How Much Do Your Team Members Know About Your Dental Practice?by Dr. Ron Arndt
How much have you shared with your team regarding your practice numbers? What do they know about your financial and operating statements? When did you last discuss the profitability of your business?
Too many dental practices operate under the philosophy that these numbers are a secret to be held only by the doctor. Failure to share key financial information misses a huge opportunity to get everyone involved in growing a profitable business and dental practice.
The best way to ensure the success of your dental practice is to teach everyone from your Appointment Coordinator to Chairside Assistant how to read the company’s financial statements and discover how their individual function contributes to the profitability of the dental practice. Educate your team to what each line item means and how it impacts the practice profitability.
Why do this?
- This provides employees an opportunity to make better decisions and can lead to explosive growth.
- It implies that you trust your team, you believe they are capable of understanding the “business of business” and that you have faith in their commitment to the success of the practice.