Being a practice owner isn't for the faint of heart. It's risky. Problems arise. It's easy to lose motivation.
To add to the troubles, most practice owners are dentists. Dentists aren't too versed in the art of running an entire business. While they excel at providing a filling or putting in a dental implant, they end up struggling in other areas—marketing, managing teams, and so on. Chances are that you're probably here because you've found yourself sinking in the same boat.
Well, we have some good news for you: there's always a way to bounce back—even if the odds are stacked against you. The first step in overcoming these hurdles is in realizing that there are no guarantees in life. If something goes wrong, it isn’t because you're a failure or bad person—it's just that things didn't work out this time around.
Yet, while that touchy-feely stuff is helpful, it isn’t going to make dividends. So, Dental Hub 360 is here to show some more direct steps when it comes to bouncing back.
Confide in Data
Entrepreneurs are faced with a lot of challenges when running their businesses. Being able to understand the risks they’re taking while also being able to recognize their strengths is important.
Unfortunately, running a business isn't always a blast. Sometimes it takes a mathematical, pragmatic mind to determine the best course of action. By looking at data, you can see areas of your practice that need the most work. You can also see what areas are strongest. This'll allow you to focus on what's most urgent.
It can be a bit soul-sucking or tedious to look through spreadsheets and crunch numbers. But it's a necessary approach if you want to pivot the trajectory of your business.
For example, let's say you go crunch some numbers to discern the procedures patients are paying the most for. Soon enough, you conclude that you've had a mediocre case acceptance rate for dental implants throughout the last two years. It'd be unrealistic to expect you'll suddenly get excellent results next year, wouldn't it?
By looking at the data, you can recalibrate your perspective, set realistic objectives, and make data-driven decisions. Little gains will build confidence, too, which is super important. If your practice is already wavering, you're probably doubting your abilities. Biting off more than you chew only to fall flat on your face is a sure-fire way to wreak havoc on your self-esteem.
Learn From Mistakes
As you crunch numbers, you'll realize you did poorly in some areas. It's important you identify these holes in the bucket and plug them.
Learning from mistakes is good in both a personal and professional sense. It's a bad habit to point fingers in lieu of taking accountability and taking action to improve yourself. The same can be said for practice owners.
Look to what mistakes got your practice to where it is. Were your marketing campaigns failing to generate leads? Did your team members give it their all? What about the location you set yourself up in? From there, create a plan of action to overcome them this time around.
Data can help you understand the factors that can shift the success of your practice in the future. Understanding how those various factors affect your company’s success will ensure you're never caught on your heels.
Continue What Worked
Likewise, crunching numbers will also reveal where your practice performed better.
It's important you fortify the stronger components of your practice and keep the momentum rolling. That might mean keeping certain team members. It might mean repurposing old marketing campaigns that were effective at driving engagement.
Don't get complacent, though. It's important to push the envelope.
Business owners should always continue to learn and grow as a leader. The fact that you're reading this blog just proves you already know the importance of getting resourceful.
You shouldn't do the business stuff alone. It's a team effort. But you can also confide in software to lend a helping hand. There are tons of helpful tools whether you're looking for assistance in marketing, social media presence, website SEO and design, and so on. Those are great ways to improve your business.
VoIP-owned companies, like our partner Mango Voice, are a great form of help. Their services include several integrations that can make your practice run smoother and better.
Retake the Reins!
Data can lead to better decision-making processes and higher levels of success within companies. Dissecting the data of your practice will help you to retake the reins of your dental practice.
Make sure to look out for yourself, though. Don't work yourself to death. Amidst all the hustle and bustle, don't forget to focus on eating right, sleeping well, and making time for relaxation. That'll help create balance in your life which will make you more resilient to setbacks and failures.
If you’re interested in more content like this, join the Trapped in an OP Facebook group today where dental professionals from around the world encourage, support, and advise each other!