Solstice Dental Advisors 5M Mastermind
Building Million Dollar Practices
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Ten Questions That Tell The Tale

What your success is may depend on the affirmative of these questions:

1. Do you achieve daily production goal over 90% of the time?
2. Have major business systems been documented in a step by step written format and your team receive full training on them?
3. Does the doctor spend 95% of his time in direct patient care?
4. Will you grow by at least 18% this year?
5. Does every team member have a personal development plan?
6. Is your overhead 59% or less?
7. Have you identified KPI, are they revisited weekly, and do you understand them fully?
8. Do you have a 98% collection rate?
9. Do you have written vision statements, mission statements, and culture points?
10. Do you have scripts for all routine conversations that must occur between your team and patients.

If you answered each of these questions on paper (best) or in your mind (okay, recognition is the starting point to better) then you are at the point of awareness.

Now you know where you need to focus. What to do about it is the next question or as we say in Solstice, the Next Step. From your 5M training, notice which of the 5M modules below would need to be well-understood or even required to be proficient to answer “Yes” to each of the ten questions.

1. Productivity and Systems
2. Systems and Team Training
3. Strategic Planning and Systems
4. Marketing and Systems
5. Team Training and Systems
6. Efficiency and Systems
7. KPI Systems and Team Training
8. Systems and Team Training
9. Strategic Planning and Gold Key List
10. Systems and Team Training

Yes, everything seems to revolve around two principles of management: having systems and a well-trained team. So, to be a complete and well-oiled machine, a dental practice needs to have everything in place.

But, before there can be systems and training, there must be leadership in place that creates the overall picture, the vision, mission and purpose, the business plan, the strategic plan and the marketing plan for the practice. So, that’s where I want to focus with this article. That place is called “Having a Strategic Plan” for your practice. Getting it organized in your mind, down on paper and distributed to your team is the first step in having a successful practice.

Let’s review the basic parts of a Strategic Plan that stakeholders in the business need to address.

Key Steps in the Strategic Planning Process

1. Gather input on strategic issues from all key stakeholders.
2. Define SWOT Analysis (Strengths, Weaknesses, Opportunities & Threats), and any Strategic Questions and Issues.
3. Review and adjust inputs as part of a stakeholder review and create a strategic matrix.
4. The Strategic Matrix: outlines the strategic imperatives necessary to address each SWOT combinations.
5. First lock key strategies in place, second, define SMART goals and objectives, third, create specific operational action plans for each division of the practice, and fourth, implement round one.
6. Test, review and adjust strategies, goals and objectives, and implement round two.


Bill WilliamsComment