Dental Business Coach | From Dreams to Reality: Effective Goal-Setting

No matter how impressive your vision for your practice may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals. Establish daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in constant control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure it never happens again. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them at the last minute.

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office, include them on your calendar. Write your goals in a place you look daily as a constant reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Goals Need to be Measured

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see 10 new patients by the end of each month or to increase the number of referrals by 50% before the end of the quarter. Pick specific numbers and concepts that can be defined in a concrete way. Abstract goals are harder to reach because they are too difficult to define. When goals are measurable, you will know exactly what you need to achieve your desired result.

Rethink the way you are setting your goals for your practice. Your ambitious plans will be successful only if you have a road map to reach them. This is where effective goal setting comes in. Get into the habit of writing down your goals and measuring them. Effective goal-setting strategies take careful planning. Master these skills and you will be on your way to the practice success you have dreamed of achieving.

For more tips on managing your practice, please contact us.

Dental Business Coach | Revitalize Revenues through Increased Investment

Dental Consultant

Every business experiences trends of increasing and decreasing revenues. When new business slows and income begins to dip, many business owners react by cutting back on the item in their budget they think is most expendable: marketing.

The unfortunate reality is that this is almost definitely the wrong step to take. When you cut your marketing budget, you reduce your revenues as well.

Today’s business cannot survive through only word of mouth referrals. Your company needs to attract new clientele on an ongoing basis, not just in the weeks following a postcard blast or mass email. In addition, you need to engage and maintain the loyalty of your existing customers.

Consistent, effective marketing helps you achieve both ends.

One recent study examined the marketing budgets of several publicly-traded companies. The researchers found that businesses that were spending an average of 16.5% of revenue grew up to 15% annually, and those that spent an average of 22% grew 16% – 30% annually.

When your marketing budget increases, your revenue follows suit.

There are several factors that can influence how much your business should be spending on marketing.

Are you a new startup company? You may need to invest more until you have established a client base.
Is business established and you want to maintain growth? Compare your current rates of new customers to those lost annually to determine how your current budget is doing.
Is business stagnant or decreasing? Consider investing an additional 5% or 10% above your current marketing budget, at least until the trend reverses.
How competitive is your local market? Higher competition requires greater investment to grow business.

For more advice regarding your marketing budget and business growth, contact our office.

Dental Business Coach | The Costs of a Toxic Employee

Hiring is time-consuming, stressful, and sometimes costly. In some cases, this causes business owners to avoid firing an employee long after it has become clear that the person is damaging the overall work environment. Finding the right person for your office can be challenging. However, continuing to retain a toxic employee can be far more costly for you and your business.

What is a “toxic employee?”

A toxic employee is easily recognized for exhibiting several, if not all, of the following behaviors:

Bad attitude: This includes eye-rolling, muttering, snide comments, complaints, confrontational tone, and passive-aggressive speech or actions.
Lack of engagement: This can include work-avoidance, lack of enthusiasm, unwillingness to accept responsibilities, and being inattentive in meetings and huddles.
Dishonesty: Whether this involves refusal to accept accountability, blaming others for mistakes, or outright lies and thefts, dishonesty is harmful to your business and your team.
Poor work performance: While a new team member may experience a learning curve at first, the toxic employee never rises above the bare minimum of what has been explicitly listed as expected. In many cases, they may not even be fully or properly completing work. They are uninterested in feedback or training and unwilling to work to improve.

Do you recognize anyone in your office from these descriptions? If so, it’s time to pull the plug.

When you continue to keep a toxic employee on your staff, you may avoid the headaches of the hiring process in the short term. However, you are creating a host of other problems for yourself that will cost you a great deal more time, money, and energy to solve in the long term.

One toxic employee in your office can cause:

Loss of new customers: If a toxic employee is interacting with potential customers, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
Loss of existing customers: If your clients are treated poorly even once, they may choose to take their business elsewhere – and they may tell others.
Loss of your best team members: Your best people want to work in a positive environment where they feel supported and appreciated. By tolerating the complaints or shoddy work of one toxic person, you risk losing team players to a company that maintains a better atmosphere.

Don’t compromise your business or your best team members by refusing to fire toxic employees. For more strategies to improve your business, contact our office.

