YOUR BUSINESS IN ‘24 “You are NOT in the business you think you’re in.”

December 31, 2023
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This sage advice comes from my mentor Dan Kennedy and is ubiquitous, independent of exactly what business you’re in.  It’s as true for a general dentist as it is for specialist, a high-end jeweler, or the local car wash.  Whatever business you think you’re in, you’re actually in the business of marketing your business.  For without a reliable flow of patients, clients or customers, a business will die.

The tendency is to tackle this challenge via systems, or the HOW. But as Jim Collins (“Good To Great”) and Verne Harnish (“Scaling Up”) both say…PEOPLE FIRST!

First WHO…then WHAT...then HOW…then $$$’s!

Who is responsible for this activity?  
Does this person have the necessary hard and soft skills?
Does this person have the bandwidth for the role?
Does the practice have systems in place to encourage, monitor and reward referrals?
Do you outsource any marketing?
Who is responsible for monitoring the results?
When has this relationship be evaluated from an ROI perspective?
What marketing activities will result in the business you want to promote?
What can be done that maximizes all the assets and resources at your disposal?
What services are wanted by your patients?
How will these resources be put into action?
How will the marketing activities be implemented?
How will they be monitored?

 

How will these marketed activities be monetized?

How much money will be required to invest in the marketing?

 

The people involved in marketing are responsible for the most important activity in the practice.  Assuring that they have or can be trained for the requisite skills will allow them to fulfill their mission.

Do You Have a Team of “A” players?

Once you have the right people, then you can strategize about the WHAT and HOW.  And after that, make a budget for how much of an investment will be required.

Monitoring results is the only way to assess the Return OnInvestment (ROI) and will enable focusing more on what’s working and less on what is not.

2024, as it is an election year promises to be one of UNKNOWNS and UNCERTAINTY.  When people feel insecure of their future, they react in predictable ways.

In a special report, I have outlined the 10 ways people react during when faced with uncertainty and how YOU can protect yourself, an even prosper, by understanding these, planning, and reacting accordingly.

This knowledge enabled my clients to avoid a down year in 2020 despite the greatest economic challenge of our lifetime.  With this knowledge, you can do the same.  The report and a video explaining the greatest opportunity in the coming year is available through membership in The Liberated Practice Program.

Two of the characteristics of an “A” team player are:

A desire to feed their knowledge base.
A desire to improve their performance.

 

The Liberated Practice Program fulfills these needs by providing hundreds of hours of resources along with encouragement and inspiration.

Your performance in ’24 will be determined by the level of the team around you.  Why not INVEST IN THEM?

To a Happy and Prosperous ’24,

Michael

Practice Success Insights

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Dr. Michael Goldberg is one of the leading educators on dental practice management in the United States.

Michael ran and sold a prestigious group practice in Manhattan and has been on Faculty at Columbia University and New York-Presbyterian Medical Center for 30 years including Director of the GPR program and Director of the course on Practice Management.

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