The 3 Mental Monsters that Kill Cashflow

“Until you make the unconscious conscious, it will direct your life and you will call it fate.” – Carl Jung

How’s your relationship with yourself, your profession, and with people? Are they standing in the way of enjoying the abundance of the dental profession? Or is it your thinking that’s killing the cash flow?

Money is not meant to be chased; you need to attract them. And learning from experience, it’s not all about skills and work ethics. Of course, it is essential, but what’s blocking the flow lives within your psyche, and a little re-wiring will help attune your practice to the cash flow.

This episode will talk about the three mental monsters that kill cash flow and how your thinking can quash these monsters by bringing out your unfair advantage. I will also touch on how you can take charge of your thinking and focus on adding value to yourself, your team, and your patients to address your financial worries.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “If we don’t have proper architecture, both the enjoy and the cash flow becomes difficult.”
  • “Many dentists are frustrated because the clinical skill alone doesn’t cut it.”
  • “The way we think causes money and quality of life.”
  • “The power of the skill stack is either divided or multiplied by the way we think.”
  • “Make sure that your mind and thinking is serving you, your goals, and your business.”
  • “What really unleashes a business are business skills, leadership skills, and sales skills.”
  • “We can change our thinking if we are deliberate about it.”
  • “Make a list of reasons that you’re worth more per hour than you’re currently paying yourself.”
  • “If we focus on what we’re getting and not focusing on what we’re giving, that can enhance our scarcity thinking.”
  • “Money always follows unique value.”

Featured on the Show:

 

subscribe-with-itunes-buttonStitcher-Subscribe-Button

Disney’s Taking Your Money

“Togetherness, for me, means teamwork.” — Walt Disney

Yes, Disney’s taking our money — money that we gladly give. In fact, we work our fingers to the bone just for us, and our loved ones enjoy a moment of pleasure in the happiest place on earth.

But what is so great about Disney that we’re willing to do prodigal spending to the extent of cutting costs on essential expenditures like dental care? Can we adapt and make the Disney magic work in our practice?

In this episode, I’ll delve into the principles that make Disney appeal to the core of our senses. The reasons why we trust the company and will continue to spend our money on them even after the magic no longer works on us. And most importantly, how our practice can learn from the values that Mr. Walt Disney himself established to which the company is built upon.

Disney’s taking our money. Wouldn’t it be fair to “steal” their strategies in enthusing clients and recover the money we’ve willingly given to Disney?

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “We oftentimes lose sight, or we don’t fully appreciate who our competitors really are.”
  • “We can steal like an artist and understand the principles that allow some of these big companies to take the healthcare dollars and put them in their pocket. This way, we can generate more loyal patients, better case acceptance, and referrals.”
  • “If we’re working under the assumption that Disney is one of our competitors, it would be wise for us to understand some of the principles that allow them to consistently enthuse their clients.”
  • “There are unlimited things to make sure that the patient feels that your place is clean and safe and a place where they want to continue to have healthcare.”
  • “We want to go into a business, whether healthcare or not, that is courteous.”
  • “Efficiency is shifting the pendulum from “needing more resources” to “I am resourceful.””
  • “Your competitor is anyone who’s creating a reallocation of precious healthcare dollars away from healthcare.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

Firing with Kindness

 

“The day firing becomes easy is the day to fire yourself.” — Tom Peters

Kid you not — firing someone is never easy. It’s not only the investment in training, tools, and all things to help them grow, but more importantly, the emotional investment not just by you but by the whole team. And if letting go of your people becomes frequent, it makes you question your hiring process, the work culture, and even yourself. There’s nothing worse than having to fire someone. It’s agonizing but necessary, especially if it’s already ill-affecting the workplace. So the question is, what’s the nicest way to let go of an employee?

