Why Your Exit Strategy Should Keep You Up at Night

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Let’s play a game called “Name Your Price.” Imagine there’s a knock on your office’s front door. It’s a corporate investor. He wants to buy your practice and roll it together with five other practices, and he’s willing to cut you a big check to help you make up your mind. So… Name your price!

How much money would he have to wave in front of your face to convince you to sell your practice right then and there? Are you thinking of a number?

Whatever your number is… It’s the WRONG answer!

 

You heard me… Wrong, wrong, wrong! But before we get into that trick question, I’d like to take a step back and talk about Rich People and Poor People. Over the years, I’ve noticed a fundamental difference between Rich People and Poor People—besides, obviously, the size of their bank accounts. A lot of it comes down to the way that they think. Rich people are, by nature, long-term thinkers. The majority of poor people, on the other hand, tend to live moment-to-moment without ever creating a big plan. They are short-term thinkers.

So, what does that mean for you? It means that if you want to become successful beyond your wildest dreams and make boatloads of money, you need to create a longterm plan. You need to set your sights on a big goal—one that gets you really excited—put your head down, and get things done. You need to make wise investments that will allow you to push your potential. And most importantly, you need to keep your eye on the big picture… (Even when someone is waving a fat check in your face.)

This is your Wake Up Call. Corporate investors are going to come knocking. They are going to try to buy your practice out from under you, and I can tell you one thing… They’ll make an offer that is GREAT for them and not-so-great for you. 99 times out of 100, you’ll get the short end of the stick. But you’ll be so distracted by the easy money that you won’t realize it until it’s too late.

Do yourself a favor. Start thinking like a Rich Person. Keep the long-term plan in mind. A $500,000 check might make your head spin now, but that chunk of money won’t last forever… In fact, it’ll be gone in the blink of an eye! Your practice is your golden goose. It is worth SO much more to you than $500,000 or even a million dollars. It has the potential to provide generous financial margin for you until the day you die… And to continue providing for your family even after you’re gone.

That’s why you need to seriously RETHINK your exit strategy.

 

Don’t just create a plan to sell… Take the next five or ten years to grow your Practice as much as possible before you even consider selling. Come up with an exciting goal, create a plan, put your head down, and start making practice-growth investments. Focus on team trainings, resource maximization, facility improvements, etc. You should use this time to increase your new patient numbers, collections, production, and referrals… Buyers want to see numbers that are trending up! In fact, a Practice that has stagnated (or even worse, declined) are much more difficult to sell… So don’t accept those downward trends!

And creating an Exit Strategy isn’t just for us old-timers, by the way… Young dentists, all of this applies just as much to you! You have even more time to plan—but you need to get started NOW. Today. Start considering a few important questions…

-What does your timeline look like?

-How many more years do you plan to practice?

-How much time do you have to turn your practice into a marketable goldmine?

At the end of the day, the choice is yours. Maybe you’ve already made up your mind—you think you’re ready to sell because you aren’t enjoying dentistry like you used to… You’re fed up. Exhausted. DONE. But are you really ready to throw in the towel on something that you’ve poured so much hard work into? What if—and bear with me—you could reignite your passion for dentistry and learn to love your work again? What if all it took was making a few strategic changes that would produce enormous, exciting results?

Are you willing to give it one last shot?

To find out how to significantly increase your new patients and begin those upward trends within a few months, call 844-242-1992 today. Let us help YOU put your Exit Strategy into motion.

 

 

Until next time,

jaysig

Jay Geier

How Your Obsession With “Greener Pastures” is Hurting Your Career

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The number of years that you are intentional in all areas will minimize the number of times you look over the fence.

What the heck does that mean? That means if you are highly intentional about setting goals and succeeding in all areas of your life… If you are intentional with your time, your money, your energy, and your resources… Your life will be so ridiculously cool that you won’t need to look over the fence. You won’t even WANT to look over the fence.

In fact, you will have designed everything so perfectly that you’ll already have everything that you want.

For example–and I don’t mean this arrogantly, but I want to provide a bit of insight–I don’t read about celebrities. Ever. Honestly, they don’t interest me. Their LIFESTYLES don’t interest me. Their DRAMA doesn’t interest me.

