What’s your money story?

How would you explain your money story to me in one word? How would you define it, and where does the story come from? Once you’ve identified your money story, is it serving your practice or holding it back?

The great thing about a story is that you can change yours because it’s not based on fact.

When it comes to your dental practice, have you noticed that Dentistry’s Do-do Advice inhibits your practice growth?

  • If you want to understand how your childhood profoundly impacts your income …
  • If you want to know if you’re a Survivor, Hoarder, Disregarder, or Creator …
  • If you want to move closer to your Ikigai so you can learn how to change your money story for fun and profit …

tune in now!

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

If you enjoyed this episode, please share it with your dentist friends. Don’t forget to subscribe to the show on iTunes to get automatic episode updates for The Relentless Dentist! And, finally, please take a minute to leave us an honest review and rating on iTunes. They really help us out when it comes to the show’s ranking, and I make it a point to read every single one of the reviews we get.

Key Quotes:

  • “Sometimes running a business is hard. Sometimes being an employer is hard. Sometimes just being a human on this planet is hard. But as you go on, as you create your mission and vision, make sure that you’re not leaving yourself out, and make sure that you are chasing what you love.”
  • “Mastery takes time and effort.”
  • “We are the stories we tell ourselves.”
  • “Your money story has a profound impact on your practice.”
  • “If I work hard, I get money, and hard work equals money. What happens if there’s not enough money? Does that mean I’m not working hard enough? Or does that mean I have a bad strategy?”
  • “Once you get to the belief system level, a little shift creates a big impact, and that’s where the transformation comes from.”

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Become the CEO of No!

When deciding whether to do something, if you feel anything less than “Wow! That would be amazing! Absolutely! Hell yeah!” — then say no. — Derek Sivers

As a dental practice owner, a CEO, CFO, CMO, all rolled into one, saying NO is a leadership MUST! It sounds counter-intuitive at first, but speaking from personal experience, the moment I learned to say NO, that’s when my practice grew, my relationships fostered, and my personal, professional, and overall well-being optimized. Now, the question is, when do you say NO?

In this episode, I will discuss the gigantic costs of complexity in your dental practice. So if you want to hack away at the unessential, know when to say no, eliminate worry and low-value work so you can be a much more effective owner, tune in now! Are you ready to become the CEO of NO?

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

Key Quotes:

  • “You are your number one asset.”
  • “If things are breaking around you or you’re breaking or burning out, then the business fails.”
  • “From a psychological and neurological standpoint, we have to train our minds to pursue the things that are important to us. And part of that cycle is a reward.” 
  • “The problem that we’re addressing is that Western culture assumes that more is better. Wealth is about money and positions only, and consuming creates happiness.” 
  • “There are great things that come with the trappings of success. There are great things with being able to splurge and have nice experiences and nice things. But those are, in fact, partial truths. We have to make sure that we’re not falling into the trap of that mantra of more is better, and money equals success. We need a more robust, durable solution. That’s the full truth.”
  • “I have experienced it firsthand as a practice owner. I’ve never met a dentist that cut back days and regretted it.” 
  • “There comes a time in your career that you must say no to things that irritate and anger you and inhibit practice growth bottom line.”
  • “Appreciate that saying no is hard. So expect grief when letting go.”
  • “Saying yes to less is the way out.”

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Lead Like A Mother

Work is love made visible. And if you cannot work with love but only with distaste, it is better that you should leave your work and sit at the gate of the temple and take alms of those who work with joy. – Khalil Gibran

Every time I read this poem, only one person comes to my mind — my mother. She’s an embodiment of visible love. There are moments in my practice when I always think of what would be different if my mom was in charge? Well, my guess is, first and foremost, they would make every patient feel welcome — at least for most mothers.

So coaching question for you, how would you act if mom was on surveillance? If you were sure that all the moms that you adore, all those wonderful elders, you wouldn’t want them to be disappointed in you.

