Dentists looking to boost their profits and reduce their workload can now turn to a new software solution to assess their business financial capabilities and directions to achieving the revenues produced by the software. This has proven to be a game-changer for dental practices in California and Austin, Texas.
The software’s key feature is its powerful assessment tool. With the help of this software, our team can thoroughly assess your business and pinpoint areas of improvement for a more efficient plan of action. This helps dentists gain assurance in their investments by knowing what kind of return on investment (ROI) is to be accrued before any work commences. The point is not to burden you with extra work; our mission is to help you achieve your professional, personal, and financial goals faster!
While the software does not complete any of your work for you, it reveals all the profit impact areas in your dental practice that need attention. There are over 40 profit impact areas and if you can get only 7 areas right, you’ll be on an extra $100K of profit in 6 months. This is completed by answering some questions the software generates and at the end, this software determines the areas of your business to focus on in order to make the maximum profit in the shortest time. To achieve the results recommended, you’ll require an ongoing training on the implementations of the profit impact areas in your business as recommended by the software. That’s when you get to answer the question ‘How high do you want to jump?’
What could be more advantageous than having the information of your ROI at the onset before engaging with your online coach to guide you through. An implementation plan and forecast are decided upon, taking into account compounding impact on various facets of the business. Specific metrics allow for precise measurements that often go unseen in day-to-day operations. With this data, you can make informed decisions about investing in an online business coach.
To assess all the areas of your dental practice to optimize its profitability, our software offers more than 40 options. Simply click here visit to run a simplified free assessment and acquire an in-depth report with advice of your potential increase productivity. If you require assistance with implementing any of these processes, simply click here to book an appointment with us today!
A thorough, deep dive assessment is the first step to grappling with hidden issues. This is where business owners answers several questions to arrive at the results, ROI and revenues. Afterwards, a streamlined outbound synergy is created with the help of a business development online coach. This helps to increase productivity by increasing the number of new patients that come through. A conversion strategy is then implement to maximum profitability. There are 3 forms of strategies, outbound, inbound and in-house strategies. For dental practices making under $1 million dollars annually, our exclusive 4P’s guideline is the optimal choice. These 4P’s will work for any business that is committed to increase profitability and productivity.
The Four P’s Formular
Promotion
Investing in promotion is a necessary segment of any business. It is essential to spread the word about your company and its offerings by verbalising why, how, and who you serve so that you can stand out amongst competitors and establish an ardent customer base. Not only will this help elevate awareness of your brand but also position it as one worthy of sales from potential customers alike! This is the initial stage to build rapport with dream potential patients.
Social media is a powerful tool for promoting your business. With billions of users worldwide, social media platforms such as Facebook, Twitter, Instagram, and LinkedIn provide an excellent opportunity to reach a wide audience. You can use social media to showcase your products or services, highlight your brand values and personality, and engage with your audience through various content formats such as photos, videos, blogs, and live streams.
To promote your business on social media effectively, it’s crucial to have a clear strategy in place. Define your target audience, select the right platforms, and create compelling content that resonates with your audience. Use hashtags, mentions, and tags to increase visibility and reach, and engage with your followers by responding to their comments, messages, and feedback. Our team can show you how to put a social media strategy in place if you don’t have one.
Influencer marketing is another effective way to promote your business on social media. Influencers are social media personalities with a large following and an engaged audience. Partnering with influencers can help you reach new patients or audiences, build credibility, and increase conversions. When selecting influencers, look for those who align with your brand values and target audience.
Collaborate with them to create sponsored content that promotes your services authentically. Other activities you can do to promote your business include:
Hosting events and webinars: Hosting events and webinars can help you showcase your expertise, build relationships, and generate leads. We have a proprietary way of helping dentist host events, build patients trust and sign up more patients.
Networking: Attend industry events, join business organisations, and connect with other professionals in your field to expand your network and build relationships.
Referral marketing: Encourage your existing customers to refer their friends and family to your business. Offer incentives such as discounts or freebies to encourage referrals.