Dental Business Coach | Making the Right Impression

When clients visit your office, they observe. Your clients are going to make decisions and judgements based on what they see. If you don’t already, you need to think in the same manner your clients do. If you were a new client to your office, would you schedule a second appointment? Here are a few elements to consider.

Your Office’s Appearance

Look at your office. Is it clean and hygienic? Is it cluttered, dusty, or musty? Your clients will pick up on elements such as these. Make your office spotless. You risk your professional credibility if your office appears to be dirty. Clients are visiting you for professional treatment, so the environment must be clean. Décor matters too. Consider repainting your walls to be a soothing light blue or green. What artwork do you have hanging on your walls? Project a modern atmosphere to create confidence in your methods.

Your Team’s Appearance

Both you and your team should always be presentable. Is a team member coming to work wearing wrinkled clothing or covered with pet hair? Are phone calls left unanswered? An observant client will notice and it could cost you repeat business. You are in the business of retaining and serving your clients, so your team needs to smile often and set a confident, professional tone.

Keeping your office clean is a key element to client retention. Create an environment that makes your clients feel comfortable. Visitors will interpret your office and the appearance of your team as a reflection of your professional capabilities. It is imperative in today’s age of social media and online reviews that you present a positive impression of your business. A misstep on your part may be read by other prospective clients online.

Make the right impression with your clients if you hope to gain repeat business.

To get started with a professional consultation, please contact us.

Dental Business Coach | Be a Leader, Not a Manager

Practice leaders set the standard and pace of your work. Managers hover and maintain status quo. Which definition sounds like you? Changing the way your practice is structured or operates can be a vast undertaking. Use these tips to get started on a path for developing an innovative practice that you lead, not manage.

Leaders Innovate

Leaders develop ideas that further practices. Managers use the framework that is already in place. Don’t hover over your hygienists or office staff. Let their work speak for itself and step in where necessary. Demonstrate to your team the qualities you want through your own actions.

Do What You Do Best

The majority of your time should be spent with patients, that is the best use of your abilities. This means you must delegate tasks to other team members. Leaders delegate tasks. Let your office staff handle the clerical side of the practice. Utilize a hands-off strategy where appropriate to free your time for patients.

Track Team Tasks

Rather than micromanaging your team, have them write or email their daily tasks to you. This will allow you to track the team’s progress and use of time. It will also save you from constantly asking, “What did you do today?” Hold your team accountable for their tasks. Request that your team define their tasks in quantitative terms. Spot-check as you feel necessary.

Know When to Hire and Train

When your practice feels swamped, hire and train. Leaders can recognize if their team is unable to handle the current workload. Pushing your team beyond their limits is not going to produce the results you are striving to achieve. Your team will work best when they have the necessary time and resources to do their tasks.

Leaders don’t have the time to micromanage. Leaders know when to back off and let the practice run on its own. This doesn’t mean you should let your entire operation always run on auto-pilot, but focus on letting each team member contribute their abilities in the best capacity. The only way to break through the status-quo is to allow for new ideas and strategies to take hold. This cannot be achieved if you are spending your time hovering over your team. Transform the way you manage your practice and your practice will transform itself.

Dental Business Coach | Things to Consider Before Buying New Dental Equipment

No matter how well-equipped your office is initially, time, wear, and changes in technology will at some point require you to purchase additional or replacement equipment. There are a few points you may wish to keep in mind before making your final decision on a major equipment purchase for your practice.

First, take your time. Like with any other major purchase, rushing into a decision can be costly. Instead, spend several weeks in preparation for this choice. Meet with your Dental CPA about any tax implications and ask if there is an optimal time to make such a purchase. Consider carefully the following factors to be sure you are choosing the right piece of equipment for your needs:

What is the main purpose of this equipment?
What features do you want/need it to have?
Are you and your team going to need extensive training to use it?
How often is this equipment going to be used?
Will it fit the space available?
Will you have to make changes to the space to use this equipment (ie, wiring, utility connections, etc)?
Is the manufacturer reliable?
Does the manufacturer provide good service for their equipment?
How long should this equipment last?
What is the expected benefit of this upgrade?
When do you plan to have it installed and in use?
If this equipment is to allow new services, is there a demand for those services in your practice/community?
Will your pricing for your services offset the investment cost and still be competitive in your market?
If the equipment you are buying is used, have you obtained an independent opinion on its condition?
How does the cost compare to other models? Other manufacturers?
Can you purchase directly from the manufacturer to save on cost?
Have you compared pricing from a variety of sources online?

