Is Your Business Built On Hubris?

“Honour may not win power, but it wins respect. And respect earns power.” — Ishida Mitsunari

Apparently, even though a large number of dental practice owners believe that team success is essential, they also admit that only 1 to 2 members of the team are effective — a brutal truth that most practice owners have to face. Every business aims to foster an atmosphere that brings out the best in everyone because it will translate into a positive experience for both the team and the patients. The big question is, how do you transform your team’s hubristic culture into a team-centric mindset.

In today’s episode, I’ll talk about the factors that drive an honor business and a hubris business, and why it is important to know where your practice stands between the two. I’ll also share the five elements that I want you to examine about your business. I prepared insightful questions that you need to contemplate to set yourself up for an excellent 2022.

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

Key Quotes:

  • “The more divided our society gets, the harder it is to align a team.”
  • “If we’re going to be a growing organization, we have to challenge our comfort zone.”
  • “Environment is everything. A big part of being a good CEO is helping the team see the vision, you’re continuously selling that vision, but you also have to give them the tools and the training to succeed.”
  • “Collective confidence: When people come to work each day, they believe that this team will be successful no matter what.”
  • “If you’re willing to do what other dental practice owners won’t do, you will reap the benefits.”

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Three Secrets To Dealing With Adversity

What’s your favorite movie of all time?

I can greatly identify with the Rocky series’ story of resilience and perseverance, both onscreen and the underlying story on how Sylvester Stallone fought all adversity to have the movie get its screen time. It’s been my go-to movie whenever I’m confronted with roadblocks.

All of us went through one of the worst times last year, and it has tested our character and faith. But, it has also been a period of discovery that we’re far stronger than we thought we were.

In today’s episode, I’ll be talking about resilience. The difficulty we face as practice owners have exponentiated to a great degree in these crazy times. I’ll share three ways to keep a proactive stance on resiliency in dealing with adversity, rise above the occasion, and get back up better and stronger.

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

 

Key Quotes:

  • “Make sure that you’re setting 90-day goals that bring out the best in you and your team.”
  • “In being resilient, we can see opportunities in these radical shifts. You have to be aware and stay on offense so you can seize them.”
  • “It’s better to be proactive and stay in the offense during turbulent times than to be caught off guard.”
  • “Resilient businesses would need resilient cultures, and resilient cultures require resilient leaders.”
  • “Sometimes positive thinking will keep us in denial of what is. We can face the brutal facts; we can look at the reality of what is and still be hopeful.”
  • “In difficult times, we have to stay purpose-driven.”
  • “Adaptability, mental agility is a hallmark of resilience.”
  • “There are always lessons in deep, dark, difficult times; there are always gems to be mined.”
  • “Sometimes in business and life, we have to color outside the lines and do whatever is required.”

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Thieves Like Us

5% of people are hard-wired for integrity, while 5% are hard-wired to lie, cheat, and steal even if it doesn’t benefit them. Interestingly, 90% of people will lie, cheat, and steal given three things. Listen in to find out.

We always attribute “stealing” to something tangible, not realizing that there are some abstract constructs that directly affect the practice’s finances.

In this episode, I will discuss the three things that make 90% of people subscribe to some degree of misgiving, why assessing character is complex, and what you can do about it. I will also share my insights on how you can differentiate the strong character from the weak and thoroughly assess your potential hire’s personality before introducing them into your culture.

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

 

Key Quotes:

  • “There’s nothing more viable in your practice than your character as a leader and the character of your team.”
  •  “Money doesn’t have a conscience.”
  • “What really exposes our character is difficult circumstances.”
  • “Strong character comes from the feeling of security and self-worth.”
  • “Weak characters are overcome by the circumstances.”
  • “Think about the character in your hiring. Think about this collective character that is not only additive but creates a synergistic effect for better or worse.”
  • “Make sure that you’re not too simple in your interview questions.”
  • “Your home environment and work environment can bring out the best in you or the worst in you.”
  • “We need to have a growth mindset and understand that you can become whoever you want to become.”
  • “We all have things that we put in our backpacks as little kids and carry with us into adulthood that don’t serve us, that don’t service our practice, that don’t serve our patients, that don’t serve our team.”

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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.”

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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.”

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