You know what I know about celebrities? Hollywood has an incredibly high unemployment rate and most celebrities don’t have any appreciating assets. Many of them actually have major complexes about their money because they don’t feel like they earned it. Many of them destroy their lives with alcohol, drugs, and bad relationships. I mean, a lot of Hollywood is actually a very warped place.

Yet people still watch TV shows about celebrities lives… They still obsess over Hollywood’s riches. Why? Because we are a society of voyeurism. We are OBSESSED with “greener pastures.” We have this compelling need to peek over the fence.

Let me tell you something. Every single minute you spend looking at someone else’s life over the fence is another minute you don’t spend WORKING on YOUR life. It’s another minute you let slip away. It’s another minute you aren’t intentional about getting where you want to be. Do you get what I’m saying?

YOU–and you alone– have complete control over where you end up. You have control over your lifestyle.. Your income… Your relationships… Your happiness. You’re going to think I’m crazy, but bear with me for a second…

You get what you deserve.

No–I’m not talking about diseases. I’m not talking about sudden and untimely deaths or tragedies. If you are the kind of person that likes to take things the wrong way– take a deep breath. I’m saying that 99 times out of 100,  people get exactly what they work for. If they put in the preparation and the intention, they get incredible results. And if they put in mediocre effort and mediocre preparation–well, they get mediocre results. So, what do your results say? Are you being INTENTIONAL with your time, energy, and money? Or… Are you busy looking over the fence into greener pastures?

If you’re fed up with mediocre, now is the time to do something about it. Not tomorrow. Not next week. Not a year from now. NOW. Scheduling Institute has won 9 Townie Choice Awards for a REASON. We are the largest dental training and coaching business in the whole industry for a REASON. We were named one of the fastest growing companies in Atlanta for a REASON…

We know what we are doing. It’s that simple. 20 years of experience and thousands of doctors can back me up on that fact… We know what we’re doing. We KNOW how to grow your practice to the next level. We know how to help you achieve incredible results. And we can help you reach a level of success you’ve only dreamed about. Call 844-242-1992 today, and ask about our On-Site Five Star Telephone Training– the single most results-driven training in the dental industry.

Friday Focus: Your Q1 2016 Assessment

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It’s the final week of March, and we’re nearing the end of Q1, which means… It’s time for a critical self-assessment.

But before we jump in, here’s an important memo:

It’s NOT OVER TILL IT’S OVER! Don’t start counting your Q1 losses before the first of April. You’ve still got time! My team has pushed out some of our most amazing Quarters in the final days… You just need to make sure you are motivating and encouraging your team to squeeze out every last drop of their potential! You’ve got to fire them up to really reach amazing results! (Maybe an end of Quarter contest?)

And secondly:

Learn to live in the IN-BETWEEN SPACES. If you end up missing one of your goals for Q1 by a LONG SHOT… Hear me out. It’s OKAY. Seriously! A lot of times, the journey is more exciting and more rewarding than the goal itself. You just need to learn to live in that in-between space–between the beginning of your journey and your ultimate goal. You need to accept that you are making PROGRESS. As long as you are making progress, life is good. Remember that.

Now that we’ve got those out of the way, let’s talk about some other things. I want you to ask yourself a few questions… Were you happy with the progress you made this Quarter? What about your team–what kind of growth did you see in your team members, both personally and professionally?

If you feel like this first Quarter DIDN’T go as well as you’d hoped, you need to make some changes. It’s that simple, but we all tend to complicate it. So, start brainstorming! To help you out, I’ve included a list of ideas that are frequently used by our clients when they need to gear up for a bigger and better Q2.

  • Schedule a telephone training to maximize your new patient numbers.
  • Update staff incentives to align with practice goals.
  • Start sending monthly newsletters to patients.
  • Get active and inactive patient lists cleaned up.
  • Hire a marketing person.
  • Fire someone who should have been fired 6 months ago.
  • Hire someone who should have been hired 6 months ago.
  • Arrange regular staff meetings 
  • Hold morning huddles to get each day started on the right track
  • Set a marketing budget. 

