Bulletproof Dental Practice Retirement Sucks! with Chuck Blakeman
Bulletproof Dental Practice Podcast Episode 32
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Guest: Chuck Blakeman, entrepreneur and presenter at GOTT Summit
Key Takeaways:
- GOTT stands for Get Off The Treadmill, the annual summit is all about creating a dental practice that produces BOTH time and money.
- 70% of business is similar/generic. Problems are the same across industries. Business has little to do with the craft itself, but everything to do with the way people work.
- Dentists really need to get off the treadmill of working in business to work on business and be free to do the things they love.
- Separation of work and private life is false.
- Practice owner’s game is about how to make more money in less time.
- Need to demand both time and money from your career.
- Research shows there is a proportional link between happiness and money up to $70-80k, above that the level of happiness diminishes with each additional dollar.
- Key questions: What do I want out of life? What kind of practice do I need to build to give me that kind of life? What kind of stuff do I need (or not) to support that lifestyle?
- Chase your end, use time and money to get what you want.
- Your dental career and/or practice should be an expression of your own vision.
- 2/3 of all people who’ve lived to be 65 – in the history of the earth – are alive right now. The first person who is going to live to the age of 150 has already been born.
- For thousands of years the #1 motivation was survival. We’re now entering the participation age, where the #1 motivation is significance.
- 70% of people in your practice are phoning it in. Only 30% are engaged.
- 51% of everyone at work in the US is actively looking for a job.
- 86% of people at work in the US would take a job that dropped into their lap. Only 14% would not take another job and are happy with their current position.
- If you believe people are stupid and lazy, you will end up with a practice where everyone is stupid and lazy. If you believe people are smart and motivated, 4 out of 5 people will respond as smart and motivated.
- Cost of turnover is between 50-800% of annual salary. It’s a cost no business should plan to afford. Great hiring is KEY.
- We want leaders, not managers. Managers tell, leaders ask.
- 50% of businesses fail in 5 years, 80% fail in 10 years. 98% of the reason businesses fail is because somebody got tired, and it’s because they had the right motivation and the wrong process.
- How do you get to the point where your practice continues to grow, while you are being strategic as a leader?
- Most of us tend to make decisions based on the short term, and that’s the #1 issue in our lives.
- Are you making decisions based on where you are, or on where you want to be?
- So, what’s the magic formula? Step 1 is to change your mindset and intention.
References
Making Money is Killing Your Business by Chuck Blakeman
Why Employees Are Always a Bad Idea by Chuck Blakeman
The Human Side of Enterprise by Douglas McGregor
Built to Sell by John Warrillow
Small Giants by Bo Burlingham
Tweetables
“Use your practice to build your lifetime goals.” -Chuck Blakeman
“We are meant to live every day of our life fulfilled.” -Chuck Blakeman
“The most important person is not the leader, but the first follower.” -Dr. Craig Spodak
“We want leaders, not managers. Managers tell, leaders ask.” -Chuck Blakeman
“If you want to sell your business it’s probably because it doesn’t work for you.” -Dr. Craig Spodak
“The business that anybody would want to buy is the one you wouldn’t want to sell.” – Chuck Blakeman
“Being a leader is simple, but it’s not easy.” -Chuck Blakeman
“If anyone comes to you with a complex solution, it’s probably a bad solution.” -Chuck Blakeman
“You get what you intend, not what you hope for.” -Chuck Blakeman