This question came in last night from a Practice Manager: Its staff appraisals time, my Principal wonders if you have a different approach or any ideas on this? So, on reading this, I smiled to myself at the memory of conversations in the 90’s that formed my thinking. Technology changes – people don’t change much. You
Read More
In my last post I speculated on the inevitability of staff turnover and what to do about it. There are around 26 million British-born workers in the UK today, plus a further 5.4 million from overseas. It is estimated that around 5 million workers in the UK are now members of the “gig” economy –
Read More
In 1970, when I began my full-time work as a 16-year old school leaver, I was mentally conditioned by my parents and teachers for the possibility that the company I joined (The Friends Provident & Century Group) could become my employer for life. That after 49 years of diligent endeavour, I would retire in September
Read More
Dear Coach: Interesting few posts from you recently about poaching of clinicians. I thought I would raise the point that this poaching is also a way being used to gain patients. I know of one local practice who has now lost 3 dentists to the same “usurper” micro corporate (and a dental nurse). I have
Read More
Many years ago I stumbled across a superb 6-minute video on the Four Seasons Hotels web site, in which founder Isadore Sharp talks about their core values as an organisation, described as The Four Pillars on which the organisation is built: To operate medium-sized hotels of exceptional quality – to be the best; To make
Read More
On Friday we explored the definition of OCPSPD (operating cost per surgery per day) and discovered that many associates are operating at a net loss to your business. (You can revisit that post HERE) At the risk of starting your week on a negative (to add to rail strikes and, for many, first day back
Read More
OCPSPD Operating cost per surgery per day. Let me explain (for my fellow non-accountants). When you look at your audited or management accounts you will see three main sections: Income/Sales – the money that came through the door; Cost of sales/variable costs – the money that you have to spend when some dentistry gets done.
Read More
I’m not breaking any news by telling you that goodwill values in independent dentistry are overheated. Yesterday I was asked to give an opinion on the proposed purchase of a small private practice less than 5 years old, moderately profitable for the last 3 years and offered at over 7.25 times adjusted earnings. That may
Read More
Payroll costs in dentistry are increasing as a percentage of sales. To maintain your profitability, are you going to have to pass on that cost to your patients? Consider the alternatives: pay less wages to fewer people pay yourself less make less profit It seems that most owners are choosing the last of these options.
Read More
Recently, I have met three young dentists who have bought practices under what I can only describe as questionable circumstances. Three different locations around the UK and yet the audit trail of events that is disturbingly similar: Existing owner in mid-50’s decides to sell whilst goodwill values are at an historic high; Sales figures for
Read More