3 things to aim for – 3 ways to get there – 27 things to get right

Sometimes, it can be a good idea to remind ourselves of the obvious and then ask “how does the obvious happen?”

There are three obvious things to aim for in your business:

  • Clinical care;
  • Customer service;
  • Profits.

What perhaps isn’t so obvious is how the best dental practices actually get there.

I’ve noticed a significant distinction between those Principals who are generating less than 30% of the gross revenue into their practice and those who are grossing over 70% of overall sales.

The first category (the minority) ask me to help their business.

The second category (the majority) ask me to help them – usually because they are drowning in doing everything.

I was recently pondering what characteristics were visible in the very best practices (and, incidentally, the practices that are selling to corporates for the highest multiples) – and realised that they all had done three things very well:

  • An excellent management team (listen to my interview with Colin Campbell in September’s membership content for The Extreme Business Academy);
  • Robust marketing systems – all of that internal human interest marketing that I’m constantly going on about – and some carefully selected external marketing and advertising;
  • A superb team of clinicians – either hand-picked (and, sometimes, head-hunted) associates/therapists/hygienists and/or apprentice dentists.

It is a classic “E-Myth” situation as applied to dental business ownership.

On Friday and Saturday this week I’ll be M.C. in the oddly-named NHS/Business Theatre track at The London Dentistry Show in Olympia Central, London.

If you can get there in time, at 09:35 on Friday, I’ll be opening the day with a 25-minute presentation on “The 27 habits of Champions League Practices in 2019” – slightly more than one good idea per minute from the top end of my client base.

On Saturday at 13:00, I’ll be sharing my observations on “Leadership” in the Compliance Hub.

Breaking news – on Saturday I’ll also be taking part in a live debate on “Why you shouldn’t sell your practice to a corporate” going head to head with Rahul Doshi, who will present the case for the corporate as a member of Dentex. We are putting the final details on that together today and I’ll let you know more ASAP.

Sell or not – the secret to a long and happy business life is, I believe, the three characteristics I mention above:

TEAM – MARKETING – CLINICIANS

 

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Chris Barrow

Chris Barrow has been active as a consultant, trainer and coach to the UK dental profession for over 20 years. As a writer, his blog enjoys a strong following and he is a regular contributor to the dental press. Naturally direct, assertive and determined, he has the ability to reach conclusions quickly, as well as the sharp reflexes and lightness of touch to innovate, change tack and push boundaries. In 2014 he appeared as a “castaway” in the first season of the popular reality TV show “The Island with Bear Grylls”. His main professional focus is as Coach Barrow, providing coaching and mentorship to independent dentistry.