Successful Dentists know their Practice Numbers.
- They know the numbers to review, how to obtain them and why they’re important.
- They hire a bookkeeper or an accountant to handle business financials and review the profit and loss report monthly or quarterly (at the latest)
- Let the professionals handle payroll and payroll taxes, saving money and headaches.
- Successful practice owners have procedures in place for deposits. More than 50% of Dental practices experience embezzlement at some point and most victims do not prosecute because they’re embarrassed. The embezzler goes on to work in another practice and embezzles again. The most successful practice owners Review the end of day sheet and deposit report EVERY DAY.
They lead by Example
- They participate in team meetings and in doing so show their team they care about the practice and the team.
- They listen and implement suggestions when possible.
- They come to work on time and would never put their team in the position of making excuses for them
- They hire slowly, vet well, keep detailed employee records and fire rapidly.Remember the saying; “One bad apple can spoil the entire bunch”. This is very true of a dental team.
- They don’t assume a potential employee is properly trained or credentialed for the position applied for. They check all references and ask for copies of licenses and certifications.
- They ask position specific questions to ascertain applicant’s knowledge of the position. They ask the same questions of each candidate. This is the only way to truly compare candidate qualifications.
- Successful dental practice owners invest in their team; They understand that when team members are included in Continuing Education, they are more productive, feel useful and are happier in their positions. The results are very little turnover.
- They know that their team is important to the success of the practice.
Someone asked, “what if I invest in continuing education for my team and then they leave?” A wise person responded, “what happens if you don’t and they stay?”
“To invest in your team is to invest in the success of your practice” MFD
Tags: invest in their team, know the numbers, lead by example, Mary Fisher-Day, Practice Owners, procedures in place, Successful Dentists, The Dental Business