April Fool’s Day…says who?! If you were only made a fool one day a year then my goodness – more power to you!! Instead most Dentists suffer from fool-dom every single day in their practices and they never even know it.
As the famous Mr. T use to say “I PITY THE FOOL,” he did not say pity the dentist. And for good reason because, as I have said my entire career, Dentists are the smartest people I know. Hands down, I’ve worked with them all you understand, every major entrepreneurial, professional industry on earth, certainly every doctor of all shapes and sizes and types – and I’m here to tell you Dentists are the smartest people I know.
There is no reason or excuse to be a fool. So why does it happen so often? Mainly it’s through no fault of your own. It’s only because of that old expression ‘you don’t know what you don’t know.’ When it comes to Dentistry, there are very obvious places where Dentists get tricked up, fooled if you will.
Here is the big one…
Money. Both debts and savings, retirement and cashflow, management and spending, just finances in general. Most dentists have only had experience in dealing with money in undergraduate accounting classes. Then by 100% force, when bad things happen, they get to studying what should have been done differently.
And you know the craziest part about this is most Dentists either try to handle their own book keeping, payroll, payments, bills and investing or worse they completely outsource and delegate entirely (better said abdicate to other people who have no vested interest in their success other than the management fees and services they are charging for).
There are as many stories of Dentist getting stolen from by their office managers as their accountants and financial advisors. It’s not necessarily because people do things illegally it’s because Dentists don’t often know what is being done. They don’t know the difference.
The other big thing is on the opposite extreme, which I see and deal with every single day – as you know, I brag a lot about making dentists a lot of money, a) because I can and b) because that is the point… for you to earn what you are worth and to develop a real legitimate business that makes you rich, financially independent, and wealth so you can practice by choice not be financial necessity.
Here’s the problem, all the sudden when a Dentists starts making an extra $40,000, $50,000, or even $100,000 A MONTH by ‘following the plan’ it’s almost as if they ‘got rich overnight.’ These breakthroughs happen in a matter of months not years and most Dentists don’t know what to do with all that money – let alone how to hang on to it, make it last, save, invest, enjoy it!
Why you ask? All these money problems (whether it’s having too much or not having enough) are simply because you can’t tell me the class that you went through, the practice that you’ve had, the lessons you’ve learned about running a multi-million dollar corporation???
Go ahead…let me have it.
You can’t. If you have no experience running a multi-million dollar corporation and being an executive of your own business enterprise, then there is only one way to learn, the hard way, trial and error, through experience, over time – making mistakes all along the way that often cost you significant percentage of the income potential and profitability of your practice.
That adds up year after year, decade after decade.
What you may not realize is the reason most Dentists (still the majority) never break the million dollar mark is not because they can’t do the dentistry, not because they can’t diagnosis and treat or even sell; it’s because they have no idea how to deal with the MONEY and running the business in a financially-healthy, momentum-building, compounding-growth, lifestyle-driven, systematically-controlled way.
That is why.
Not because you are a fool, you are not. It’s just because you lack the experience, specific know-how, track record and especially foresight of how to handle this.
Other ‘foolish’ issues…you know the usual, human resources, dealing with management, leadership, training your team members; and of course the actual marketing, selling of what you do, tooting your own horn, educating patients, presenting both treatment and money, all those ‘outside the mouth’ things they never taught you how to do.
You can choose to remain foolish or you can take control by doing what’s necessary to ensure your success, protect your practice, and grow your business to achieve the dental practice dream of every independent doctor on earth!
I call it creating your very own lifestyle practice, doing dentistry on your own terms, having autonomy over your lifestyle, creating abundance of compounding wealth, achieving financial prosperity and having a team-driven systems-run self-managed practice.
Why would you ever want anything else. If you’d like to see just how close you are to achieving this…how far you’ve come as your own Dental Practice Owning Executive, you can test your skills at dental practice management by taking this very interesting, educational assessment…
You will learn so much just by answering the questions and going through this…no strings attached, no credit card required, completely for your own viewing and participation pleasure. Go ahead you’ll see you will profit from it…
Oh, and in honor of April Fool’s Day, when you complete this assessment, just for participating, I will send you my most updated and amazing comprehensive Practice Prosperity Package – it’s like your very own Dentist MBA in a Box, you’ll love it.
HAPPY APRIL 1st – here’s the best way to not have to pity the fool…just don’t be one!
