One of the major points of differentiation of good businesses from great businesses is that the great business owners have a handle on their numbers.
They know all their numbers, that matter.
For instance, great business owners know exactly how many new patients they see.
They know where these new patients come from exactly, and they know how these numbers compare to the previous month, and to the same month in the previous year.
And probably to the year before that, and the year before that as well.
This is because great business owners know what to measure and in so doing stay ahead of the curve, ahead of the wave, and are leaders and not followers, in their marketplace.
Great business owners know the average dollar value of a new patient to the dollar. Not to the thousand or five hundred, but to the exact dollar.
They know the exact value of each new patient per medium, so that they can ramp up their dollar spends specifically on a variety of media, if and when needed.
With this, a great business owner knows the real dollar ROI as well as the New Patient Number ROI for every dollar spent on each of the forms of marketing and media used to attract patients to the practice.
And by knowing what he spends to attract and acquire a new patient via advertising, a great business owner knows how much he can spend to reward an existing customer who refers a valued friend to the dental practice. [The reward is because that is how much the dental practice would have had to have spent to acquire the unreferred patient]
Great business owners know exactly what they spend on staff. Salaries paid to staff amount to one fifth or more of all dollars collected in a dental office, and sees salaries as an investment in his business rather than being a pure outgoing.
A great business owner will also be able to tell you what his outgoings are in his Dental Office as a percentage of revenue. And he’ll be able to let you know what his costs are for dental lab, rent, and for dental materials, almost to the cent.
A great dental business owner has a plan, or several.
He knows how to grow his business, and he has a vision of how that business is going to look.
And he has an exit strategy as well.
And a date.
If he has a vision, but lacks the “how to”, a great business owner employs a coach to give him advice and to keep him accountable.
Because he knows that as you climb the ladder of success it is less crowded the higher you ascend.
And he knows that the climb, and the journey, are both worth it.
My next public speaking presentation showing Dentists how to grow their Dental practices will be in Chicago, USA on Friday 2nd June 2017.
For more information and to secure your seat click this link here.
Have you read my book , How To Build The Dental Practice of Your Dreams [Without Killing Yourself!] In Less Than Sixty Days.
You can order your copy here: Click Link To Order
The Ultimate Patient Experience is a simple to build complete Customer Service system in itself that I developed that allowed me to create an extraordinary dental office in an ordinary Sydney suburb. If you’d like to know more, ask me about my free special report.
Email me at email@example.com
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