Business Reources

Follow through; create your own luck

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 of creating your own luck. And I might add it has served me well so far as 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 on 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 like 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 customized strategies.

The good news is that it doesn’t matter. If you follow the Pareto Principal 20:80 rule you will understand why.

This rules 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 very careful look at everything you are doing in your business that is a revenue generator. Then prioritize these activities and then 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 certain tasks in your business as well as you can. However, an effective and profitable leader learns to do only the very 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 own 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 your 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 important at all times, but it is particularly 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 be able to give you a multifold return.

Finally…

Your success is dependent on many things; but if you are able to prepare yourself well by gaining the 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!

 

 

 

 

Thriving Amid Uncertainty

Globalisation, technology and innovations are rapidly changing the way dentistry is perceived, performed and understood. Of course this opens doorways to better and more enhanced ways of doing things but it also creates a more complex world with uncertainty and confusion.

We are generating and dealing with more information than ever before. There are now so many choices available for the principal dentist as to how business should be conducted that it often leads to stagnation or ineffective decision-making. This further fuels frustrations and inefficiency.

So, how do you survive and thrive amid this complexity? How do you sort signals from noise and focus on the opportunities that matter most?

In my experience as a business coach I have noticed how many dentists have stumbled and struggled. In response to a changing world they create an overabundance of processes, layers, key performance indicators and other internal mechanisms. This organizational mishmash fails to address the complexity they face or the fundamental elements of core business strategy.Just because the world is becoming more complex, organizational structures and processes do not need to follow suit.

Developing creative solutions to complex challenges

In my opinion, there is really only one possible answer that can address this problem and that is through Entrepreneurial Leadership (EL). This is where there is structure but no fixed priority. The Entrepreneurial Leader will always have his or her eye on the main objective at task but will also develop the flexibility to foster creative solutions to these complex challenges in everyday practice.

There are 3 key areas to re-focus on during uncertain times:

  1. Vision.

This is how you see your future for both entry and exit from your business. This is the “dream” that you want to achieve. The questions to ask are – Are you on track? Does the change facilitate or hinder your progress? How can you convert it creatively into an opportunity?

  1. Financial Model.

This is where you establish clear metrics that you can track, record and evaluate to achieve your goals and ultimately, your Vision. As long as your solutions are keeping you in line with your estimated financial goals you should be ok. If they are not then you need to re-evaluate where the holes in your business operations need to be plugged in.

  1. Leadership.

There are two aspects to consider when understanding Leadership:

  1. How to work “on” your Team – This is where you establish leadership skills to inspire and motivate your Team to follow you in achieving your Vision. It is the art of getting others to do the things you need them to do because they want to do it.
  1. How to work “in” your Team – This is where you establish protocols for improvements within your Team. This can include management systems, practice team agreements, increasing skills and training and meetings for proper business function. It helps to create true Teamwork – a committed group of individuals working cohesively towards a common set of goals. However, the key here is to establish the correct priorities to make the creative solutions occur. This means that decision-making from the EL needs to become more fluid than restrictive.

What we want…

We want our practice to be operating at optimal strength. We want our Team to possess a deep and intuitive understanding of the strategy, common objectives, and vision of our practice. Thus enabling each individual to know what to do and where to focus. Managers spend their time doing and leading rather than sitting in meetings. The Team are excited about coming to work because their leaders encourage experimentation, initiative, innovation and completion.

In short, rather than commanding and controlling, a leader favours fluid-decision making. Rather than setting detailed strategies and goals, they impart a dynamic directional vision for their employees to follow. Rather than leading from the top through hierarchy, they institutionalise leadership throughout their practice thus thriving amidst uncertainty.

 

DWB working in close association with The Perfect Smile Advanced Training Institute