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!