In this episode, I discuss why you should Lead Like A Mother and how to enthuse your clients to refer. If you want to

  • combat the transactional tendencies in dentistry,
  • operate less like the medical industry and more like the hospitality industry, and
  • develop a culture of generosity and giving so your practice will grow in any economy …

Tune in now. And as I always say, take charge and lead — like a mother!

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

Key Quotes:

  • “The less we’re like medical, and the more we’re like hospitality, the better off our practices are.”
  • “The problem that we’re addressing is that dentistry continues to get more and more transactional. But this gives us an opportunity, right? If dentistry is going to get more and more transactional, relationships always win the long game.”
  • “We’re not just seeding and treating patients. We’re taking care of them. And they know that work is love made visible. They feel that.”
  • “Make every patient feel like they’re the only one on the schedule.” 
  • “People, their BS meter is on high alert now. And any sort of fraudulent words or fraudulent behavior, they start to get a little suspicious.”
  • “Make every patient feel welcome, be generous, focus on lifetime value, and last but not least, do it right, or don’t do it at all.” 

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Is There An Enemy In Your Midst?

Most dentists struggle to find and retain solid employees — someone hungry, humble, and smart. This often leads to the temptation to settle for underperformers and allow culture-cancers to impact the team negatively. But the possibility is that you can have a deliberate process that helps team members understand that part of their job is always getting better at their job, constantly growing, and continuously improving. 

This week’s theme is enhancing culture. In this episode, I discuss keeping underperforming employees from undermining your culture. So if you want to:

  • have a deliberate process that helps team members understand that part of their job is always to be getting better at their job;
  • know when to clarify, connect, coach, correct, and collide; and
  • understand what makes an employee a subtractor and what makes one a divider so that you can enhance your culture …

you need to tune in now!

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

Key Quotes:

  • “Our job as owners is to make sure that everyone, a hundred percent of the team, is either onboard or we have to get them out of the way.”
  • “Let’s make sure that we’re moving further, faster in the direction that you really desire for your practice.”
  • “You as the owner really need to double down your focus and not only be a role model of that focus but also become great at refocusing the team.”
  • “Praise and constructive criticism only work well in the presence of clear expectations.”
  • “Don’t assume that there is clarity. Verify, verify, verify.”
  • “It’s important that everyone on the team check their ego at the door and understand that once they clock in, their job is to take care of one another and the patients.”
  • “In times of uncertainty, communication should be more abundant.”
  • “All of your team members should feel like you’re betting on their success all of the time that they’re working for you. And then make sure they believe that they can pull this off.”

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Discover Why Most Dentists Have Careers of Quiet Desperation

“Remember to be careful when following the masses; sometimes the “M” is silent.” — Anonymous

Today’s problem that we’re discussing is that we live in a society looking for bandaid solutions, quick fixes, and magic pills. These things lead to a lack of accountability, leading to a lack of results — which I call the commodity trap. I don’t want you to be in a situation chasing down the masses and living to someone else’s vision and version of success and live the rest of your life in quiet desperation. Step into the possibility that we can all choose a mastery path.

In this episode, I discuss why the masses are asses. So if you want to:

  • elevate your practice owner confidence,
  • avoid the pain of being a dabbler, obsessive, and hacker,
  • be the most sought-after dentist in town,
  • know how to prioritize your skill stack for fun and profit,

Listen now! This episode is for you.

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

Key Quotes:

  • “Lots of dentists are worried about the commoditization of dentistry, but those same dentists likely aren’t de-commoditizing themselves and working on elevating their confidence.”
  • “The first move to mastery is not outward but inward — Robert Green”
  • “You feel called to do certain things, or you have unique skills or unique strengths that aren’t common. They might be easy for you and really hard for somebody else. And you might get frustrated at somebody else.”
  • “What we’re looking for in a dental practice is complementary strengths, complementary life’s tasks that help us synergize.”
  • “The path to mastery is a windy road. Our vocation is a windy road. It is not a straight line. And so, we have to engage on this journey.”
  • “Leadership and marketing are the ways that you multiply yourself.”
  •  “If you want fulfillment, and you want more money, and you want a better lifestyle, then the operative word is grow.” 

