Mistake #1: Making Decisions From a Place of Fear
In the decades I have worked with doctors to help them build businesses and add greater overall value to their practices there are a few critical mistakes that I see time and time again. My experience and proven strategy for success can help you avoid these mistakes and make the whole process of enlarging, expanding, moving or starting a new practice as painless as possible.
The worst place from which to make any decision in life is a place of fear. I’ve found that the fear that blocks people from making big decisions really amounts to a lack of knowledge and insight. The more doctors learn and know about all the opportunity that is available to them, the more comfortable they become in formulating a growth mindset and a business plan to set goals and create a vision for the future of their practices.
Beginning with a comprehensive assessment we can analyze all of the thoughts and ideas you have about vision, location and opportunity. We can then determine a budget and a timeline. These are the key factors every doctor needs as the basis for confident business decision making. In my experience there is a sweet spot between being too conservative and regretting the lost opportunity and outsizing your capacity to manage the project. The conservative approach will limit your ability to get to the break-even point as soon as possible and start to realize return on your investment. I consistently see doctors who build or expand from a place of abundant caution and then regretting not enough operatories, or not investing in equipment and technology that can expand the dentistry they can offer to patients.
When I meet with you I am prepared to evaluate the potential I see for you to maximize the business. Every doctor and practice is unique and every project and plan is custom. The math for growing your dental business is predictable and reassuring because it is based on a tried and tested formula. My ultimate goal is to have every doctor I work with making decisions from a secure and informed place.
Read the Part II of this series, Thinking You Can do It ALL Yourself »
Read the Part III of this series, Playing It Safe »