Pundits suggest that you see your team as the most valuable asset in your business.
It’s a philosophy with which I wholeheartedly agree.
The #1 reason that dental businesses grow is that you:
- hire (or keep) the right people
- recruit on attitude and train on performance – you cannot do the opposite
- lead them effectively
- delegate well
- expect them to manage their systems well
- meet regularly for good conversations
Teams that communicate frequently grow Champions League businesses.
On more then one occasion this week I have found myself quoting business author Harry Beckwith:
There is no performance without accountability and no accountability without measurement
The most valuable asset in your business TODAY is your team.
Is the same true TOMORROW?
In the UK I am dealing on a day to day basis with Generation X owners (age 40-50) who are buying satellites from Boomer owners (age 50+).
They are recruiting Millennial associates (below 40) as apprentice dentists to populate and grow the satellites.
They are building micro-corporates of 10-20 practices over 10 years with the intention of selling to macro-corporates.
By then, the macro-corporates will be owned by health insurers.
Advising these people has become my core activity as a trainer, consultant, coach and mentor.
I mainly used to help dental practices grow from £500,000 sales to £1m (and still can).
I mainly now help dental businesses to grow from £1m to £10m.
Most of the 100% Growth clients I’m working with (currently 19 of a target 20) fall into this category.
In 10 years from now I intend to be the mentor for 20 micro-corporates with cumulative turnover of £200m+.
More significantly, they will be providing long-term care for 1,000,000 digitally savvy, health-conscious, self-aware consumers.
The macro-corporates (owned by health insurers) will want easy access to your patients to cross-sell other products and services.
Your most valuable asset TOMORROW will be a well-maintained digital database of patients who have given you permission to keep them posted.
The right people (today and tomorrow) are priceless.