Every year, Google publishes the most searched items, and last year it was “how to survive”, “how to cope with the situation”, etc. Now, however, the searches have changed and they are: “how to rebuild again”, “how to start again”, etc.
This means that people are stopping coping and just trying to get through each day and, instead, are feeling hope and lifting their eyes up to the future again. This is VERY, VERY good!
Let’s all envision a strong, positive future now and move forward to achieve goals that may have been on hold for a few years due to a little thing called a pandemic. It’s time to build and make up for lost time and income.
How Big is Big?
The question for each practice owner is “how big is big for you”? Some of you just want to have your existing practice fully booked, properly scheduled, running smoothly, no staff issues, and excellent profitability.
Others want to own two practices, or even three or four or five… And nothing wrong with that! Some years ago, one of our dental clients with our practice management skills grew her one practice into five practices with 25 providers and sold them for $28 million and is retiring early. Why not? It’s really just a question of having the management tools and skills to efficiently manage each one.
Plan it Out!
You should sit down with yourself and anyone who is part of your ownership team and decide “how big is big?” Watch that you don’t make this common mistake: For instance, if you want to double, you may start imagining all the problems you are experiencing currently in your practice being multiplied by two, and then give up before you’ve even started. And it’s true that if you don’t get the first practice into perfect order before doubling, you will in fact double the problems.
So the rule is to never start a second practice if the first one is not running perfectly and to its full potential. Otherwise, you end up with two overheads and the same management skills that weren’t up-to-speed enough to run one top-end practice now being spread thin between two locations. And then you have double the headaches and there goes your profitability.
Take the Brakes Off
In all the 33 years we have been helping our clients successfully grow their practices, no recession has ever stopped them from growing and reaching their goals. Statistics are caused internally and by your response to situations. Management/executive training gives you the confidence to make big, bold moves. It’s safe to take the brakes off your growth if you have the right tools.
Call us about our practice management and executive courses and one-on-one private consultations.