Content marketing: Create valuable content that educates, informs, and entertains your audience. Use your content to build trust, establish yourself as an expert in your field, and drive traffic to your website.
This is an area we create a specific strategy to generate a specific outcome. Many people that post or promote on social media have no strategy. We help you to create a strategy that works.
Profit
While promoting and creating a buzz is crucial for any business, it’s equally essential to ensure that the business is profitable. This is what determines a great dental practice from the rest. Unfortunately, many dental practices fail to generate sufficient revenue and eventually shut down due to higher expenses. Studies show that about 97% of businesses close down within ten years due to poor profitability.
To ensure that the economics work for your dental practice, you need to have a clear understanding of your revenue streams and costs. Identify your sources of income, such as service fees, or advertising revenue, and determine how much revenue each source generates. Then, calculate your costs, including materials, labour, rent, utilities, and other expenses.
By analysing your revenue and costs, you can determine your profit margin and make necessary adjustments to improve it. Unfortunately, we know more about doing our technical role than the business aspect. For example, you may need to increase your prices, reduce your expenses, or find new revenue streams. Our specialist software finds incremental values in over 40 profit areas in your business to help you dominate. Imagine the compounding effect of a 5% increase in just 10 profit impact areas. This is the reason why we can help our clients especially dentists make 2 to 10 times their last annual revenue. We have the tools and experience to create winners but you have to be committed to it. Being interested is not enough to work with our specialist team.
It’s also important to manage your cash flow effectively. This involves monitoring your income and expenses, collecting payments promptly, and managing your inventory and accounts payable. By keeping a close eye on your cash flow, you can ensure that you have enough funds to cover your expenses, pay your bills on time, and invest in your dental practice. Your business profitability is not just about getting more income but also managing your expenses.
Process
If your promotion strategies are working effectively, and your business is generating profits, it’s crucial to document your successes. Documenting your results will help you create a blueprint for future growth, improve your decision-making, and make the implementation of future strategies more flawless.
One way to document success is to track key performance indicators (KPIs). KPIs are specific metrics that measure your specific business’s performance against your objectives. For example, your KPIs might include sales revenue, customer acquisition cost, customer retention rate, and profit margin. By tracking these metrics over time, you can identify trends, set benchmarks, and make data-driven decisions.
Another way to document your success is to create a case study or success story. A case study is a detailed analysis of a specific project, campaign, or business practice that highlights its successes and challenges. It can help you identify what worked well, what didn’t, and what you can improve in the future.
It’s also essential to document your processes and procedures. As your business grows, you’ll need to delegate tasks, train new employees, and scale your operations. By documenting your processes, you can ensure that everyone in your organisation understands how things are done and that the quality of your products and services remains consistent. Documenting your procedures can also help you identify areas for improvement, reduce errors and waste, and increase efficiency.
People
While it’s true that a business can benefit greatly from systemisation, people are still an essential part of the growth equation. In many industries, such as the dental industry, people’s skills and expertise are critical to providing high-quality products and services. Without the right people in place, a business may struggle to grow and expand.
However, it’s not enough to simply hire more people. To maximise growth and efficiency, you need to have processes in place to support your team. These processes can include standardised procedures, training programs, performance metrics, and communication channels. By providing your team with clear guidelines and expectations, you can ensure that everyone is working toward the same goals and delivering consistent results.
In the dental industry, dexterity and precision are critical skills that can make or break a business. As such, it’s important to invest in your team’s training and development to ensure that they have the skills and knowledge necessary to provide excellent patient care. This can include continuing education programs, hands-on training sessions, and mentorship opportunities.
Implementing the right processes and investing in your team can pay significant dividends to your business. By improving your efficiency, consistency, and quality of care, you can attract more patients, increase revenue, and grow your business. For example, by applying the four P’s (Promotion, Profit, Process, and People) to a dental company, it was able to increase its revenue from $620,000 to $1,600,000 million dollars using our specific coaching program.
