You need systems and processes in place so you can deliver a world-class experience and attract a steady stream of prequalified patients every day. As a dentist running a practice, well established or not, today you have more resources at your disposal than ever before, including tools to attract new patients, build loyalty, manage your time, schedule employees, and grow your practice. Most importantly, you can’t do it all yourself or depend on others following your lead. Great organizations don’t just happen. They’re the result of excellence in hiring, training, and managing dental supplies. Once you’ve built the team, learn to let go by delegating responsibility and allowing your associates to perform to their highest ability. Read some of the classic business books on teambuilding, time management, productivity, and organizational strategies for some ideas and specific techniques. You Must Monetize It Having defined some of the key ingredients of success in the previous 3 topics, it’s timely to discuss margins. Not only must you develop and nurture an ideal environment for recruiting patients, delivering high quality treatment and earning their loyalty (all while maintaining a content and productive workforce), you must do all of this profitably. The only effective way to do so is to analyze your practice’s expenses (salaries, wages, benefits, equipment, supplies, rent, marketing) within the content of an income statement. When you view all operating expenses as a percentage of revenues, you gain insight into where your income is being eroded and perspective on where improvement can be made. Successful businesses make solid accounting practices central to their managerial style. It’s also the best way for you to maximize the financial benefits of owning and running your own practice. You Must Live It Every Day It’s almost unimaginable for someone to be in business for the sake of business alone, especially in dentistry dental vacuum forming machine. Most dentists and healthcare professionals I know are passionate about what they do. Providing services that directly improve the quality of life of others is a high calling from any perspective. As I discuss the concerns of my clients on a one-on-one basis, it’s striking to me how universal these human needs are. They became dentists and opened a practice because they want to build a better life for the people around them, starting with their spouses and children and extending out to every new patient they greet. However, be sure to balance your love for what you do with a sense of pragmatism. Among the many homilies attributed to founding father, inventor, scientist, and statesman Benjamin Franklin is this favorite of mine: “If passion drives you, let reason hold the reins.” You Have to Hang on to Your Gains If life is a journey, then your career serves as the milestones that measure your progress. While success comes in many forms—to many, it’s much more about achievement than a large bank account—keeping score is useful in determining both how well you’re doing in addition to how much good you’re accomplishing. Yet missed opportunities, wasted resources, and squandered money should concern everyone, which is perhaps why each can sting with disappointment. If you make all the money in the world but you don't manage to keep any, how successful have you really been? When doubt creeps in that you may not be making the best choices, or are struggling with income disbursement, wealth management, and retirement planning, look outside of your own experience for answers. When it comes to your finances, seeking out the expertise of a professional is not just helpful, but essential.  How Do Patients Respond To The Waterlase? for more information.