Has your practice hit a profit ceiling? Do you feel stuck, frustrated, or overworked? Do you make way too little money for way too much work? Or is your practice running smoothly but you just know you it’s not reaching its full potential? If you answered yes to any of those questions, you might just be a few tweaks away from higher profits, smoother operations, and a much easier workday for you.
Many practice owners only dream of scaling a dental practice to $1 million, $2 million, or more, especially when they feel stuck or overwhelmed. Other practices seem to continuously grow their practice.
The difference between the practices that struggle and the ones that consistently grow are four simple things. In practices that struggle, these simple secrets are often lacking. In those that scale big, all four of these secrets are often present. Here are the four secrets any practice can use to scale to their first or next million dollars.
Investing in Your People
You’ll find it hard to scale your practice without rock star team members who are set up for success. This includes recruiting, hiring, onboarding, and team training. Any practice can recruit rock star team members if they look in the right places and making sure you’re always on the lookout. Don’t wait for a need to find amazing people for your practice.
Once you find the right team member, treat them well and incentivize them to hitting important goals. Want to increase high-value procedures? Incentivize them for achieving that procedure volume and teach them to call patients with unscheduled treatment.
Finally, invest in team culture and continuing education so they will support each other and learn best practices for your practice.
Investing in Yourself
Strong leadership, a clear vision, and the willingness to think outside the box are important skills for a practice owner to have when scaling a practice.
Strong leadership requires the practice owner and leadership team to look inward and identify areas of improvement. Do you need to increase your case acceptance? Do you need to lead with more empathy? What are two or three areas you could improve upon to lead your team better? Invest in coaching, courses, or other training to start growing as a leader.
Having a clear vision as a practice owner is critical to scaling a dental practice. If you’re struggling to hit your first million, create a clear vision for hitting three or four million. Work your way backward to identify how to lead your practice forward toward that big goal starting from exactly where you are. When you know where you want to go and work backward to where you are, it will only be a matter of time before you start scaling.
Finally, get into the mindset that you need to think outside the box to scale big. If you’re stuck, overworked, or underpaid, something isn’t working. Be willing to try new things with your operations, leadership, and marketing.
When you start to see a return on your investment in your leadership, vision, and mindset, your personal and professional fulfillment will skyrocket.
Implementing Systems and Processes
Having the right people on your team and strong leadership will set you up for incredible success. Now give your team the best systems and processes so you can get consistent high-quality work product from each of them.
Your systems and processes should help people measure progress, hold people accountable, and make sure your entire team is working together. Use software like Asana and Google Drive to keep your tasks and documents organized in a way that everyone can access and makes for easy collaboration.
Scaling Your Marketing
With your practice running smoothly, begin to set monthly marketing goals for your most profitable procedures. Then, use internal marketing to patients with unscheduled treatment plus other forms of marketing to fill your schedule.
My two favorite ways to market a dental practice is through dental Facebook marketing and dental marketing funnels. With dental Facebook marketing, you can regularly attract dozens of new patients enough for $500 per month in ad spend or less. You can also use dental marketing funnels to reach and nurture relationships with patients for high-value procedures such as cosmetic dentistry, Invisalign, dental implants, and more.
As your results roll in, consider whether it’s worth investing some of your additional profits back into your marketing to attract even more new patients.
Are you ready to scale your practice?
Is your practice is struggling to grow? If so, these four things could be what you need to scale to $1 million, $2 million, or more. Put amazing team members, improved leadership skills, and the best systems, processes, and marketing in place. As you do, you will begin to make more, work less, and enjoy your practice more than ever.
If you want help implementing these four secrets into your practice, join the Delivering WOW Platinum Coaching Program where you can access top training and coaching from experts in all facets of running a practice.