Dental entrepreneurs’ definition of success varies. Some dental entrepreneurs aspire to have a multi-location dental group. Others have a different growth vision of increasing year-over-year revenue. At DEO, we understand that there’s no one-size-fits-all approach to growth. Wherever you find yourself on the business journey, we’re here with strategies that can help you achieve success on your terms.
Think Big: What Are Your Dental Company Growth Goals for the Next Year?
Whatever your goals are, imagine that it’s one year from now and you’ve had an incredible 12 months: you’ve increased your revenue and/or are well on your way in the development of a multi-location dental practice. If you are still in a clinical role, you’ve comfortably transitioned out of the chair and into your executive role. Or if you’re already out of the chair, you’re expanding your leadership team so you can have more time to focus on your dental group’s overarching vision. You’ve reduced overhead and increased cash flow. You’ve implemented a robust hiring system, bringing in top associates/team members. You’ve aligned your operational systems and added KPIs and metrics to drive growth. In short, you are growing successfully!
Now, how do you get there? You need a plan – proven systems and strategies to employ. That’s our specialty. In fact, we curated some of our best intel in this 26-page guide: How To Grow a Multi-Location Dental Group. The intel within will help you reverse engineer your next steps with strategies for you, your team, and your business.
Level Up Yourself: Be an Exceptional Leader In or Out of the Dental Chair
At DEO, we believe great leadership starts within. Whether you want to grow in revenue and/or by expanding dental offices, you need to develop yourself. A couple of our key recommendations include:
- Establish a clear vision that you can keep in mind and easily reference at all times (consistent clarity). Your vision will be at the core of every quantitative and qualitative metric, dictating your yearly goals, core values, culture, etc.
- Attend dental industry and business/leadership learning opportunities like DEO events. These are amazing opportunities to take advantage of both masterminding and expert knowledge at the same time. To make the most of the events you attend, here are some important tips: make the most of your networking; take detailed notes; and don’t get overwhelmed – plan to leave with 2 or 3 action items.
Empower Your Dental Company Team & Keep Them Accountable
Scaling dental locations or increasing your revenue is very difficult if your staff and associates aren’t a happy, engaged, and productive team. Here are a couple of strategies we recommend to attract and retain the best team and keep them motivated.
- Create aligned incentive structures: Share success with your staff and associates. This could include a profit share, ESOP, or various other forms of shared compensation. If compensation is static, it may be difficult to motivate and excite employees about goals.
- Launch an associate mentoring program: Associates fresh out of dental school need the guidance of more experienced clinicians. Establish a formal mentoring program where cases are reviewed, discussed, and audited weekly. Mentors are in charge of developing associates for the first 18 months of employment.
Bolster Your Dental Business with Solid Systems & Tactics
For multi-location dental practice success and for revenue growth, you must have sustainable, strong, and trackable systems and metrics. Here are a couple we suggest:
- Create and display visible scoreboards (companywide, practice, department, and individual): KPIs are only as good as how much they are reviewed. Getting the best from your team will involve creating visuals where everyone can view the overall company goals, their team goals, and individual goals. The best scoreboards contain the top key metrics in your dental company in an easy-to-read format. Graphs and charts with strong color coding are best.
- Monitor phone conversion rates and coach staff: Phones are the crucial and often first contact point of your dental business. All phone calls must be monitored, listened to, and coached. Front desk staff must know their conversion percentage on the phones and know their goal. Experienced staff should be coaching your front office team and using scripts.
For 24 more growth strategies to level up you, your team, and your business, check out our How To Grow a Multi-Location Dental Group resource.
Success in the dental industry is as diverse as the dental entrepreneurs themselves. Whether you’re aiming for a multi-site dental business, to increase the revenue of your solo practice year over year, or envision a DSO with locations in multiple states, DEO has strategies to help you. Your path to success is yours to define, and we’re here to support you every step of the way.
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