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The Owner’s Mantra: Grow or Die!

I might hear you say, “That’s quite a statement, Dr. Dave.” Well, let’s put it subtly. If you’ve been religiously listening to my podcast, you’ve been hearing me say this countless times that it’s become my business mantra: “Practice isn’t limited by its opportunity; It’s limited by its leader.”

Let’s talk about the potential, the possibility that every practice owner can embrace a CEO’s mission held in one word — GROWTH. So let’s get into that whole growth idea and what it means to you as a practice owner at the beginning and end of every quarter because I think you should sit down at the end of every quarter and give yourself an hour — this is CEO time to ensure that you’re enjoying more and more cash flow.

Since we’re about to usher in Q2, we have a heavily-packed episode today in line with our week-four theme, enjoying cash flow. Today’s podcast will discuss the six questions you need to ask yourself every quarter. We’ll look into the five machines that create the macro system in your business. And lastly, we’ll dig deeper into three different angles to distill down your growth. So that’s a lot to chew on as you grow or die in Q2 of 2022. Let’s get started!

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

Key Quotes:

  • “Status quo is a dangerous delusion.”
  • “I don’t think a status quo is real. I think you’re either getting better or getting worse as a human, as a business owner, and as a business.”
  • “Your mission is to grow on multiple levels.”
  • “The concept of expansion is the natural desire of all mankind.”
  •  “If you’re trapped in “we are a dental practice,” you are more likely to be commoditized.”
  • “When we’re planning for growth, we have to take into account that there will be obstacles and there will be challenges.”
  • “The identity shift here is that this is not a dental office; this is a training and development company. If you run a training and development company, everyone is always getting better at their jobs.”

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The Six Reasons Why Patients Buy

Approach each customer with the idea of helping him or her solve a problem or achieving a goal, not selling a product or service. — Brian Tracy

I want to hear your honest answer to this question: When a patient walks into your dental office, do you see them as a patient or a customer? There’s no right or wrong answer here, actually. I just want you to be conscious of how your patients perceive you. Are you coming in as a doctor providing a solution or a business person selling them products?

In today’s episode, our topic is about enthusing clients. We’ll talk about how you can humanize yourself so that your patients understand that you’re just not a lady or a gentleman in a white coat. We will have a thoughtful discussion on the six emotional cues on why patients buy — or don’t. I will also share insights on how you and your team can authentically connect with your patients and sell them a solution, not the product. So relax, press that play button, and get ready to enthuse more clients!

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

Key Quotes:

  • “When we’re talking to our patients, we shouldn’t talk to their brain. We should talk to their heart.”
  • “When discussing treatment with patients, our objectives should be to minimize the downside or pain and maximize the upside or pleasure.”
  • “We’re talking about selling the consequences and helping them understand whatever the truth is because they will move forward for their reasons, not your reasons.”
  • “All business is human to human.”

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Who Else Wants A Self-Managing Team?

How close are you to having a self-managing team? Do you think it’s realistic or too utopian?

Before we dig into our topic, let’s look at these three powerful statistics that will help gauge your team and where you are in terms of having a self-reliant culture and robust practice.

  • 60% of employees believe that their coworkers are the biggest contributor to their happiness at work.
  • 63% of employees have wanted to quit a job because they feel like poor communication gets in the way of their jobs.
  • 67% of employees would go above and beyond if they felt valued and engaged.

If you’re losing more than half of your staff regularly and think things are getting out of hand, you may want to look into the above realities.

This week’s topic is enhancing culture, notably establishing a self-managing team. So the problem that we’re going to be addressing today is this outdated industrial age carrot and stick management and determining the appropriate management style that best suits your team. Why? Because if you want a healthy, stable growth trajectory over the next five, ten years in your practice, making it a priority to build a self-managing team is good for you, your paycheck, your patients, and your team. 

