Do you ever set time aside specifically to formally plan for the new year?
Imtiaz Manji, CEO for the Spear Institute, often reminds practitioners that they need to work “on” their practice in addition to working “in” their practice. In short, they need to “step away” from the “loupe vision” of patient care and examine the “global vision” of their practice.
Chuck Blakeman, author of “Making Money is Killing Your Business,” refers to the same concept when he says that the “Tyranny of the Urgent” distracts one from the “Priority of the Important!” In other words, any small business owner, including a dentist, must look and plan ahead in addition to “fighting fires.”
Each year my staff and I meet to create an annual business plan. Generally we meet offsite to escape the distractions of a ringing telephone or unexpected guest, and treat ourselves to a nice catered lunch. We review our practice statistics from the current three year period to identify important trends. Additionally, we discuss and establish team production goals, review treatment protocols and management systems, plan continuing education for professional growth, and adjust our fees to remain profitable and competitive.
This is a spectacular opportunity for you and your team to brainstorm and develop new concepts to move your practice forward! Giving your staff an opportunity to share ideas not only contributes to your practice success, but also instills a sense of “ownership” and pride in your coworkers! It’s a “win-win!”
Additionally, by establishing and committing to a calendar for the coming year, you have the all-important “number” with which to plan for your financial success, as noted in a previous blog. By dividing your annual financial goal by the number of days you’ll practice, you’ll compute a daily and/or weekly goal through which you’ll be able to immediately monitor your success.
An annual planning session positively impacts your corporate culture, builds team loyalty, enhances your chance for financial success, and sets you apart from your competition! In the words of a famous sneaker manufacturer, “Just Do It!”
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Stuff Worth Knowin’ About Business, Practice and Life
Contemporary, pertinent, and useful information regarding money, practice, and life. Consider life’s challenges and benefit from Dr. Kerr’s personal experiences – both good and bad! Examine stress management and life planning techniques. Learn ways to improve your chance for financial success, and consider the needs of loved ones as the years pass.
“If you don’t know where you’re going, how can you expect to get there?”
Basil S. Walsh