A whole recession and economic dive can be started by just one foolish action that is the wrong thing to do. Businesses go bankrupt every day from this mistake. When your income is down, a natural instinct (and one often recommended by accountants) is to cut back on any expenditures that do not seem “vital”
Sweaters shrink. Bank accounts shrink. Waist lines shrink. Insurance coverage shrinks. But practices aren’t supposed to! There is a natural law about this: Nothing stays the same forever. It is common knowledge that things are either growing or they are shrinking. As an example of what I mean, I met a 72 year old dentist
Do you sometimes feel that you’re not all pulling in the same direction? Ultimately, the whole team is supposed to be there to give every patient or client who walks in the door the 5 Star Care they are paying for. Somehow that generalized purpose “sounds” great, but in the day-to-day world of the practice,
Managing a practice is like driving a car. If you aren’t in the driver’s seat, who is driving it? You are also supposed to be the one selecting the direction. Even a GPS won’t help you get where you want to go if you haven’t put in the destination. As the practice owner, you must
Going 150 miles per hour as the practitioner, but can’t seem to get enough done outside of treating your patients? Do you ever feel frustrated by lack of time to manage the practice? Not getting where you want to go with the practice? Being the CEO of your practice as well as being a hands-on
Some healthcare professionals that I have met with over the last 24 years have protested using the word “sales” in relationship to the services they provide to their patients or clients. Instead, they use various euphemisms such as “treatment plan presentations.” Healthcare professionals often shun the idea of being a salesman because they associate the
Over the years I have seen some of the most brilliant ideas fail. The reason being that the planning to get the idea implemented was poor, incomplete or non-existent. Any idea or change should be planned out to ensure that it gets fully carried out. Once you have the idea or change, you must sit
Establishing the value or worth of a practice is a complex matter. There are more than 30 ways in which to calculate the value of a business and in fact there is a specialty certificate for accountants which deals specifically with this. A practice, no matter how it has been appraised, is only worth what
A Fishing Story: The Japanese love fresh fish. However, the waters close to Japan have not held many fish for decades. So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the fishermen went, the longer it took to bring in the fish. If the return trip took
If you are not a “born leader,” take heart. Most real true leaders are created in the crucible of life, or else by mentoring, or by actual training. However we get there, we all need to be leaders in our own endeavors if we are to be successful. Whether you own a practice with no
How you look, talk, write, act and work reveal your professionalism or lack thereof. Society does not emphasize the importance of professionalism, so people tend to believe that amateur work is normal. Many businesses accept less-than-great results. Schools graduate students who cannot read. You can miss 15 per cent of the driving-test answers and still
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