While not all of these may apply to your equipment purchase in every circumstance, it should be clear that major dental office equipment should never be bought on impulse or without thorough consideration and research. Recommendations from other dentists or your dental CPA can also be helpful in narrowing your search.

Your dental equipment plays a vital role in the quality of care you are able to provide to your patients. When it is time to add or replace a piece of that equipment, make sure you take plenty of time to research, refine, and select the right piece for your practice. This will help you be certain that your investment will bring value to your practice for years to come.

Dental Business Coach | 4 Simple Ways to Make Stress Work for You

Stress is an inescapable part of life. Whether you’ve just opened your practice or have begun planning for retirement, you have experienced some amount of stress along the way. Doctors, scientists, and media outlets have spent many years warning about the dangers of stress. Too much stress too often can cause negative effects on our physical and mental health. However, before giving in to chronic tension and depression, consider a few ways you can make stress work for you.

Focus on the positive side of stress. In small, sporadic doses, stress can increase brain function for gains in creativity and problem solving ability. It can boost your immune response and provide the motivation you need to engage your issue. Over time, small amounts of stress will even enhance your resiliency for managing future difficulties.
Change your self-talk. Instead of stumbling and dwelling on the negatives of your current predicament, start incorporating the idea of “yet.” The phrase “I can’t…” has an entirely different tone than “I can’t…yet.” Once you have reset your self-talk to allow for the possibility of change, you will find yourself ready to brainstorm creative strategies for moving forward.
Tackle problems one at a time. Select one specific aspect of your life that is causing you too much stress. Focus on the root cause of your stress and decide on a plan of action. Don’t be afraid to ask for help or to delegate tasks to a member of your team. New habits take time and training, but can create real change to improve your life. Continue working your plan, refining as needed, until the overstress is no longer a factor. Choose another challenge and start again.
Embrace levity every day. Celebrate birthdays, small victories, and changes in the weather. Add laughter to your workday. These will cut tension in the office and refresh you and your team. Your patients, your team, and you will enjoy the more cheerful and relaxed atmosphere this creates.

By embracing the motivating influence of stress without allowing it to drive you down into anxiety, you can generate positivity, creativity, and effective change. However, if you have chronic stress that is substantially affecting your daily life, talk to your doctor. To best help others, you must first care for yourself.

Dental Business Coach | Beyond Marketing: Turning Interest into Appointments

Marketing plays a vital role in attracting new business. Cleverly designed mailers and strong online SEO strategies can put your practice name in front of hundreds of potential patients. Glowing reviews and testimonials tell website visitors that you provide quality care and have a friendly team. However, when it comes to driving new business, marketing – even great marketing – is only part of the story. No matter how effective your campaign, one of the biggest factors in gaining new patients is scheduling.

Many dentists find it difficult to think about their practice as a business. It is likely that you chose dentistry due to a passion for service and healing, not bookkeeping or sales. Yet nearly any successful retailer will say that the only way to gain business is to give customers what they want, when they want it.

What do your prospective patients want? Convenience, first and foremost.

Consider this: patients have lives of their own. Many work outside the home, many have children. Most working people have limited time off, and may have to schedule their time carefully to leave room for the chance of illness or emergency. Many jobs dole out time off slowly over the course of weeks. Others restrict employees from missing any work at all during certain times of year.

Does your office offer any same-day scheduling? Do you have next-day scheduling? Shift workers may not know what hours and days they will be working more than a few days in advance. In addition, patients who are experiencing pain are unlikely to wait longer than 24-48 hours for an appointment before trying somewhere else.

Do you have office hours covering mornings, evenings, and Saturdays? Patients do not always have the luxury of choosing their shifts or days off. Parents may be reluctant to have their child miss school for an appointment. If you do not have openings during the times that are needed, potential patients will find an office with more flexible hours.

No matter how impressive your practice appears, patients will look elsewhere for an appointment if you are unable to work with their scheduling needs.