Hopefully these will get your brain working on some new solutions. Remember… Q1 isn’t over yet! You need to maximize Every Single Day until April 1st. And then, when April 1st rolls around… DON’T LOSE MOMENTUM! If you play your cards right, your Q2 can blow Q1 out of the water. Your goal is to get your team SO excited about serving patients that they come into the office with a smile on their faces every single morning.

Call 844-242-1992 today to schedule your team training– guaranteed to boost your new patient numbers (as well as your production and collections!) To find out what other doctors are saying about our in-office trainings, click here.

Rest up this weekend. Get ready to give it your ALL on Monday.

You’ve got this. 

 

Until next time,

 

jaysig

Jay Geier

Are You Investing in Your Confidence?

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Confidence is the most important human ability we can develop.  With confidence, anything is possible.  Without it, very little gets done.  One definition is: transforming fear into focused and relaxed thinking, communications and actions.

In order to maximize your opportunities, you must generate confidence and protect it like you would any other important asset.  Your confidence is your greatest asset and creating and maintaining confidence is what makes that asset produce at a high level.  Have you ever looked at it that way?

Time and money spent to create and build confidence is an investment not an expense. Think about what gives you confidence. Create a list of specific actions that help you build confidence.

 An example would be exercising daily.  For many people, this habit seems to have a dramatic effect on confidence, which translates into output, productivity, attitude and much more.  Reading and studying things that you are passionate can create confidence as well. Maybe its being with your family, or getting 8 full hours of sleep each night. Perhaps it’s participating in a recreational hobby –like a team sport or playing an instrument!

Take a minute to brainstorm…

What are your Top 10 Confidence Builders?

1.________________________________________

2.________________________________________

3.________________________________________

4.________________________________________

5.________________________________________

6.________________________________________

7.________________________________________

8.________________________________________

9.________________________________________

10._______________________________________

Appreciate these activities for their value and protect the time needed to do them consistently.

**Remember… It’s equally important to think about what destroys your confidence.  For example… Poor body image, lack of sleep, associating with negative people, and not feeling purposeful in your career are all things that could be SHREDDING your confidence.

So, here’s your challenge… This week, make a point to take a few steps away from whatever is shredding your confidence and a few steps closer to the thing that makes you confident.  You will notice an immediate impact.

If you feel like your lack of confidence is coming from a lack of direction with your practice, we can help. Scheduling Institute has assisted thousands of doctors in training their teams, reaching incredible production and collection goals, growing their practices, and reclaiming their lives. We offer the most results-oriented On-Site Trainings and consulting programs in the industry. Don’t hesitate to reach out to us. Call 844-242-1992 today and start building your confidence!!

Until next time,

jaysig

Jay Geier

 

Are You Making the Most of Your Social Media?

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It’s official… A social media craze has swept the world. Whether you’re in the United States, Sweden, Russia, or Japan, chances are–you have a personal online presence.(And if you’re in the majority, you check your accounts multiple times per day!)

That’s exactly why it is CRUCIAL that your practice 1) creates and 2) maintains an engaging, interactive, educational and relevant social media presence. I’m talking Facebook, Twitter, LinkedIn– you name it!

Don’t worry… You don’t need to be in charge of running all of those accounts! I’m certainly not in charge of all of the Scheduling Institute’s social media! That would be insane… Instead, you should hire a Marketing Professional to not only take on your practice’s marketing endeavors (campaigns, sequences, etc.) but also to handle your online presence. (And don’t limit yourself to social media… Make sure you have a snazzy, modern, updated website as well!! You can have one created for fairly cheap.)

Now that I’ve given you the WHY, let’s talk about the HOW. Here are a few great ways to use the World Wide Web to your advantage:

Social media for SEO (search engine optimization) – This is basically boosting your presence on search engines like Google, Bing, etc. To get to the top of these “lists”– add great content to your site, build up your following, engage with your social media followers, focus on what you do well and become an expert in that field. Get links to your site from other authoritative websites in your space, and work on becoming an authority in your space on social media.

Actively seek out your patients through social media – Depending on your patient base, you may be able to drive patient interest through social media interest. Sites such as Facebook, Twitter and the more visual platforms such as Instagram and Pinterest are great places to engage your patients and get new ones.

