Streamlined operations and squashed overhead are fueling the popularity and growth of corporate dentistry. You may find yourself looking in the mirror and thinking, “I didn’t go to business school. I don’t have an MBA. How am I going to compete, let alone, build the practice I envisioned with this level of competition?” Well, just follow these 3 keys to rise above your corporate competition, and breathe easy.
If you own a private practice, corporate dentistry has to be at least a little intimidating. Their increased focus on the business side of dentistry allows them to maximize reimbursement, boost profit margins, and leverage technology and systems that are often superior to that of traditional dentists.
Not to mention . . .
Source: The McGill & Hill Group
According to the McGill & Hill Group, “low-to-middle class consumers who are price-sensitive and need an insurance-friendly dental home with flexible financing.”
Is that your same target market or close to it? Do you offer in-house “discount plans” to attract patients without insurance as well? Corporate dentistry does.
But that’s not why their practices are so successful. The truth is, you didn’t get the full story in dental school.
Every entrepreneur has competitors fighting for the same market. In many industries, it’s a bloodbath out there; smaller companies getting swallowed whole by bigger ones. Fortunately, if you want to beat your competition and run a successful practice, all you need is passion, vision, and systems.
Think back and remember the night before you opened your practice for business. If you were like me, you were exhausted from all the preparation work, but too excited to sleep. That, my friend, is what we call passion!
Each morning when I woke up to go to the office, I would check this passion. Asking myself, “Is it still burning?”
If I found my light dimming, I’d ask myself these questions:
Asking myself these questions helped me focus on what was important in that moment. Knowing the answer kept my passion current and my fire alive!
Personally, my vision today is NOT the same as it was 20 years ago. I’ve grown, learned, and expanded. Plus, technology, marketing, and other opportunities have advanced. So, my vision has as well.
Actually, it’s not only important to clarify your vision in writing, but also, to revisit it once a year to adjust it, advance it, and update it as necessary.
I mean, how else are you going to share it with your team and assign each team member their part of it if it isn’t well-defined and up-to-date?
Once your vision is clear, ask yourself, “Do I have good enough systems in place to get me there?”
As an entrepreneur, you HAVE to leverage your time and have good enough systems in place to maximize every second of your workday. We both know, there aren’t enough hours in the day to do it all.
So, anything you can delegate . . . do it!
If a software can do it better, faster, be more consistent . . . buy it!
Find team members that engage in your vision and are always looking for solutions to the problems that are keeping you from getting there.
This is what entrepreneurs do!
Entrepreneurs provide the vision and the business structure, and then let their team go to work doing what they do best.
You should always be looking for better, more efficient systems. Systems bring structure.
Passion. Vision. Systems. These are the keys that every entrepreneur needs to rise above their competition, but of course, you’d never learn that in dental school. Listen up, you’ve taken all the risk, now it’s time to reap some of the rewards! Ensure you have passion, a well-defined and up-to-date vision, and good enough systems in place to get you there. Do this and you’ll stand your ground in this changing market landscape.
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