Transforming your business
Fed up with the status quo? Read our seven quick tips on how to transform your business.
How often do you look at your peers with envy and wonder ‘how do they do it’? How do other dentists have lives and businesses that work so efficiently and deliver such great returns?
In today’s competitive world of dentistry, being “good” simply isn’t good enough. With online accessibility meaning people are well informed and better educated about their options; patients are more demanding. And to make your practice stand out from the crowd you need to target these patients effectively, run a highly efficient operation and deliver treatment options that meet patient needs with a high level of outstanding care.
In other words, to really succeed, you have to go above and beyond “good”. Follow our seven quick tips on how to transform your practice from good to great.
1. Know what your business stands for and live out these values.
To truly transform your practice you need to have a clear vision of where you want to be, both personally and professionally. Articulating the type of practice you want to own and the impact you want to see in your personal life is vital when planning your journey to greatness. Having knowledge about what is possible to achieve and being able to benchmark your practice’s performance against the top performers in the industry are also useful tools when considering the future of your business.
2. Know your ‘why’ and make it compelling.
The ‘why’ of your business is fundamental. Only by understanding ‘why’ your business exists, can you start to answer the ‘what’ and ‘how’ questions that come when you start to execute the activities that will transform your practice. Knowing your ‘why’ and making this into a compelling story for existing and potential patients and communicating it with your team, will help build a co-ordinated business strategy that is an essential part of the transformation from ‘good to great’.
3. What makes you different?
Differentiation is vital, particularly for businesses operating in a competitive market and when customer understanding of the differences between one offering and another is deficient. Both elements are true of the dental profession. By developing tangible distinctions between your practice and others, you will create a competitive edge that really makes you stand out from the crowd.
4. Know your numbers.
Understanding business performance and being able to measure progress is made much more meaningful if you are able to relate back to actual data from your practice. Statistics such as chairtime utilisation, FTA and recall rates, most popular treatments and outstanding treatment plan values, are just some of the metrics that dentists should use to gain real knowledge about their business. These statistics can be easily extracted from your practice management software and should be used on a monthly basis to understand where improvements are being made and those areas in which more effort is required.
5. Find models of ‘best practice and follow them’.
Although it’s important to plot progress against your own personal goals, it’s also useful to be able to learn from others operating in a similar environment. Understanding what ‘best practice’ looks like in reality, and learning from peers who are facing the same challenges, are tonics for most small business owners, who without this support, can find themselves isolated and without metrics to work towards. Access to ‘best practice’ models is a useful and motivating tool particularly when these can be directly applied to your own circumstances.
6. Know what end you have in mind
Whatever the mode of transport, no-one sets off on a journey with no idea of where they are going, and the same is true of your business’s journey to greatness. Having a clear vision of where you are going before you take your first step is essential to give your journey direction and purpose. The end game will be different for everyone, because the needs and wants of business owners are individual, but the crucial factor is that you have a defined objective. The final destination may alter slightly as your journey endures, but through it all you must keep a clear vision of the ultimate goal.
7. Commit to ‘greatness’ throughout your business
Often business owners and entrepreneurs make the mistake of thinking they can achieve greatness on their own. This is highly unlikely. In the vast majority of cases, business owners need the help and support of a team around them and the most effective way of gaining this support is to involve the team in your objectives and your decision making. Let them share your vision for the future and help them to understand the role that each of them plays in achieving the practice’s goals. In this way the team is engaged and enthusiastic for the journey and will play their part to the best of their ability.
If you want to know more about how you can take the challenge, or want to follow the progress of other practices already on their journey to greatness, visit the Good to Great Challenge website at www.g2gchallenge.com