In this episode, I will share TIPS (not legal advice) on how to fire someone in the nicest way possible. Like I mentioned a few podcasts back, your goal is to provide your employees with all the training, tools, and support needed to prepare them for their future employment. You can’t keep them forever. The best compensation you can give your employees is to contribute to their employability.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • If you get the culture right, it becomes an immune system.
  • Firing gets easier, but it’s never easy because we care about these people. Essentially, hiring them is betting on their success.
  • Sometimes people slip through the cracks. You hired right, you onboarded them right, you gave them all the tools and the training to succeed, and they’re just not a fit — either culture-wise, productivity-wise, or both.
  • There are some people in our organizations that aren’t going to be productive; they’re not going to be culture fits or a combination of them.
  • In today’s day and age, you need some litigation protection support, and it’s a good idea to consult an attorney before you fire somebody.
  • If you’re going to terminate somebody, it should not surprise them or the other team members.
  • Your number one job is to defend the mission and culture.
  • If anyone is underperforming for a lengthy amount of time, they are not comfortable at work; they are just there to get the money.
  • Even your best performer can go and turn on you.
  • If somebody is not contributing and is eroding the culture, then you must let the person go.

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

If I Were The Devil

“If I were the devil, I’d soon have families at war with themselves, churches at war with themselves and nations at war with themselves until each, in its turn, was consumed.” — Paul Harvey

I’m not being political, religious, or whatnot, but Paul’s strong message in his 1965 broadcast has proven to be prophetic — how elements of good and evil are at play in constant dynamic throughout global history. You might think these are inevitable in the grand scheme of things, but these are more imminent in our practice. One thing is clear — an organization is created or destroyed from the inside out. Hence, the critical question right now is, “Where do we go from here?”.

In this episode, I’ll dive into the psychology of destroying the practice from the inside. Then, I’ll cover the four elements you need to stop to avoid negativity and toxicity in your practice. Ultimately, it would help if you quickly diagnose when your mind isn’t serving you and your goals, patients, and vision before falling into the dark side.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • If we know how to destroy a dental practice, we know how to build it up very quickly.
  • Stop your blame. It’s your practice, and if you blame other things, outside forces, you’re giving away the power to create a vision and bring it into reality.
  • If you’re in a conversation with villains and heroes, no one’s coming to save you. That’s a position of weakness, and we have to get you back into creator mode.
  • My practice is not limited by its opportunity. It’s limited by its leader.
  • Excuses and reasons are just an attempt to lessen the blame that you’re attaching to yourself after a mistake, a mishap, a wrongdoing, an upset patient.
  • If you can change the situation, then do it. If you can’t, then you are forced to accept it.
  • Stop speaking ill of others even if you feel that they deserve it.
  • Being 100 percent responsible doesn’t mean beating yourself up.
  • We need better leaders in these wild times.

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

Measure More Than The Money

“Not everything that can be counted counts, and not everything that counts can be counted.” — Albert Einstein

Money is necessary to put up and run a practice — we can’t argue with that. But, it is not the be-all and end-all. The money supports our basic needs, goals, and security, but it cannot create a purpose in and of itself — and that’s what I want to talk about today.

In this episode, I will share with you things that are not necessarily money-centered but can provide a significant impact on your business and even drive profits. These key indicators that aren’t focused on a dollar figure but are profit-magnets will keep you, and your staff performs at their best.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “If we treat money as a math game, we lose track of what really drives profits.”
  • “If a business is human-centered, you can have all of the profits that you want. But if a business is profit-centered, then you’ll end up invariably taking advantage of people.”
  • “Trust, enthusiasm, and value are all emotional events. And employees’ morale and motivation drive productivity. Your energy and focus and stack of skills drive business growth.”
  • “A bad day for you can turn into a rut, and a rut can turn into a pit.”
  • “You can’t expect your team to be enthusiastic about their job if you’re checked out. The tone is set at the top.”
  • “You should be mindful about what you’re putting into your eyes and your ears.”
  • “The key components of a strong culture are safety, hope, optimism, resiliency, and efficacy.”
  • “What keeps you enthusiastic will keep you productive.”
  • “Referrals are the most viable thing in your business.”
  • “Case acceptance starts at the moment somebody hears about you.”
  • “A strong referral system can double or triple your marketing return on investment.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

Stealing From Starbucks

Ok, sit down and hold your horses (or cup?); I’m not suggesting that you commit a crime (pretty far from that). But, while I had your attention, let’s talk about Starbucks. Did you ever wonder how Starbucks redefined the coffee experience? Can you provide a similar experience in your dental practice?

