We are a group of Dental Consultants who offer, improved practice morale; a happier, more profitable patient base;and improved home life; increased collections. (And yes, our average is 35% in year one.)

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Monday, May 20, 2013

Go Big or Go Home: Abundance

 

Lenora Milligan

In our last article we discussed the importance of setting goals, thinking big and reaching for the stars.  So, did you do it?  Consider this:  Mark McCormack, the author of “What they don’t teach you at Harvard Business School,” tells a story of a study done in 1972 with Harvard MBA students. In the study the students were asked, “Have you set clear, written goals for your future and made plans to accomplish them?”  3% had written down their goals and plans, 13% had goals, and 84% had no specific goals at all.  During a follow up to the study 10 years later the results showed that the 13% that had goals, earned on average twice as much as the 84% who had no goals and the 3% who wrote down their goals, were earning 10x the amount as the other 97% put together!  The power of setting goals and having a clear vision can make you extraordinary.

As you read this you might be surprised to realize the first quarter of the year is almost over.  That means it’s time to check your statistics and see if you are heading in the right direction and at the right speed.  I suggest you compare your year-to-date production and collection to the same period of time last year.  Are you behind or ahead?  If you are ahead, then stay focused and good for you.  If you are behind it is time for course correction.  Project your production and collections forward to see where you will end this year if you keep your current pace.  To do this simply divide your numbers by the months represented and then times by 12.  An example:  If you produced $234.000 in three months then you have an average of $78.000 per month.  Times by 12 means you will finish the year at $936,000. Is that what you wanted?  This gives you a preview of where you are headed and gives you an opportunity to make changes before it’s too late.

I find it interesting that many dentists are having the best year they have ever had while their colleagues are suffering.  What is the difference?  The ones suffering would call it bad luck.  The ones prospering would say they “think in abundance.”


Lenora Milligan is a coach consultant with Salt Dental Practice Management. 

Original Article published by

Tri-County Dental Society

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