Every year around the end of the financial year, we see dentists doing the same thing: they often ‘invest’ money in a new chair, a new piece of equipment, or even a refurbishment of the practice furniture.
They do this because they see it as a way to get the most from their business before the end of the financial year. They also figure that it’s wise to spend money this way, as it will make more money for the practice. Of course, the special offers available across the market does play a part in making these decisions all the more enticing.
However, one of the most valuable assets they could invest in is often overlooked… the dental team.
What if nobody showed up to work?
If nobody arrived at work at the practice tomorrow, how much money would you make? It is a requirement that you have a team working with you each day to serve the patients to make a profit. This is pretty obvious. But what dentists often miss is that they don’t invest in improving their team. They see them as either not worth the investment, or they think the equipment and chattels will somehow create more profit.
Why dentists don’t invest in their team
The main reason dentists avoid investing in their team is that they fear that they might eventually leave. If they invest money in equipment, at least they know the equipment will stay.
Ironically, by not investing in the team, the team often leave because they feel like they are not growing and developing.
The best investment is in a team that makes your life easier. By far the biggest secret of successful dentists is that they have an all-star team. It’s similar to a sports team - everyone on the team contributes to a great result. But if there is little to no investment in the team, then the team starts to fall apart. People leave, they lose motivation, and things start to degenerate. This will not only hamper your production but also reflect on your practice's level or care and service towards your patients.
Consider the areas that make up your practice's daily routine - from your front desk coordination, team meetings, marketing and business benchmarks, production numbers, practice management duties, to managing patient appointments and potential emergencies in ensuring a smooth ideal day.
Is your practice performing at peak efficiency in each of those areas every day?
This financial year, as you consider some new ‘toys’ that you might want to buy for your practice, consider how a portion of that money could be spent on the team instead. Consider what benefits there might be, both for you and for the team.
"An investment in knowledge pays the best interest." - Benjamin Franklin
Reward your team and yourself this new financial year by investing on skills development and therein, future-proofing your business for the long run.