Tell Your Story – Now more than ever, people want to feel a personal connection to where they spend their money. This is GREAT news for smaller, privately owned businesses like dental practices. Build your likability and build a personal connection with your patients by sharing your practice’s journey and your accomplishments. Social networks are a great place for you to really bring your brand alive and create loyal advocates! You should highlight any and all 1) community service done by you and your team, 2) team building days or activiries, 3) patient appreciation events, 4) charitable giving….. You get the idea! Use pictures and funny, clever captions to engage your audience and bring these “likable” features to life!

Don’t forget… You’ve got to make the most of every single opportunity you can get your hands on. If you are neglecting your practice’s Online Presence, I’m telling you… That is a HUGE missed opportunity!!! Now is the time to take action and get in control of your future.

 

Until next time,

jaysig

Jay Geier

The Hard Truth About Being a Patient-centric Practice

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Over the past fifteen years that I’ve worked closely with dental practices around the world, I’ve noticed two very important trends that I think might interest you.

  1. The top practices are all switching over to an entirely patient-centric model.
  2. A whole lot of doctors don’t fully understand what it means to be patient-centric.

Trend #1 is important because it will dictate your level of success in this industry. If you expect to stay at the top of your game without switching to this patient-centric model, think again. You have got to make this a top priority if you want to have any hope of being the best practice in your town or heck–even your neighborhood. THAT is how competitive this industry is going to become over the next few years.

Do you want to know why? Because you’re competing with my clients. And they are some of the top, most patient-centric practices in the game.

So, on to #2… Are YOU part of this large group of doctors that doesn’t fully understand the patient-centric practice model?

Let’s break it down. Being patient-centric means truly putting the patient first in every sense of the word. Your patient needs to feel like royalty. You need to base all of your decisions on what is MOST CONVENIENT FOR THE PATIENT…. Even if it is inconvenient for you and your staff. LET ME REPEAT THAT. Being patient-centric means doing what is best and most convenient for the patient, even when it inconveniences you. Yep, it’s not always fun. It’s rarely easy. But I can 100% guarantee you it is the best, most successful practice model out there. Hands down.

One of the biggest issues I see with doctors who THINK they’ve created a patient-centric business is their schedule. So, let’s assess your schedule. If 90% of your patients are a) in school or b) at the office during your practice’s typical hours…. You’ve got a problem. That is NOT a patient-centric model. You need to extend your hours into the evening, and stay open on weekends and some bank holidays.

Dr. Lhota’s practice in NYC is an excellent example of a patient-centric practice that is reaping big rewards. “Our hours are one of the reasons that we’ve grown so fast… Because we are available when no one else is. It’s a commitment to our patients to be there when they need us. The only days we close are Thanksgiving Day and Christmas Day. We open at 7 a.m. and go until 9 at night. We have a competitive advantage that’s allowing us to stay ahead of the curve,” said Holly, Dr. Lhota’s practice manager.

So, are you willing to do what it takes to make it to the next level? Are you REALLY committed to adopting a patient-centric model and becoming the best practice in your town? If so, you need to go all out on your patient experience. If you need some help, we’ve got a New Patient Experience training that has produced amazing results in practices around the world. Our certified trainers will teach you how to amp up your new patient experience, increase patient engagement, increase your referrals, and become the name on everyone’s lips. Call 844-242-1992 today to sign up or to find out more information.

The Big Lie About Marketing

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“If you market, they will come.”

What a promising statement… Like the beam of a lighthouse, assuring you that everything will be okay. There’s just one little problem.

It’s wrong, wrong, wrong. False, misleading, and just plain dumb. In fact, this neatly packaged adage is doing you more harm than good because it’s distracting you from getting to the root of your problem and fully examining your marketing machine.

You’re probably wondering what the heck I mean by that. Well, let’s start at the beginning. What is a marketing machine, and what are its pieces? A well-oiled marketing machine is designed with one goal: to get patients in your door. It’s comprised of three components.