Making the changes to provide better scheduling flexibility will take time and may require an investment in your practice. You may want to consider adding an associate or hygienist to help cover additional time. Talk to your dental CPA about what options will best suit your practice needs, as well as the needs of your community.

Dental Business Coach | Promoting Change

Why do we resist change?

Change is scary. Change forces us out of our comfort zones and into the unknown, often into situations outside our control. We are afraid of change because we are afraid that this new challenge might make us look foolish, feel less capable, or even fail.

Change is also necessary. It is impossible to grow your practice, increase your service offerings, or stay competitive without change. Dentistry is a dynamic field, with new technologies and creative techniques being explored continuously. It is critical to be open to exploring these changes and to implementing the ones that will best improve your practice.

Unfortunately, one of the realities you may face is that your most loyal and long-term team members may be the ones who are most resistant to accepting these changes in your practice.

Over time, people tend to develop routines to perform their tasks. On one hand, this can be beneficial, as it can ensure consistency in job performance and can simplify the training of new employees. Often, these team members take pride in mastering the routine of their position and equate this with mastery of their role in the practice.

On the other hand, routines can lead to complacency, which can be devastating for your practice. Complacency can cause team members to “go through the motions,” putting less thought and effort into their routine, and may make their work become sloppy over time. A complacent employee is unwilling to change their routine to embrace the new ideas, methods, or technologies that you need to better serve your patients and grow your business. A complacent employee can even harm team morale and slow the adoption of the changes you seek to implement.

How do you protect your office from complacency and promote change as a part of your practice?

First, create an atmosphere of change. Start small, but design a series of changes to be implemented over the next few weeks or months in your practice. Make the idea of change something that is a normal and accepted part of your routine. This will make bigger changes easier to implement when the time comes.

Second, talk to your team. Make sure every team member understands the changes you want to implement, your reasons for making the changes, and your expectations of their compliance. Be open to answering questions, but do not allow “that’s not how we’ve always done things” to be a reason to slow or avoid changes.

Finally, make your team and yourself accountable for the changes. Track that your changes are in place and that every team member is on board. Meet with your team and discuss the outcomes of the change and how everyone feels about the change. Celebrate victories and strategize improvements. When your team is able to own the change and its outcome, it will be easier to implement the next and to suggest new ideas for future change.

Dental Business Coach | Why Your Practice Needs Effective Team Meetings

Regular effective team meetings can play a crucial role in the health of your dental practice. That one simple-sounding factor can impact every aspect of your business. Your people, your patients, and your practice all benefit from regular effective team meetings.

Your people need team meetings. The core of your practice is your vision, your goals, and your strategy for achieving your goals. Each member of your team needs to understand all of these things and, just as importantly, needs to understand their part in your plan. Without that understanding, your team is working blindly and is unable to actively contribute toward reaching your goals for your business.

A team meeting is an ideal format for open discussion about your vision, goals, and strategy. Not only can you use this discussion to ensure every member is clear on your expectations, but you may find that their unique perspective creates an exchange of ideas on more effective ways to reach your goals and how each person can best contribute.

While not every team meeting needs to include high-level discussion of vision, goals, and strategy, it is a good idea to include this at least once or twice a year and when bringing a new employee into the team. Additionally, many successful dentists find that it is highly useful to touch on how the strategies are being implemented and to discuss any measurable progress toward goals on at least a monthly basis. This helps to keep your team engaged and motivated toward achievement.

Your patients need team meetings. One of the most common components of an effective team meeting is education. Your team needs to know what the policies are, what is on the agenda for the day, if there are any specials being offered, if anyone is sick or on vacation. Any new ideas, training, or techniques that can be shared should be. Your patients need to know they will be given correct and consistent information from any member of your team. Make sure everyone is on the same page.

Your practice needs team meetings. Teach your team how to ask patients for referrals. Word of mouth can have a huge impact on your new customer base. Even happy, satisfied patients rarely refer anyone unless asked to do so, according to a recent study. Your team members should be engaging your patients in every interaction to ensure a positive experience and should be able to ask for referrals when patients are pleased.

Only you can review your practice, your time, and your schedules to determine when and how frequently you should hold team meetings. Whether you meet daily, weekly, or on some other timeline, make your meetings regular and effective. You will see benefits to your team, your patient experience, and your practice.

Exploring New Heights

Category: Dental Practice Consulting