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

Key Quotes:

  • “If they’re [staff] constantly feeling like they should be rewarded or punished for getting in trouble, they’re not going to be even close to their potential — they’ll tend to hide their mistakes, they’ll tend to kind of pad their stats and cut corners.” 
  • “One of the biggest myths in dentistry is — I’m not a good leader because I’m not charismatic. In reality, as long as your heart is in it and you’re really behind the words that you’re saying, you’re very intent to know about where the practice is headed; charisma can be a net negative depending on the situation.”
  • “Happy work means productive work. Yet we tend not to spend a lot of time and energy ensuring that our teams are fully engaged and unified.”
  • “There are about as many different leadership styles as there are leaders.”
  • “There are some team members that if they’ve been with you a long time, they’ve become internal leaders, and you don’t really have to do a lot in terms of management because they’re forced multipliers, and they make other team members better.” 
  • “You can be rigid on the outcome, but you should be pretty agnostic on the path.”

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Conquering Imposter Syndrome

What do Lady Gaga, Tom Hanks, Howard Shultz (Starbucks), you and I have in common? Well, we “suffered” from imposter syndrome at some point in our lives — and probably will still do as we progress with our lives. What exactly is Imposter Syndrome? It depends on who you ask.

It starts with the “What’s in it for…” question most of the time. What’s in it for me, my family, my business, my patients, my legacy, my bank account? Then comes self-doubt. But how do these famous, influential people turn the odds in their favor and succeed? That’s what you’re going to find out in this podcast.

This week’s episode is about elevating your confidence. I’ll talk about imposter syndrome as defined in different schools of thought and demystify this phenomenon. I will also share tips on how to conquer this with a simple trick. So grab a seat, listen in, and take charge!

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

Key Quotes:

  • High achievers people going for things like you and I, people with advanced degrees, people who go into entrepreneurship often get plagued by questions like — ‘Why should anyone listen to me?’, ‘Don’t they know more than I do?’, ‘Am I good enough to be here?’ or ‘Do I belong here?'”
  • “We can reframe this fraudulent feeling, often called imposter syndrome, and embrace it so that it’s no big deal. And it actually starts to identify or be the possibility of a sign that you’re in the exact right place.” 
  • “Growth mindset essentially means that it’s not a talent or not a talent. It’s a skill that can be developed.”
  •  “The more leverage you get on yourself, the more likely you are to see that this thing that’s often called resistance is no big deal, and it’s common.”

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The Power of Productive Paranoia

According to Andy Grove, Productive Paranoia is the ability to be hyper-vigilant about potentially destructive events that can hit your company and then shift that fear into preparation and clearheaded action.

How much time do you spend on offense when facing challenges in your practice? Based on my experience, 90% is the magical number, enough to grow the practice, team, and patient demand. What about the remaining 10%?

In today’s episode, I’ll talk about that 10% defensive mechanism and the steps into productive paranoia that will help you create something that’s not susceptible to market and economic shifts. I will discuss some essentials to ensure that you’re a good steward of that cash flow and that you’re preventing a downside. As you listen in and enjoy the podcast, I hope you put it into action, implement some ideas from today, take notes and get a little more prepared through productive paranoia.

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

Key Quotes:

  • “You, the doctor owner, are the number one asset in the practice.”
  • “Busyness does not equate to business, and it needs to get rid of the undisciplined motion and the wasted time motion in the practice each day.”
  • “A productively paranoid practice sees the power and series of thoughtful “What if…” questions. And working through these dangers, you can create effective actions and clearheaded preparation that ensures that your practice flourishes no matter what happens.”
  • “Make sure that you maintain your calculated aggressive optimism forward-moving; stepping into your vision-type posture is really important, but not to the point of being naive.”
  • “Nothing fails like success.”

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