As your business grows and surpasses the $1,000,000 annual revenue mark, it’s essential to recognise that the processes that got you to this point may not be sufficient to take you to the next level. However, this does not mean that you have to work harder or sacrifice your lifestyle choices. Our coaching program will shorten the length it takes to get your business making more revenue and profits without working all day in your business.
It’s important to adapt and optimize your processes to meet the demands of your expanding business needs when your revenue exceeds $1 million. This includes implementing our proprietary 4Ms strategies. This will be discussed in our next article where we will be talking about how you can multiply your growth. Sadly, many dental practices are stuck at an average of $750K, committed to growth but don’t know the way out.
It’s important to us that you achieve your dream lifestyle and business goals. By following our guidelines and committing to the work required, you can achieve the lifestyle you desire while continuing to grow your business.
We understand that business growth can be challenging and overwhelming, which is why we are committed to providing you with support and guidance and will even go ahead to implement some of the marketing strategies for you and with you. We will create a plan for you to utilise your stale patient database and get most of them coming back.
How to find the right people to work with you
Strategically choosing the right people to collaborate with is a vital component of achieving any business objectives. To assist you in this process, some actionable strategies include:
Finding the right person
Finding the perfect employee for your company begins with your promotional efforts. However, let me remind you that there is no such thing as a perfect employee especially when you are making under $10 million annually. All the perfect employees have already got good jobs. Learn to hire for attitude and train for results. It’s essential to promote your company’s values, mission, and goals to attract talented individuals who share your vision.
To ensure that you attract the right employees with the right attitude, there are several levels of promotion you need to master.
You should focus on crafting an attractive job description that showcases the unique aspects of your company and the position. This can include details about your company culture, work environment, and the specific projects that the employee will be involved in.
Consider the channels through which you promote your job postings. Utilising various job boards, social media platforms, and industry-specific websites can help you reach a wider pool of potential candidates and get qualified applicants.
During the recruitment process, ensure that you provide a clear overview of the job expectations and responsibilities. This will help potential candidates evaluate their fit for the role and understand how they can contribute to the company’s goals.
Consider offering competitive compensation packages and provide ongoing training that align with industry standards to attract top talent. Additionally, providing benefits such as flexible work arrangements, ongoing professional development opportunities, and health insurance can make your organisation more appealing to potential employees.
Ensure that your company’s hiring process is efficient and transparent. This will help you retain candidates’ interest and avoid losing them to competitors. This will help you to save time going through the hiring hamster wheel.
Create a positive candidate experience will be crucial in attracting and retaining top talent. This includes providing timely feedback, personalised communication, and a positive interview experience.
It’s essential to continuously improve your promotional efforts to attract the best talent. This involves regularly reviewing and updating your job postings and recruitment strategies to ensure that they align with the changing needs of your organisation and the job market.
By mastering these levels of promotion, you can increase your chances of finding the right employee for your company, and in turn, enhance your organisation’s performance and success.
Attracting them
Once you have identified the ideal candidates, the next step is to attract them to join your team. This requires another level of promotional effort, where you showcase the various growth opportunities and benefits associated with working for your organisation. It’s crucial to emphasise these aspects to attract top-tier candidates and differentiate your company from others.
It helps for applicants to know their career path. This way, you’ll attract the team fit for the position. Unfortunately, many dental practices and businesses overlook this important aspect of the employee journey. However, we will discuss this further in the alignment phase to ensure that you are implementing effective strategies to attract and retain the best talent.
Aligning them to your companies values and goals
Aligning new employees to a practice values and goals is an essential step in creating a successful and productive workforce. It involves ensuring that new hires understand the organisation’s mission, vision, and core values and how their role fits into achieving the company’s goals. Gallups recent survey of 100 million employees in the US shows that 17% of employees are actively disengaged and 51% are disengaged. That leaves us with only 32% engaged. This happens when there is a lack of clarity in their role, KPIs and practice’s vision
The first step in aligning new employees to your company’s values and goals is to ensure that they have a thorough understanding of the organisation’s culture and values. This can be achieved by providing a detailed orientation program that outlines the practice’s history, values, and mission statement. This program should also cover the company’s policies, procedures, and expectations for employee behaviour.
