It’s time to get back to the basics.
There are a million different hacks, tips, and tricks that you can use to accelerate the growth of your business, your revenue, and your success. Many business owners can easily to fall into a trap of hunting down that magic silver bullet that will make success fall into your lap. There’s this feeling that if you can just uncover that one secret, your business will always be successful.
Unfortunately, that’s not reality.
There’s only true reality for everyone that owns a business: you must do the work. Everything else you hear might be good advice that’s worth a try. But if you get stuck in a loop over-thinking which direction to take to the point that you stop moving at all, your business suffers.
Do the work.
Apply new philosophies to your business. See if it works for you. One thing I’ve found to be true in business is that not every success is reproducible. If something worked for someone else, it might not work for you. Maybe you have different customers, serve different needs, or have a different culture. Whatever it is – the only way to know is to do it.
There’s an ancient Chinese proverb that says, “To know and not to do is to not yet know.”
Learning business philosophies is only the first step to making real change within your practice. It can be easy to take notes and feel like we’re making progress. In the end, that’s just over thinking. Once you understand a philosophy or a process, it’s time to apply it and measure the results.
Remember this simple formula: Value x Leverage = Wealth
If you want to generate wealth within your practice, it’s time to strip everything back to the most basic formula.
Value x Leverage = Wealth
It is so simple. You just need two things in your practice to create a strong revenue stream.
Let’s put this into practice. What do your patients value? Do you have a core service that you offer? Do you have something that draws in new patients to seek you out specifically?
Often times, we try to appeal to everyone and in the process, we appeal to no one. I find that many dentists become the most successful once they choose a niche. What kind of patient do you want to cater to? Do you offer a fear-free, stress-free experience for children and adults with phobias of the dentist? Do you offer a luxe, personalised experience? Do you specialise in reconstructive procedures?
Once you have nailed down a service or experience that people value, they will find you for it. Make it a no-brainer for people to say, “Yes, I want to see this dentist.”
So that’s value. Next comes leverage. You’ve got something that people want. Now you want to make sure people know about it. You can do this through marketing both traditional marketing and even guerrilla marketing. The key is to get the word out. One great way to do this is through partners. Find companies that are complimentary to what you are offering, but not in direct competition. Offer to promote their products and services in exchange for them promoting yours.
The formula comes down to this: create a compelling offer and get it in front of as many people as possible.
A business grows with its leader.
In so many ways, a business is an extension of its leader. It can never really outgrow you. If you can grow yourself, you can grow your business.
If your mindset is courageous and you’re willing to take the steps to reach your goals, you can create success within your business in such an incredible way.
I meet so many people that, unfortunately, are stressed, anxious, and overthinking their business. They become their own worst enemies. Second guessing every choice and back peddling then just creates more stress. The cycle repeats itself.
So create an identity that serves you.
The truth is that most people don’t enjoy going to the dentist. Even as a dentist, you might be one of those people yourself. For many people, dentist offices can be scary places where they have uncomfortable procedures done.
This doesn’t have to be the only story or identity of a dentist practice though. If you only have expectations of your practice to measure to a general dental practice that exists in your mind, you’re setting limitations on yourself. You can break the mold. You don’t have to follow the expectations of what a dentist practice should be.
How can you make your practice more welcoming, more accommodating, and more comfortable for your patients? How can you turn the discomfort that comes with some procedures into a positive that patients will be grateful for?
Once you drill down to determine the true value of your services, you can start to redefine the experience your patients have at your practice.
You can also do this with yourself. If you don’t like the identity that defines you, you can redefine it. Find ways to grow and you’ll see your business grow with you.
Final Words…
At its core, a successful business isn’t complicated. It’s actually very simple. You want to offer something so amazing, so outstanding that people can’t help but want to buy it. Even in dentistry, there is room to offer services to your patients that reduce the stress of a visit and create loyalty to you.
Getting back to the basics and stripping away everything else can be liberating. Refocus on what drives revenue within a business: value and leverage. Once you have those nailed down, you can start to take chances that put philosophies into practice to see where it takes you.
P.S. Whenever you’re ready …. here are 4 ways I can help you grow your dental practice:
1. Grab a free chapter from my book “Retention – How to Plug the #1 Profit Leak in Your Dental Practice” The book is the definitive guide to patient retention and how to use internal marketing to grow your practice – Click Here
2. Join the Savvy Dentist community and connect with dentists who are scaling their practice too
It’s our Facebook group where clever dentists learn to become commercially smart so that they have more patients, more profit and less stress. – Click Here
3. Download The Savvy Dentist App
The Savvy Dentist iPhone and Android App is a great way to keep up to date with the latest Savvy Dentist Podcasts, Blogs, Events and so much more. – Download Now
4. Work with me and my team privately
If you’d like to work directly with me and my team to take your profit from 6 figures to 7 figures …. just send me a message with the word “Private”… tell me a little about your practice and what you would like to work on together, and I’ll get you all the details! – Click here
