By Guest writer George Baker, Fortune Management Partner and Executive Coach
Your business needs vision and focus to drive it to its goals. Do you create a vision and goals for 2023?
There are two parts to your vision: a philosophical vision and a structural vision. Answer the following questions to develop your philosophical vision. If you had the perfect practice, what would it look like? What would the team be like? Who is your ideal patient? Where is the practice going? People respond to a clear vision. They like to know where they are going and how they are going to get there. What is your vision? What is your plan to get there?
Doctors who successfully implement their vision don’t just live in the present; they determine what they want their practice and their lives to look like in one, five, and ten years. To fulfill your philosophical vision, we recommend a focus on your structural vision which includes five critical areas of your practice.
The 5 Business Engines
There are five primary engines in every dental practice that need attention to achieve the doctor’s vision.
- Systems and Organization
- Sales and Marketing
- Clinical and Technology
Most practices have a few of these engines already firing. However, in most cases, full power has not been realized. Including each engine in your annual plan gives the practice an opportunity to improve each engine.
Look at each one, and rate them on a scale of 1 to 10 (1=poor, 10= super fantastic). As you plan for next year, what are the actions needed to improve each engine one to three points on the scale?
Organization: Which systems will you implement or improve to ensure an efficient, effectively run practice? Who is the source / lead person? Who is their accountability partner?
Marketing: What is your practice known for (brand / identify)? How are you delivering a WOW experience (internal marketing)? How are you getting the message out in your community (external marketing)? What can you do to improve your online presence (digital marketing)?
People: How many doctors will be involved in your practice? How many specialists? What are you doing to hire the best people? How will you treat your team? How are you training them? Why does your team what to come to work each day? Do you bonus your team?
Finance: When was the last time you raised your fees? What collection and financial polices does your practice have? How are you monitoring Accounts Receivable and Outstanding Insurance Claims? How effectively are you using third party financing?
Clinical/Technology: What type of dentistry do you offer? What equipment do you use? What new services can you offer? What technology do you need to purchase or improve?
Answering these questions will give you a great start to a 2023 Business Plan.
Fortune Management holds a full-day annual planning session for clients to plan, as a team, for the next year. As a client of Schwartz and Schwartz Accountants, we welcome you and your team to join us. Annual Planning in Natick on November 17th. Please join us and get your 2023 started. https://lp.fortunenortheast.com/tc-boston-1122