Working ON Your Business, Part 1

Working ON Your Business Part 1

Bulletproof Dental Practice Podcast Episode 36

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Key Takeaways:

  • What does it mean to work ON your business instead of IN your business?
  • A lot of dental practices aren’t really run like business at all. Ignorance is NOT bliss.
  • The e-myth (entrepreneurial myth) is that most people who start a business are entrepreneurs, when in reality, most people who start a business are technicians.
  • Because we have a high level of understanding of dentistry, we think that uniquely qualifies us to run a business that provides that dental work.
  • Most dental practices are set up as people-dependent practices, when the focus should be on a systems-dependent process. WHAT DOES THIS MEAN?
  • People-dependent practices are dependent on specific people in the office, whether it’s you or an employee. Should something happen to that person the office becomes very vulnerable.
  • Corporations are process-dependent business, which is why independently owned practices have something to fear. They are far less vulnerable.
  • Working on your business means one thing; creating a system for everything so you can get superior results consistently, predictably, and with a lot less stress and work.
  • Everything you do should be documented in a manual, a video, a checklist, etc. Create the system intentionally.
  • If you’re “too busy” to step back from the drill and devote real time to creating processes, then you can’t expect a different result.
  • Having a systems-dependent practice means you’re ready to scale and amplify effortlessly.
  • Thriving business have three roles in common; the entrepreneur, the manager, and the technician.
    • Entrepreneur is the visionary who thinks ahead, keeps planing for the future, and setting the GPS for the team
    • Managers establish order and create consistencies, and hold everyone accountable
    • Technicians (hygienists and dentists) do the technical work
    • Everyone at their core is better suited to one of these roles, but ideally you should be able to do all three in equal amounts, especially in the beginning
  • In order to run a successful dental practice, you have to give up doing all the dentistry yourself to allow yourself the time to grow the practice.
  • Three practice stages:
    • Stage 1 – Glorified Job
    • Stage 2 – The Eager Stage
    • Stage 3 – The Mature Stage
  • First, we must assess where we are in the process, and situational and personal awareness are way undervalued in our professions
  • Tips:
    • Take some time and truly look at the pain points in your operation
    • Create and optimize your practice operations manual
    • Act like a patient, or hire a secret shopper and have them document their entire interaction
  • Make a process for everything, assume you’re writing it for a 5th grader
    • Silo 1 – Clinical operations
    • Silo 2 – Business & admin operations
    • Silo 3 – Marketing, growth & online reputation operations
    • Silo 4 – Metrics & KPI’s

 

Part 2 coming soon!

Contact Peter & Craig

* No interviewee solicitations