Starbucks has brought in disruptive innovation. It was so phenomenal that it created a niche market and cult following — and of course, competitors. Yet, despite the competition, it has remained steadfast and continues to expand immensely, offering the same consistent products and services wherever you are in the world.

This episode will talk about valuable lessons that you can “steal” from Starbucks to create a patient experience that you will be proud of. I’ll also share tips on finding good team members and keeping them away from the prying eyes of your competitors. So relax, listen to my podcast while enjoying a cup.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “Competition is no longer the dentist down the street. It’s anyone who employs good people.”
  • “You have to provide an employer brand that gives these people who want good jobs the upside.”
  • “We should go into our day-to-day as a student or as a consultant.”
  • “Your top customers are the people on your payroll.”
  • “Highly compassionate, highly motivated, hungry, humble, and smart employees want to create their own personalized experience for the patients that walk in your door.”
  • “One goal for you and your team is to make sure that every patient feels like the only patient on the schedule.”
  • “Your number one job is to make sure that everyone on the team sees the vision, mission, and values as the boss.”
  • “Make sure everything is congruent and consistent in your practice with the identity you want out in the marketplace.”
  • “The customer isn’t always right.”
  • “Good team members are really hard to replace. So make sure that you’re pouring into your team members and you understand that if you treat them as a level 10, they’ll treat your patient as a level 10.”
  • “You’ll find that most of the big insights you get, the big wins you get in dentistry, you take from other industries.”
  • “Most people are not willing to do what you’re willing to do, and that’s the ultimate competitive advantage — is to create unique value in your communities.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

Creating A Team Of Leaders

What does it mean to create a team of leaders?
We all know that great leaders don’t create more followers but inspire followers to become leaders. As practice owners, we aspire to have a self-managing team to achieve this goal. Unfortunately, however, it is pretty standard in the dental practice that staff functions based solely on the dentist’s command. Therefore, it defaults to an extra layer of policy and bureaucracy, creating a toxic environment for the staff, the owner, and even the patients.

In this episode, I will talk about autonomy. A unit that’s heavily reliant on command and compliance is a recipe for distrust and disengagement, and it’s essential to address this issue head-on to establish autonomy among members. Also, I will share with you the six tenets that will help your team manage themselves better. Because in a self-sufficient environment, individuals function autonomously, and their accomplishments contribute to the team’s overall growth and success.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “We typically believe that a self-managing team is either a fantasy or we believe that we need a team of all-stars to pull it off.”
  • “We can train good help by leading everyone to break old patterns, old unproductive behaviors that they learned and turn them into highly productive autonomous habits.”
  • “My practice is not limited by its opportunities but it’s limited by its leader.”
  • “Leaders don’t create followers. Leaders create leaders.”
  • “You need to set the expectation that you’re gonna give all the tools and training that they need to succeed in their job.”
  • “Everyone has to leave their ego at the door.”
  • “Be open. Train the team to be receptive to new ideas and to seek out ways to do their job better.”
  • “Make sure that growth is the expectation by helping them to find their next mastery level in their job.”
  • “Ensure that every team member is better after they work for you.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

What’s Killing Our Confidence?

A confident team is a by-product of a confident leader.

Trust is one of the core values of a coherent team. A leader that exhibits confidence is easier to trust, and team members generally feel positive around leaders who exude confidence. I struggled with my confidence early in my practice, and it took a toll on me, my team, and my patients.

