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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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.”

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Decide to Dominate

Decide to Dominate

Decide to Dominate

Results are going to come from taking action. And all action starts with a decision.

Having to decide on something is naturally hard, most especially if the decision is transformative. However, decisive leadership is vital to effectively execute the plan of action toward achieving the organization’s goals. 

This week’s podcast is about creating a culture of decisiveness, how to empower your team to make more and better decisions, the elements that make up a sound decision, and its impact on the organization’s overall well-being. We will also look into the psychology of “learned helplessness” — a situation where people deliberately put out a minimum viable effort to avoid trouble due to a vague instruction from a high-performance-seeking indecisive leader.

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

 

Key Quotes:

  • “What was the number 1 characteristic of a high-performance culture or a high-performance team? I said immediately, DECISIVENESS.”
  • “Decide to dominate. For me, dominate means dominating a day, knowing that we have, as a dental team, control over the day and an opportunity to get better than we were yesterday.”
  • “If we’re not decisive, we can expect that our teams will also be indecisive.”
  • “If we want results, we need to be decisive.”
  • “If a team is consistently making more and better decisions across the board, it’s bound to generate more revenues, more fulfillment, and less stress.”
  • “The quicker we make these decisions, the better off we’ll gonna be, the better off the organization is gonna be, and now we start to see the organization reflect the leader and become more decisive.”
  • “We need to encourage our people to make mistakes and learn from them.”
  • “The best thing you can do for your team is giving them reasons to stay hopeful and optimistic.”

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The 6 Vision Mistakes Dentists Make

In this episode, I will expound on The 6 Vision Mistakes Dentists Make. I will discuss how crafting a clear vision supports the team’s growth and reinforces the practice effectively.

More than ever, dentists need to have a well-defined mission and a compelling vision to reinforce their practice, not only for themselves but also for their staff and patients. It provides a clear and consistent direction as to where the practice is going.

Faced with many challenges aggravated by these uncertain times, dentists need to run a successful business to avoid plateaus. One key aspect of strengthening the business is value-creation among the team steered by a well-executed vision. It has to be big enough to fit all of the employees’ dreams and hopes in it.

What does your practice look like five years from now?

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

 

Key Quotes:

  • “It’s important that we have a vision and we execute that properly.”
  • “Execution without vision creates friction.”
  • “Your vision has to be big enough to fit all of your employees’ dreams and hopes in it.”
  • “Being flexible and strategy is important once we define our mission and our vision.”
  • “Vision needs to stir excitement and emotion.”
  • “We need to evolve as humans.”
  • “We need to grow our practice by growing our people.”
  • “Make sure that you’re willing to become something much more.”

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