Sometimes business success is simply about predicting and creating strategy and then following through on those well laid out growth plans. In my opinion, this is the fundamental to creating your luck. And I might add it has served me well so long as my processes were supplemented with action. But how can we do this satisfactorily without impinging too much on our limited resources? And how do we ensure success?
Creating your own luck.
In order to create your own luck, you must first understand what luck is. I believe Luck is simply when the preparation you do for yourself or your business aligns with the right opportunities. This preparation can be gaining knowledge, skills, resources or strategy. Alternatively, it can be as simple as enhancing the systems within your practice so that you are functioning as well as can be expected. Without this preparation, you will not be able to highlight the opportunities and thus will not be able to see them. It always amazes me whenever I am called upon to consult for dental practices how many opportunities have gone amiss.
Therefore preparing your practice with optimal strategies can help you to create the opportunities you need to become successful.
The 20:80 rule
Those of you who have run your business for some time will know that it is simply impossible to control and do everything and make everything go right for you all the time. It’s just not possible, in good times or bad. This is especially true for dentists. We are not just selling a “product” manufactured by another company as retailers do. As dentists, we are the manufacturer, the retailer and the customer relations people of all that we service. Therefore since our jobs are multifactorial in nature, things can get on top of you and start to become overwhelming.
The bad news is that we can’t change this fact immediately without implementing customised strategies.
The good news is that it doesn’t matter. If you follow the Pareto Principal 20:80 rule, you will understand why.
This rule states that 20% of everything you do in, on and for your business produces 80% of the results. What is also true is that 80% of all that you have to do also produces only 20% of the results.
You need to have a detailed look at everything you are doing in your business that is a revenue generator. Then prioritise these activities and allow time in your day/week for the top 20%, and you can delegate the rest.
Trying to undertake everything is business suicide.
Sometimes it feels as if no one can do specific tasks in your business as well as you can. However, an effective and profitable leader learns to do only the essential and ultra-important – the top 20% and let everyone else do the rest. You might even be pleasantly surprised by the skills you have within your team!
Therefore, if you can discover what the 20% actual consists of, that is bringing about 80% of the results, then you can make sure you manage your time and resources more efficiently. This means that you can make sure you get the 20% of critical activities done first. This technique helps to manage your business more efficiently.
Cash is king
Another aspect of your practice that can help to create a boom is cash flow. Maintaining your cash reserve is essential at all times, but it is mainly so for small businesses. These reserves help to cushion you against unexpected overheads. Looking after your cash flow will allow you to operate from a position of strength and give you the confidence to take advantage of any opportunities that will provide you with a multi-fold return.
Finally…
Your success is dependent on many things, but if you can prepare yourself well by gaining adequate knowledge/skills, then draw up some simple but effective plans of action and follow through on the 20% essentials, you might surprise yourself and find that success is yours. Some might call that being “lucky”.
So, Good Luck!
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