By Bren Barbour, Business Development Coach
It’s that time of year again. The time to reflect on all you’ve accomplished this past year. The time to celebrate your wins. The time to evaluate what opportunities were missed. The time to create a written strategic plan for growth. The time to make 2020 the year that you truly work on your practice, not just in your practice.
Industry leaders don’t just follow the tides of the industry; they take the wheel and plot their own course. Let’s take a look at how industry-leading dentists review their current year and plan for even greater success in the next year.
Many dentists “plan” for the upcoming year by hoping for 2-10% growth. But the top leaders in the industry take the time to map out strategies for a specific amount of growth. Top leaders:
- Determine whether the service mix of the practice must be expanded
- Schedule the C.E. courses needed for growth
- Plan consistent team training to help accomplish the written goals
- Decide if new marketing actions are needed – actions to not just attract New Patients, but target New Patients for specific procedures that increase profit and the dentist’s personal job fulfilment
- Activate new methods to improve customer service for patients and generate expanded brand awareness
- Set a goal for increased New Patients and set ways to determine actual results on production and collection
Refocus on embracing (or adopting!) the core belief that excellent Customer Service cannot be about maintaining the status quo! Industry leaders consistently seek new levels of “value added” relationships with patients and the community.
- How can we enhance communications?
- How can all team members better their skillsets of being “Patient Health Advocates”?
- How can we create that core of “raving fans” who love our practice so much they actively recruit for us?
The most successful dentists stop to evaluate each system not only for how effective or efficient it is – but what specific impact each system is having on profit. You need to examine your:
- Treatment Acceptance
- Financial Options
- AR and Insurance Aging
- Re-care and Re-activation
- DON’T FORGET! Marketing ROI (Also look at your marketing budget considering your goals – do you need to put more dollars to marketing to execute your new strategies or attract a new patient set?)
Industry leaders work diligently to surround themselves with “the right people in the right positions.” As you review your year and plan for next year:
- Schedule Annual Planning time with the entire team
- Use your team’s strengths to mastermind “what’s possible” in practice growth and “what’s desired” in new incentives (as growth is achieved)
- Reflect on which team members are empowered to not just give input – but to take ownership of results. How can you reward their efforts?
Industry leaders know that new perspectives are a prerequisite of growth. For instance, the team playing on the field doesn’t win the Super Bowl by themselves – the coaches on the sidelines see the “big picture” and guide the success of each play. True leaders understand the principle “being an expert in one area does not mean you know everything in all areas!” Industry leaders know when to ask for guidance. Annual Planning is the ideal time for a new set of eyes and business expertise.
Just Do It!
An idea is nothing more than a thought – if the idea is not executed. It’s that time of year: Analyze all areas of the practice. Design a specific plan for growth. Get a new perspective. Be empowered. And then take action so you can reach new heights of success in 2019!
As I mentioned at the beginning of this article, many dentists who are in mid-career are burned out, afraid, bored, or frustrated. Partner with a business coach to help you run numbers, set goals, train your team, and hold your team accountable so you can have your most successful year yet. Fill out the form below to request your Complimentary Practice Discovery and see how a PDA Business Coach can help you accomplish your goals.
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