1) The physical marketing piece

2) First contact with the potential patient

3) The office visit

First things first. Whoever is in charge of marketing your practice has to create a marketing piece. A sign on a park bench, a flier, an email, a postcard—whatever it may be. Next, they have to send it out to potential patients in the area or post it where it can be seen—again, depending upon your specific marketing strategy. This first component is fairly simple.

The second component is trickier. After your marketing is released into the world, it will begin to generate phone calls. That’s the whole point of marketing, right? So, someone sees your number on a park bench or receives one of your fliers in the mail, and ring, ring—they call your office. They’re officially interested. Now pay close attention…

Who answers the phones at your practice? Your front desk team. Okay so your phone rings. They answer the call and speak with the potential patient. This is the first and most important point of contact—I call it the “first touch”. In a well-oiled marketing machine, your team is properly equipped to handle every question and every call. They are able to schedule 99% of these calls and completely fill your schedule. When that happens, your marketing ROI goes through the roof.

We’re in the home stretch… To review: you created a marketing piece. Your piece generated a call. The caller was scheduled. Now, the scheduled patient just has to show up. Once they walk through your front door—that’s end-game, homerun, pop–the-champagne time… You did it! Your marketing machine is a success! Keep doing what you’re doing.

Unfortunately, this well-oiled beauty isn’t your average dentist’s marketing machine. In fact, the machine I described is the outlier rather than the norm. The average dentist has a much lower marketing ROI and rarely sees this volume of new patients. So let’s do some examining… Where is the breakdown occurring between step 1 and step 3 of your marketing machine? (Here’s a hint… There’s probably nothing wrong with your marketing pieces.)

The breakdown is occurring during that very first point of contact with the patient… The telephone. It is the most underrated and neglected part of your marketing machine—and the most important. Another component could break and the machine would continue to operate, but when your phones are broken, the entire machine shuts down.

Your marketing pieces are generating phone calls; your phone is ringing, and (if it is being answered at all) your front desk is wasting the opportunity and failing to schedule the potential patient… All because you’ve never trained them on how to do it properly! Be honest. When you were looking to fill a front desk position, you probably hired someone to be “the friendly voice on the other end of the line,” right? You didn’t hire someone who knew about streamlined scheduling, selling the value of treatment, avoiding verbal vomit and using proper verbiage!

So, the bad news is, your marketing machine is broken. Your telephones are the broken piece. As long as your machine is broken, you’re essentially flushing your marketing budget down the drain. You are wasting your time, money, and energy on feeding a broken machine. Which is why “if you market, they will come,” is a big load of bull-hockey.

But here’s the good news. It’s 100% fixable… And it’s a whole lot easier than you think. Fix your phones. Today. Invest in training your team on the phones so they can maximize this crucial interaction and schedule the new patient every single time. Training your team on the phones is the only way to patch up your broken marketing machine and significantly increase your new patient numbers, production, and collections. Remember when I said that a well-oiled marketing machine would take your ROI through the roof? Yeah, I wasn’t joking.

Don’t believe me? Take a look at the math to see what your telephones are costing you.

Every single new patient you lose is worth approximately $1,500 to your practice over their lifetime—and that’s a low-end estimate. So let’s say that 15 potential patients see your marketing piece and call your practice this week. Out of those 15 callers, your staff is only able to schedule 10—another generous estimate. Let’s say this happens every single week, as it does in most offices. That would mean your practice is losing $7,500 each week, $30,000 each month, and a grand total of $390,000 in one year. Just let that sink in for a second. $390,000 lost because you haven’t trained your team on how to handle new patient phone calls. That’s pretty painful.

Those are the facts. You now understand the model for a well-oiled marketing machine. You know that your telephones are the key to marketing success, and you’ve seen the devastating consequences of undertraining your team. Now, the question is… What are you going to do with those facts?

I can point at the problem all day long, but you have to be the one that decides to fix it.

Take less than 2 minutes (yes, we timed it) and visit www.schedulinginstitute.com/sign-up/readiness-rating/. Complete the simple Quickstart form and we’ll send you a FREE assessment of how your office is treating your new patients on the phone.

So, are you up to the challenge? …. Or will you turn a blind eye?

 

 

Make it a productive week!

jaysig

Jay Geier