Practice Profitability – The “Why” of running a profitable practice
Every day I talk to dentists all over the country. Many of them are filled with zeal for growing their practices, which is great. But when I start hearing about new buildings or satellite offices I often find myself asking, “why?”
When you start adding all this mass (overhead), and finance it all with debt, most of the time what ensues is more work, more stress, more taxes, more time at the office, and less time and money for the doctor and his/her family.
Why are you working so hard?
So what about you? Really. Stop reading and answer the question. Why am I working so hard?
We believe in work. Many of life’s greatest joys are the fruits of hard work. It takes hard work to run a business and see the profits therefrom; it takes hard work to keep yourself physically fit past your 30s; it takes hard work to have a meaningful and fulfilling marriage; and it takes hard work to raise good, well-adjusted children who contribute positively to society.
But I’m talking about your practice. Is your life’s highest aspiration to be a doctor? When you get to the end of life do you want people to look back and say, “Man, that guy placed a lot of implants!”
If you’re like most people, it will be your contributions and experiences – mainly your relationships – outside of work that bring you lasting satisfaction. If this is true, then why are you working so hard? Why do we meet doctors who, time and again, are successful at work (i.e. they produce a lot) but flounder in their personal lives? Or maybe not “flounder,” but they just don’t spend enough time at home. Are you one of them?
I’m not suggesting you stop working. I am suggesting you work smarter. And by doing so, you take more of your life back!