After more than 20 years of working with dental practices around the world, I can tell you that almost every single practice owner has identified scaling as one of their major goals and hurdles.
Scaling is a crucial part of business ownership and wealth creation, and it needs to be planned and strategically executed to ensure it doesn’t create more problems than it solves.
Here are some common mistakes practice owner’s make when looking to scale their practice – and how you can avoid it.
They don’t understand that mess scales as well
Whatever issues or bottlenecks you’re having in your practice; they will scale along with the rest of your business. So, if you’re preparing for a period of growth, then you need to set yourself up for success with solid foundations.
Verne Harnish, author of business-bible Scaling Up, lists infrastructure as the second biggest challenge companies face in scaling. Get all your ducks in a row, make sure you have the capacity to support a bigger business, and then turn your attention to scaling.
In short, simplify then multiply. You’ll thank yourself later.
Assuming bigger equals more profits
One thing that isn’t discussed as often in business spaces, is that growth is often expensive. Sure, you might see more patients or have a bigger team or create greater awareness in the community – but do the means justify the ends?
My advice is to get very clear on your desired outcome. What are you looking to grow specifically? Are you growing for the sake of it? Or maybe looking to free up more time? Or are you wanting to scale up your revenue and profits as well?
Bigger is not always better, so get clear on why you’re scaling and what you want to grow.
Not having the right management structure in place
A lot of practice owners already feel spread thin and pulled in all directions. This needs to be resolved before scaling, otherwise that dynamic is only going to intensify.
You don’t want to design a practice where you’re expected to be in a million places at once with a massive amount of key person risk on you. As you scale and grow your business, you want to make sure you are one layer back at all times.
Identify all the places you’re expected to be in, and put a key person in each location who can be your buffer. That’s ultimately how you step back and create more time and space as you scale.
They don’t have their financial reporting in place
Tracking, collating, and analysing the right data will be a game-changer in the way you conduct your business. Having dashboards, data, and metrics will allow you to make the right decision, predict the future of your business, and insulate you against risk.
Too many practice owners are trying to be the king or queen on the chessboard – when they really should be the chess player. Knowing your data and knowing the right data to collect, is absolutely key here.
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.