Every headache, frustration, bottleneck, and pain in the backside that you experience in your practice, can be traced back to a deficiency of assets. Therefore, it’s super important that you continue to develop assets as your dental practice grows and scales so that you and your team can work effectively.
Your assets might take the form of:
- Physical assets (equipment, chairs, instruments etc.)
- Goodwill assets (reputation, patient base, brand awareness)
- Intellectual property (sales processes, blogs, your branding)
- HR assets (your wonderful team!)
Regardless of the type of asset, here’s a simple five-step framework you can use to create new assets in the practice.
1. Aim / Importance
The key question to ask yourself at this stage is:
- What am I trying to achieve & why?
If you don’t have a clear aim in creating your assets, then you might be wasting time developing things that aren’t really relevant or don’t get used to their full potential. What is the gap, and how will this asset help fill it?
You then need to identify how you’ll create your assets and what you need to use in order to create it. The key question here is:
- What do I need to do this?
Do you need to go out and research the right equipment or find a good deal for your physical assets? Do you need to consult an expert in order to protect your intellectual property assets? Or perhaps you might engage in some training in order to create HR assets, sales processes, or operational processes?
Resources come in the form of time, cash, equipment, knowledge, and the help of professionals – so identify which of those you need to develop your assets.
This is where the rubber meets the road. You know what you need to build, you have the necessary resources, so now you need to start building the process. Ask yourself:
- What’s the first thing that happens?
- And then what happens?
Your assets need to be easy to use for all, so consider the practical application of your asset within the practice and how it will be used and converted to cash flow.
We ultimately don’t know if something works until we stress test it. When you first create assets, you need to put them to the test in order to make sure they work functionally for you, your practice, and your team. We need to ask:
- Does anything else need to be there?
- Is anything there that doesn’t need to be?
Sometimes we need more clarity and to add additional steps or layers to our assets. Sometimes we find we’ve overcooked it and need to strip back and simplify a little more. Don’t get discouraged – you’d rather know whether it works or not sooner rather than later!
5. Success Criteria
And finally, how do you define the successful creation of your asset? You need to ask:
- How do I know I’m done?
Is it once the asset is up and running within the practice? When your team are trained on it and there are no hiccups or revisions to be made? Or perhaps once it’s solved a certain problem? Or hit a specific benchmark?
Your definition of success here will depend on your individual goals and the nature of the asset – so the only person who can answer that is YOU.
- STEPS (framework or procedure)
- SUCCESS CRITERIA (how do you know step is done?)
- PREPARATION (worksheet / instructions)
- CHOREOGRAPHY (the performance)
- CONTINUOUS IMPROVEMENT
P.S Want to scale your dental practice and take your profits to 7 figure success?
Me and my team can work with you directly to get you there! Simply book in your FREE 1:1
strategy session, and we can get started on a game plan for you and your practice.