Once new employees have a solid understanding of the company’s values and culture, the next step is to align their individual goals with the company’s goals. This involves setting clear expectations for performance and outlining the employee’s role in achieving the organisation’s objectives. Managers should work closely with new hires to develop personalised development plans that align with the company’s goals.
To ensure that new employees remain aligned with the company’s values and goals, it’s important to foster a culture of communication, collaboration and weekly or fortnightly reviews. Encouraging open dialogue between employees and managers can help identify potential issues early on and prevent misunderstandings or miscommunications.
Aligning employees with a clear career path within the company is a fundamental aspect of talent management. Providing a well-defined career trajectory that outlines the potential for progression, including opportunities to become directors or shareholders, can help maintain employees’ focus on long-term objectives and drive their performance in meeting key performance indicators. Doing this right saves time and buys dental practice owners free time subsequently. People that cannot adhere to this will leave. They have to be ambitious to work at your practice.
Training them
Training employees is an important aspect of developing a productive and engaged workforce. Once new hires have been aligned with the company’s values and goals, it’s essential to provide them with the necessary skills and knowledge to perform their job effectively. This should take up to 90 days depending on their role. They will be mimicking the processes already in your business that works until they can replicate it naturally.
During the training process, it’s important to provide employees with ongoing feedback and support. This can help them understand their progress and identify areas where they need to focus their efforts. Additionally, providing opportunities for practice and hands-on experience can help reinforce the learning process and ensure that employees are prepared to apply their new skills on the job.
Retaining them
As an employer, it is natural to have concerns about retaining highly skilled employees after investing in their training and development. The fear of losing talented staff members to other companies can be a persistent source of worry and stress for many owners. Once employees have gone through the necessary training and development programs, it’s essential to implement strategies that will help keep them engaged and motivated in their roles.
One of the most effective ways to retain employees is by providing ongoing opportunities for growth, development and training. This can include mentoring opportunities and job shadowing experiences. By providing employees with opportunities to learn new skills and take on new challenges, managers can help keep them engaged and motivated in their roles.
Another important factor in retaining employees is offering competitive compensation and benefits packages. This can include competitive salaries, health and wellness benefits, retirement plans, and other perks such as flexible schedules or remote work options. By providing employees with a comprehensive benefits package, owners can help ensure that they feel valued and appreciated in their roles.
Creating a positive work culture is also crucial for retaining employees. This can include fostering a sense of community and collaboration, promoting work-life balance, and recognising employees for their contributions and achievements. By creating a positive work environment, owners can help ensure that employees feel supported and motivated in their roles.
Regular feedback and communication are also important for retaining employees. This can include regular check-ins with managers, performance evaluations, and opportunities for employees to provide feedback on their experiences in the workplace. By providing employees with regular feedback and communication, managers can help ensure that they feel heard and valued in their roles.
Other strategies that are implemented
Aside from the above, our software helps us to implement some specific strategies that help to increase profits.
The 4M’s strategy.
The marketing and Ads strategies.
The business systems.
These are highly effective strategies that help to accelerate dental practices and any brick-and-mortar business. One California-based dentist was able to increase their monthly revenue by 30% while reducing their workload by 20 hours per week. Another dentist in Austin, Texas was able to grow their practice by 50% in just six months.
Qualifications to work with us.
To qualify to work with us, you must be;
Willing to put in the work and drop the ego.
You have to want more than you have.
Willing to do whatever it takes and do the boring staff.
Go through a discovery call and proof to us that you are willing to do what it takes.
I hope this has been helpful to you and that you got value out of it. Feel free to connect with us on social media for more.
