The Stuff They Don’t Teach You In Dental School (Part 2 of 2)

by Dr. Ron Arndt

I may have had fewer employees after I fired most of them, but the ones that did were more committed to the practice. I taught my team to think like business owners, and not chairside assistants. I taught my team basic business financials, like how to read a P&L statement and that you “get what you give.”

By teaching my employees that their compensation was directly related to the income that flowed into the business, I made them think like business owners. If you include your team in on the practice’s successes – and failures – they will in turn be more:

  • Committed
  • Motivated
  • Loyal

The three business lessons for today:

  • Manage your cash flow closely. “Your bank balance is your truth.” – Monitor it, know it and respond to it.
  • Teach your staff to be self-managed. If they realize that their income is related to the practice’s income, they will learn to work more efficiently and proactively. This also prevents the doctor or dental CEO from having to spend precious time “motivating” employees; money is the best motivator.
  • Strategize with your team. Your team will know more closely than anyone what your patients like and don’t like about the practice; they will know ways to cut costs and they will know what other dental offices (competitors) are doing. Encourage your employees to provide their opinions in your quarterly strategic planning meetings. Show them that they make a difference.

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