Why Dental Practice Owners Need A “Why Stack”

“People don’t buy what you do; they buy why you do it and what you do simply proves what you believe.” – Simon Sinek

What’s your purpose as a dental practice owner? Why are you doing what you’re doing? But while you seek out your purpose, why not create a “Why Stack” that you can use to leverage on yourself and keep you going in good times and in bad? I want you to have a thriving practice with plenty of cash flow and high profits. But most importantly, I also want you to enjoy it because that enjoyment part is a requirement.

In this episode, I discuss how to avoid the two BIG cash flow killers.

So if you want to understand how dentists stay motivated in challenging times and finally answer the question “what’s in this for me?” so you can consistently increase your income and net worth, 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. Check my Instagram (@dr.maloley) and TikTok (@dr.maloley) for your daily dose of thought-provoking content so that you can be a better practice owner. 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:

  • “I think the important underlying conversation to succeeding beyond standard norms over the long term is how do we get enhanced results while reducing stress? Because if we don’t reduce that stress, then bad things happen.”
  • “The problem is that there are all these books, hundreds of books talking about finding your purpose, right? And I feel like purposes are now positioned as this big elusive thing.”
  • “If you’re gonna be good at leading a team and your team is gonna be good at leading patients to do the right thing for their health, then you’re gonna need more than extrinsic motivating factors.”
  • “I think there’s a greed slash ego slash selfishness issue in modern society. But the thing I will say is I do not think that’s a problem with most dentists.”
  • “Generally speaking, we are happier when we’re spending money on experiences and less happy when we’re spending on tangible items. But that’s not exactly true either, right?”
  • “If you’re a solo practitioner, you get to decide and choose a path of being not on demand, but in demand.
  • The more valuable we are, the more income we have.”
  • “A little frustration is actually a good thing because you’re uncomfortable and you’re gonna find a resolution.”

Featured on the Show:

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Educating Your Community Through Dental Marketing with Grace Rizza

Educating Your Community Through Dental Marketing with Grace RizzaIn 2009, in this dusty space in Avon, Colorado, I spent all my cash on learning for a six-month Ortho, Sedation, and Invisalign because I wanted to be this marketable person. One thing I could say, it is much harder than it looks — but not for Grace Rizza. She’s been growing businesses at the age of 22, and her approach to business is both commendable and inspiring. It’s no wonder she was a 2019 Honoree at the Daily Herald Business Ledger’s Influential Women in Business Awards.

Listen in as Grace Rizza shares the importance of branding and effective dental marketing. It can be considered “unethical” not to market because you have a community of people that don’t understand how you can help them. Make sure that people know who you are and what you do to help them.

Tune in and get more insights on Magnificent Marketing

Key Quotes:

  • “Who’s going to teach your community if you don’t.”
  • “People need to stop trying to go viral and stop trying to be cool. They need to educate.”
  • “Just know what you’re trying to accomplish with your marketing before you just start trying to do everything everybody else is doing, come up with a concrete plan.”
  • “Don’t skip the branding process. Don’t skip the part where you ask yourself, or your advisor asks you, how do you want to be known in the community? What’s your intended reputation?”.
  • “The right advisor will allow you to dream, but we’ll also tell you when you’re being unrealistic.”
  • “Your time is a currency.”
  • “The most expensive information is mediocre information.”
  • “If marketing brings you joy, okay, put it on your plate. If it doesn’t, you need somebody to do it.”
  • “What is your marketing and your branding, that visual aspect, what is it saying about you behind your back? Is it creating the right first impression? And then when those things are in alignment, then you should start the advertising piece, SEO still gets the best return on investment.”
  • “If you’ve got great reviews and you’re ranking on top of Google, you will get new patients, and it will be consistent.”
  • “You should have professional video ads that create an emotion.”
  • “If you are comfortable on video and articulate, that’ll make your trust factor go up.”
  • “People want to see real people.”
  • “The most important thing that came from this today was treating marketing as an investment and not a cost.”

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Balancing Profitability and Sustainability with Dr. Pete McClellan

Balancing Profitability and Sustainability with Dr. Pete McClellan Over my years as a podcaster, some of my very favorite interviews have been when I’ve brought friends onto the show, and this episode will definitely fall into that category. Dr. Pete McClellan is a dentist with multiple practices in Kansas City, a visionary, and a fantastic leader who was named a top dentist in Hawaii for two years in a row.

