I’ve shared before the above graphic that suggests the correct organisational structure for a 2015 dental micro-corporate (and pretty much any business – this is E-Myth territory).
The challenge for the £500,000 practice is that all of these bases require cover but there is often nobody in the business who can cover them apart from YOU.
The challenge for the £1m practice is that one manager may be struggling to keep his or her finger on all of these pulses.
That’s why Principals and managers in smaller businesses either burn out (trying to do all of this) or fall behind (because stuff simply doesn’t get done).
In “the good old days” much of the above could be ignored in the smaller business – jus show up, work hard and the money will come in.
Not so in the modern world where competition and compliance don’t take a day off.
The conclusion is that smaller dental businesses are becoming less viable.
But – we all have to start somewhere – I was chatting on the telephone earlier this week to another Female Principal who has opened her private squat and is working long hours to get the enterprise off the runway and into the air.
Then yesterday to a second lady who is clearly driven and considering the same.
As they grow, the biggest challenge will be “getting things done”, not finding patients (because the latter is a consequence of the former).
The best business decision they could both make would be to invest as much as possible in the most talented manager(s) that money can buy.
A good manager will keep you out of overwhelm and burnout.
The responsibilities of finance, marketing, the patient experience, compliance, operations and teamwork are no longer negotiable in small business – you cannot sweep them under the carpet and ignore.
If you are an Owner/Principal/Clinician and taking on these other duties as well – it cannot and will not work.
You need one amazing manager in a £500,000 practice and you will share the workload with that person.
You need two managers in a £1m practice:
- Marketing and The Patient Experience – your Business Development Manager
- Operations, Compliance and Teamwork – your Clinic Manager.
In a £2m practice and beyond:
- A Finance Manager
- A Marketing Manager
- A Patient Experience Manager (sometimes senior TCO)
- A Clinic Manager
You are as good as your managers.
Invest in great managers – and invest in someone like us to train them – and you will create a business that grows and the freedom to enjoy your life along the way.