10 Top Tips On The Business Of Dentistry

– By Dr Nav Ropra.

Are you frustrated with the non-clinical aspects of practice?

Can’t understand how to deal with the challenges of your team?

Not sure how business and dentistry are connected?

The transition from dental student, to an associate dentist to a practice owner is not an easy one if you do not have the skill set needed to play a bigger game.  When we are students our aim is to graduate and work at a practice where we can grow our skill set.  When we feel more confident, or had enough of associate life, we aspire to own or buy our own dental practice so that we can grow to our next level of influence and awareness.  However, when we get there, we realise that that thing has just as many challenges and responsibilities as the freedom of being your own boss brings.  Lastly, when we have mastered that skill set, we look for our second or even third practice as we replicate the business and learn from our endeavours.

Why do we do this?  Some may want to create a bigger empire, some may want to provide more greater levels of service to the world and some may want a greater level of income.  Whatever the personal reasons, inherent in us is the basic need to grow and expand our influence, awareness and intelligence. No one gets up in the mornings and wants less either financially, in their health or in their relationships. We are designed to create fulfilment in our lives and when we don’t perceive it, this can lead to the A,B,C,D’s of dental negativity.  These are feelings of anger, aggression, blame, betrayal, criticism, challenge, despair, disconnection and even depression in dentistry.

When we feel this way, we don’t take responsibility and make others the cause of our suffering and blame outside authorities for our own inadequacies.

So what can we do about this?  Firstly to recognise that something is not right is the key.  Your business frustrations are the signs and symptoms where you are disempowered personally. Dealing with one without addressing the other will simply cause the problems to come back again in one form or another. Both the outside (business) and the inside (personal) need to be tackled simultaneously in order for growth to occur.  Here are my top 10 business tips in order to help deal with this.

1.  Find a need in the world

The first principle of success in business is to find something that the world needs.  For example the very successful Microsoft found a niche for making computers and the world has never been the same ever since.  Find something, a problem that needs solving, a question that needs answering, a solution that needs providing.

2.  Ask yourself what would you love to do?

If time and space were no issue, what would you simply love to do in the world and could not wait to get out of bed to do that thing.  Each of us has a deep yearning inside of us to make a difference in the world. What is your unique gift and expression in the world and keep searching on how you can express that gift so that it solves the need you have defined in number 1 above.  In other words, how can you create something that solves other people’s problems, and at the same time you love to do it.

3.  Orchestrate your life.

Work out on a daily basis what will be the highest action steps and priorities that you need to do to connect both 1 and 2 above.  Be diligent and methodically plan your business so that it is both legal and in fair exchange with people. Have contingencies and back ups for when things don’t go as planned. Remember to be balanced in what you do and have fun while you are doing it.

4.  Delegate

Learning to delegate is an art form as it needs to be done so that the person who is on the receiving end, loves to do that thing you are delegating.  Otherwise, you will end up wasting more time and effort managing someone who becomes a liability to the business rather than an asset.  Delegating allows you to have greater freedom to do the thing that you love to do.

5.  Structure

Having a solid structure for your business and design it so that it is maximal in its profits will ensure that you are not burnt out.  We all need to be magnificently rewarded for our actions and if this does not happen, by the law of diminishing returns, we tend to give up on doing that action.

6.  Save

Ensure the finances are managed well and that you are saving ever increasing amounts of money to maintain and build an increasing foundation of liquidity.  This will allow the business to become stabilised and you not to be distracted by the financial emotions that can affect a business.

7.  Communicate

You need to be inspired to do what you are doing and translate this in a way that your staff and patients (or customers) are also inspired.  They essentially pay us for our inspiration as well as the product, service or idea we offer.

 8.  Expand

Growth is essential and a Harvard study has shown that the maximum growth happens at the border of support and challenge.  If we are challenged too much, we give up, and if we are supported too much we remain juvenile.  A healthy balance of the two are needed.

9.  Energy

Don’t waste time and effort in useless things.  It is essential that you remain focused on mastering  your business and keeping your awareness on new ideas and innovations in your chosen field.  By doing this, new ideas and opportunities will come your way.

10. Gratitude

When you do what you love and love what you do, and are grateful for it, then your potentiality is at its highest and just like you can’t wait to provide the world your service, the world can’t wait to get that from you.