Listen in as we talk about the importance of creating a workplace where people actually want to work, as well as how a mission statement can help to weed out those who don’t fit within the culture of the practice. You’ll learn how we can all balance the need to make money with the desire to have a healthy and sustainable practice, and why creating a critical mass of believable people is one of the most sustainable things you can do for your business.

Be inspired and meet more Legendary Leaders

Key Quotes:

  • “You can’t underestimate the power of a believable person in your world.”
  • “If you can make more mistakes than anyone and still be successful, then that’s the game.”
  • “My darkest moments were my biggest breakthroughs.”
  • “There is so much power in finding people whose stories you believe.”
  • “We need the practice to be profitable, but we need the practice to be sustainable.”
  • “You have to put something in front of that team member that makes them realize they are part of something bigger.”
  • “I’d like to give lots of credit to my two awesome business partners, Dr Daniel Rome and Dr Jeff Slutskiy. Our divide and conquer mindset has served us well.”

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Become Seriously Wealthy (and Stay Wealthy) with Tim McNeely

Become Seriously Wealthy (and Stay Wealthy) with Tim McNeelyTim McNeely is the CEO of LifeStone Companies and the host of the Dental Wealth Nation podcast. His modus operandi is to teach small business owners how they can harness the powers of the super-rich so they can build wealth, live amazing lives, and make a real impact in the world.

Listen in as Tim shares his insights into how the guilt mindset gets the better of so many of us and the difference between knowledge and implementation (including where many of us fall short!). You will learn his secrets and strategies to help us all increase our cash flow and avoid many of the common barriers to money and wealth accumulation.

Tune in to more Mind Shift Podcast

Key Quotes:

  • “You want to continue to grow your wealth so you can take care of the people you love, support the causes you care about, and really make that impact in the world—and money helps you do that.”
  • “If you shift that mindset from ‘how much money I can make?’ to ‘how many people I can serve?’, the money is going to take care of itself.”
  • “If you’re not clear on your strategy—if you’re not clear on your why—then the ‘what you do’ and the ‘how you go about doing it’ are going to be really fuzzy, really abstract, and you’re going to be pulling strategies out of the air.”
  • “You have to get clear first. Otherwise, it’s going to be utter chaos.”
  • “There’s a lot of things that you’ve got to get right, and if you don’t have the right team members, if you don’t have the right people monitoring this, if you’re not implementing them correctly, they can become trouble for you.”
  • “You want deep team collaboration among all the members of your team.”

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Frameworks That Allow You to Be an Effective Leader with Del Denney

Frameworks That Allow You to Be an Effective Leader with Del Denney Del Denney is a keynote speaker, performance coach, and leadership consultant. Having consulted for the top personal development training organizations in the U.S., Del has addressed thousands of people in toxin seminars. He joins the show today to help distill the complex topic of leadership down to a simple framework that you can apply in your practice immediately.

Listen in as Del shares how he developed his growth mindset and ended up being an expert and leader in the personal development field. You’ll learn why people lack clarity in purpose and vision, as well as how that applies to dentistry, so you can better find clarity and purpose in your career. Del also walks through the value of having frameworks to follow and provides one that will help you increase your influence with your staff and your patients.

Be Inspired and meet more Legendary Leaders

Key Quotes:

  • “My father was in prison, I was doing crazy stuff, and long story short, I realized that the path I was on would lead to the same place he was at. It was Christmas night, and I realized that if I want all of this to change, I have to change. That’s when my personal growth journey started.”
  • “It doesn’t have to be this fluffy thing—follow step 1, step 2, step 3. People overcomplicate things. Just find the framework and go with it.”
  • “The question is: Who do you want to serve? And how do you serve well? That helps to guide you into your purpose.”
  • “When we get distracted, that’s when unhappiness comes. When we get clear on our vision and keep it in the forefront of our mind, we’ll be much happier.”
  • “The fact is, we’re all leaders, and I hope that people realize that. Leadership is influence.”
  • “The foundation of leadership is developing relationships with your staff and patients.”
  • “A great leader is a servant leader. Your job is to listen to your staff. This is a chance to observe your staff so that you can serve your staff.”

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