I just read an investment article with this title and it really struck a chord with me.
Most dentists are doing okay. That’s mostly good. The only part of that that is not good is the lack of sufficient incentive to move from good to great.
As I have moved into more on-on-one office dental consulting assignments, it has become increasingly clear that most of us get somewhat comfortable and then start to coast.
There is nothing wrong with coasting. I just got off the golf course, and I will also be golfing the next 3 and possibly 4 days in a row. But I have got my office to where I want it to be. Even then, I still work on it and grow it. When I first started this writing 3 years ago, my office was doing 6 million per year. We will probably hit 9 this year.
So developing and improving a dental office does not have to be in conflict with doing what you love and having fun outside the office, but some effort must be expended or you are just as likely to coast backwards.
And that is what I very often see; NO effort being made to improve the practice. Dentists doing good that never get to be great.
So let’s run this out a few years. The recession and market crash have taught us all that we can’t be too complacent about our preparations for retirement. The BEST way to be well prepared for a dentist’s retirement is having an office that is more and more profitable each year. This not only yields more current cash flow for savings and investment, but also creates a more valuable practice to sell some day.
Some of my dental blogs don’t give a specific instruction of what to do and deal more with principles you should be thinking about. This one is like that. It does not tell you how to create a great practice. But it begs the question; “Are you doing ANYTHING to make it great or even to make it better?”
You want to make sure the money you need for retirement is there before the need or desire to retire hits you.
Surely you agree that you could go in and do something that would make your office worse. If that is true then surely there are also things that could be done to make it better. We all get in a routine. But are you really achieving your potential?
If you have not tried any of my dental practice development programs, you can get them here:
https://dentalmanagementsecrets.com/home-study
If you have read my material, and it has motivated you, but you need help with implementation, then call us at 1(587)-391-5883. We are taking bookings for the fall now (as soon as golf season is over!)
All for now.
Dr. Dave
#30 1221 Canyon Meadows Dr.
SE Calgary, AB T2J 6G2
Phone: (403) 984-0114
40837 N 97 Street
Scottsdale, AZ 85262
Phone: (480) 840-7323