Well, that certainly struck a chord… Pride, Power, and Profit in Private Practice. I don’t think I’ve ever received as much positive feedback as I have over the past several weeks.
Today, we are going to aggressively tackle the 3rd Private Practice Power Principle that leads to your greatest ability to leverage and grow – profitably.
Can you believe it, it’s another P. Not patients, but…
People.
Your team is the key to unlocking new levels of success but then you already knew that. I have outlined several times right here the biggest mindset shift related to your team that is absolutely required before you are able to even begin to realize the potential packed up inside of your people and the profitability you are able to create as a result of their increased effectiveness.
All of this comes back to both Power Principles #1 and #2 about using profit to invest in enhancing your practice operations and patient experience in order to elevate your demand, differentiation, positioning, authority, and influence with patients.
Now, we are going to discuss how properly investing in your Team (the least of which is money, though important in both concept and principle), will help you discover breakthroughs beyond anything you can imagine and in ways you might have questioned even possible before.
If you want to tap into the most powerful team-focused strategies that have the ability to change your practice from a doctor-dependent to a team-driven practice then you won’t want to miss my all-new Team Transformation Masterclass for a Self-Managed Practice. I’m conducting specifically for Private Practice Owners who want to become better leaders and get more out of their team while also getting more out of their practice.
You can reserve your spot in this special training here…
The 5-Step Gameplan to Creating a Self-Managed Practice
Let’s talk through a few key things before we get into actual strategy and tactical dynamics you will want to implement.
The first mindset switch is changing the idea of your team being an ‘expense’ and instead being an ‘investment.’ While that might sound obvious, I am talking about you not just figuratively making that shift in your mind but also living it out literally.
You must no longer look at this as a line item (the biggest one) on your financial statements and monthly cashflow sheet. Instead, you look at it as an INVESTMENT into what is necessary to make all the other money, revenue, collections, and ultimately profit possible.
As I always say, to get the bottom line you have to have the top line and your team makes the top line possible.
The second big mindset shift goes a bit deeper. Instead of wanting to pay them as little as possible or thinking that they are making ‘too much’ or any other resentful feelings… switch this to asking yourself what can you do to get a better return on your investment, in this case, a better return on your team.
It’s not exclusively the investment’s job to perform, it is actually (and you could even say at least equally), the investor’s responsibility for the return. This is what real pride and power in Private Practice Ownership looks like.
And the fastest way for your team to take ownership over their position responsibilities is for you to embody and take it over yours.
The exact ‘how to’ is a huge part of what I will be laying out, my playbook for private practice success with your team by flipping it 180 degrees to a self-managed practice instead of a doctor-managed practice. My team driven systems for practice success will instantly give you more lifestyle, financial freedom, and peace of mind by increasing both the effectiveness and consistency of your team.
If you are ready to win in more meaningful – and profitable – ways and desire getting your practice to work for you instead of you having to work for it, then you are exactly who I’m hosting my upcoming Team Transformation Training for…
Register Now to Attend the 4-Hour Live Masterclass
Let’s use a sports analogy for a moment.
Players learn plays, then prepare for the game, execute during the game, and then watch game film when it’s over. These processes happen routinely before, during, and after the game with strong and clear objectives.
In dentistry, the same processes should be taking place. Beginning with your Morning Huddle, the daily minute-by-minute execution, and finishing with your end of day debrief where you get to compare the goals, commitments, and opportunities for the day with the actual results, outcomes, and conclusions from the day.
These daily disciplines, done with consistency and quality, become systems for success to bring your team work to an entirely new level. Then on a weekly and monthly basis, you have progress reviews, performance evaluations, and the renewing of goals.
Sure, it seems like a lot of work, but when done properly it isn’t. The only reason why it becomes daunting is when it’s reactive instead of proactive – when problems and challenges arise rather than being addressed at the onset.
This loops us right back around to mindset.
If you see your team as an investment and take responsibility over your leadership as the investor, then you would not look at meetings and the development of your team as inconvenient hassles. With mental shift, you’ll be amazed at how your culture evolves where everyone does more than just shows up, they step up.
And here are the questions for you to ponder and go to work on in this Weekly Report:
When shifting your mindset from expense to investment with your team. where do you see the greatest opportunity for them to improve?
Where can you improve in your interactions, strategies, play calling, and course corrections with your team to raise their performance?
What does becoming a better investor (more than just money, rather time, attention, intention) with your team look like to you?
Ask your team where they believe they can improve and what you can do to help them. You just might be surprised at their answers, their thought process, and their perspective.
Thinking of your team as patients that you develop, you give the benefit of the doubt to, you put them in an environment to be successful… helps to change the dynamic where see potential not problems, opportunities not obstacles, and solutions not shortcomings to transforming your team to your greatest asset.
By the way… you are smart to be here with us at DST where we deliver the resources you need to help transform your team. It’s simple: if you want to grow your practice, you have to grow your people. After all, it’s the most most significant and impactful responsibility of every great leader and the very best business owners.
Next week, we’ll deep dive into the exact strategies around team transformation as your greatest Private Practice Power Principle including my famous ‘work smarter not harder’ approach to dentistry. I’ll layout my five team leverage factors for success.
In the meantime, you’ve got some mindset to work on and some questions to answer.
Before you go, be sure to register for my upcoming Team Transformation Masterclass. I’m limiting this exclusively to a dozen Private Practice Owners who are ambitious and ready to explode their prosperity and dramatically enhance their lifestyle through a self-managed practice for total independence…