In this episode, I’ll walk you through the seven things that we inadvertently do to kill our confidence and how to turn these killers into winners. Also, I will talk about how prioritizing our confidence can significantly impact our psyche, our body, our relationships, and our income. Focusing on our confidence will help us foster a more confident team, more trusting patients, and a successful practice that we can be proud of.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “A confident business with a great reputation, and great numbers come as a by-product of patients being confident in our services.”
  • “All businesses take on the personality of its leader.”
  • “We should put our own confidence first because that will lead to more loyal, more high-performing team members, more confident patients, and a thriving practice that we can be proud of.”
  • “Confidence is the feeling of whatever happens today we’re gonna handle it, and handle it well.”
  • “When you make your first maneuver a reactive maneuver, it sets the tone for the rest of the day.”
  • “Make sure that you diligently stacking habits that make deposits into your mind, body, and spirit.”
  • “There’s a reason you went into dentistry. You have to remind yourself of that meaning.”
  • “Book in some time to just unplug. You deserve that and your team deserves that.”
  • “The fortune that comes from your practice is gonna come from the expansion of your energy and your impact.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

The 4 Keys to Transformation

“If come from inside you, always right one.” Mister Miyagi

At what level are you in your transformational leadership journey?

  • Idealized influence
  • Individualized consideration
  • Inspirational motivation
  • Intellectual stimulation

Transformational leadership is a process and a complex one at that. It involves not just you but is composed of interconnected cogs that dynamically work in synchrony and harmony. Your role, as the leader, is to keep it well oiled to run smoothly and accomplish its objectives.

In this episode, I will talk about the process of transitioning from transactional leader to transformational leader, why it gives you a competitive advantage in the new economy, and how to build a framework with a powerful mission, vision, and values that will be your organization’s stronghold.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “I’m really a testament to how important your tribe is. Who’s there to support when you’re going through difficult times, who’s there to challenge you when times were really good.
  • “There’s a time and a place for transactional leadership even if you’re a transformational leader.”
  • “All doctors that I talk to want to be transformational leaders. They just don’t know how.”
  • “Transformational leaders look at their followers and trying to get them to be leaders. They’re not trying to create more followers but more leaders.”
  • “You look at teach team members as superheroes and tap into each of their superpowers.”
  • “You need a framework of a strong mission, a strong vision, a strong values, to refer to again and again, and again, and you perpetually selling that vision.”
  • “Everyone needs to be always growing. Because if they plateau, the business will plateau.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button

Are You Disney or Enron?

Are you Disney or Enron -Dr. David Maloley“Every leader is telling a story about what he or she values.” — Vision and Values, Disney Institute

Whether big or small, any organization has an established mission and vision to define its objectives and approach to reach its goal. However, the most crucial aspect of building an organization is the founding principles for which they stand.

Core values are what bind the company, its employees, and the people they wish to serve. It may be uncommon in dental practice, but having a solid foundation of fundamental principles that integrates naturally with the personal values of everyone in the team is crucial to the practice’s growth and success.

In today’s episode, I will discuss why core values are among the bare essentials in an organization, how it helps in the hiring process and performance evaluation, and how it can serve as your “constitution” when facing adversity or challenging decisions. Drafting well-crafted core values are one thing, but having your team enrolled and aligned to these guiding principles and put them in practice rests in the hands of a moral leader.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice.

 

Key Quotes:

  • “We as dentists wanna have core values so that we know what we stand for. And knowing what we stand for is critical for your confidence as a leader and a business owner.”
  • “You can use core values to get underperforms on board or out of your way.”
  • “You can use core values to help accelerate the growth of your top performers.”
  • “It’s not so important what the core values are but that you have core values and you bring them to life.”
  • “If you have a smaller practice, this can be a whole meeting wherein the team members bring on their own personal values to the table. If they build the core values with you, they will back it.”
  • “Walt Disney really left a legacy through core values that now is this big and powerful company, the size and capacity of an Enron, but in an alignment with core values.”

Featured on the Show:

subscribe-with-itunes-buttonStitcher-Subscribe-Button