If it won’t, ignore it.
2. Values Increase Profitability
A values-driven business is more profitable. Perhaps more importantly, a values-driven business is more personally fulfilling. Personal fulfillment is critical if you don’t want to see your business as just another “job.”
Personal fulfillment is also critical to your team. When you have a values-driven business, your team becomes more loyal, more stable, and more proactive.
Why? Because you’re giving them something to believe in and aspire to.
Embodying your values also affects your patients, and can significantly increase patient loyalty. More loyal patients can result in more referrals, fewer delinquent accounts, and a much more profitable business.
3. Results Tell the Truth
We alone are responsible for our results. Successful business owners stand up and take responsibility for their results, whether they’re positive or negative.
Successful business owners know the difference between leadership and management. They have a clear vision for their team and display excellent communication skills. Successful business owners know how to delegate effectively, and they develop leadership skills in others.
If something isn’t working, successful business owners don’t blame or judge, they constantly examine their intended outcomes, their actions, and their results, and look for ways to change their approach.
4. Income Follows Assets
Before you can charge somebody rent, you have to own a house. In business, that simply means that you need to have assets to generate income. Your assets can be physical, like equipment, or non-physical, like reputation or goodwill.
In a successful dental practice, assets include effective, efficient systems. Workable systems are the only way you can assure your business will thrive without you. As you move through the five stages of practice growth, before you can scale effectively you’ll need solid systems in place.
5. Outstanding People Succeed
To be successful, it goes without saying you must be exceptional at what you do. And what you do includes more than being an exceptional dentist. You must also be an outstanding business owner, leader, manager, and marketer.
Commit to constantly improving your dental practice systems, dental marketing, and practice management. Such a commitment will support your continual focus on providing an exceptional patient experience. And when you provide exceptional patient experiences, your practice will grow and thrive.
Let Us Help You Create a Successful Dental Practice
Success is not as elusive as you think, nor does it necessasrily require more effort or time. It simply requires focus and a commitment to continual improvement.
Success never happens overnight. Success is the result of creating a values-driven practice that brings you and your team fulfilment and creates loyalty and value for your patients.
Success requires taking responsibility for your results, and creating assets for your business.
If you are ready to take the next step towards success in your business, contact us for a complimentary practice assessment.