Profitability Must #2: Claim what you want from dental practice
By Kristine Hodsdon RDH, MSEC
In Profitability Must #2, I want to coach you to start your new year with goal setting so that you stay connected to what it is you want for your dental practice.
To get you started, follow these three steps.
#1 Vision
The beginning of the year is the time to schedule a team meeting and reclaim your practice vision. This will set the foundation for creating profitability systems and conversations that specifically keep you on track toward your practice's goals.
An exercise I encourage my clients to do is to give each team member a written copy of your vision and/or philosophy statement. (Hint: If you don’t have one or it’s a leftover from the previous owner, then step one is to work with a coach to develop it.) The leader of the practice reads the vision statement aloud and asks each team member to highlight or circle the words or phrases that resonate with them. To help them connect or re-connect to the vision, invite all team members to share aloud which words/phrases they noted and why they feel it’s important. Lastly, choose a name of a new patient to be seen in the next few days. Brainstorm at least two opportunities when this new patient could hear, see or read the vision statement before, during, or after their visit.
#2 "Word of the Year"
I learned this from my business coach and later reinforced by the book, “One Word That Will Change Your Life,” by Jon Gordon and Dan Britton. Choose one word that you'll carry forward with you throughout the year, using it to illuminate where you can grow professionally while staying connected to yourself personally.
My word last year was "re-commit." Because of it, I completed projects, rid myself of tasks and habits that weren't serving me, and finally moved all my personal belongings from New Hampshire to North Carolina. Did I re-commit to everything on my to-do list? Nope. But I’ve been gentle with myself, and I am proud of what I did accomplish.
#3 Money Goal
Many readers are uncomfortable with the topic of “money.” Somewhere along the way, many providers got the impression that health-care professionals are not supposed to worry about finances or numbers. Claiming your money goal serves as a powerful catalyst for you to give your time, energy, and actions.
Here's how. Create an annual plan based on your practice’s vision, practice, marketing, leadership and team goals, and operational expenses. Set aside a structured time once a week to review how much money is coming in and how much is going out (production vs. operating expenses). Stay focused on the path required to see a real, measurable difference in your income and impact.
Kristine Hodsdon RDH, MSEC, is the founder of Dental Influencers Inc. and for the past 10 years has been the editorial director of PennWell’s RDH eVillage e-newsletter. She provides executive coaching and training that supports change at the individual, team and organization levels, with the agenda being focused on performance, development and transformation. Visit kristineahodsdon.com with inquiries regarding her coaching and CE programs.
