Fundamentals in Business Success for Independent and Large Group Practices

Due diligence and preparation is the “breakfast-of-champions.” Though it sounds cliche, there’s truth in that statement for the Solopreneur and Dentrepreneur®️.

Picture the athlete who trains when their fans or teammates have “left-the-building.” Or envision the business executive who arrives early or stays late to sharpen the presentation.

Winning at the fundamental level these days takes champion-quality effort. Call it the “extra-credit” or “homework” that a small percentage of “champions” are willing to do. Why? Because success follows preparation.

Do your “homework”

As a dental professional you wear the proverbial “two-hats.” You’re a dental service provider (the clinical “you”) and you run a dental practice (the corporate “you”).  Which “you” is most challenging? It perhaps depends on the day or time of day, right? For the Solopreneur and Dentrepreneur®️ the corporate aspect can be the best of both worlds. It’s fulfilling but at the same time incredibly challenging. Having your hand in all aspects of your dental enterprise can strap the most savvy of dental professionals. Now you want to expand that enterprise via acquisition or expansion.

Finding your leadership “sweet-spot”

Mindset is crucial at this phase of your business growth. It’s closely followed by an awareness and mastery of culture integration. As a Solopreneur or Dentrepreneur®️ you’re faced with the unique challenge that accompanies practice growth by acquisition or expansion. You must become proficient at integrating the cultures of two perhaps distinctly different enterprises. This is where your “homework” applies. Due diligence can prepare you. It can also challenge you to have solution foresight for the cultural transition and the potential risks that exist. Those risks can arise through acquisition or expansion.

The Fundamental Due-Diligence Practices for Successful Dentrepreneurial Acquisitions or Expansions

1-Make accurate assumptions

No one is immune to assumptions. No worries, you make them consistently. The difference is how accurate they are. And you want to improve your “score,” especially during a growth season. Your current solo dental practice has adapted to your initial vision. However, when scaling your practice operations either by square footage or by locations. It’s accurate to assume that you have a model for all operational functions. Your operational functions can be executed by a team with accountability and their understanding that it will take time for your new, expanded culture to do the same. You can also safely assume that your vision – however clear it is to you – will be constantly refined and perfected as you scale your model in developing culture.

• Apply due-diligence to your present assumptions. (I recommend that every Dentist with ownership of any size practice do this once every two years to stay current with industry changes.)
•  Ask for input from team leaders, colleagues, and your support community (Study Clubs, Educational Centers, and Dental Associations you affiliate to. Remember compare apples to apples)
•  With your assumptions in mind, survey, clarify, and patiently acquire buy-in throughout your growth/expansion journey.

2-Navigate the politics of change

Politics! You love them or hate them. Change at any level magnifies them. It’s why you must keep your hand on the wheel during a growth and expansion season. You see the world your way. Your current and new team members see it theirs. Now’s not the time for political maneuvering. It’s time for people connecting.

• Tune into what your culture is saying. Practice unbiased listening.
•  Welcome and embrace fresh ideas and input from your teams(s).
•  Clarify and seek to understand their input and biases.
•  See the changes through your team’s eyes and experience. Empathize when necessary.

3-Align every process with trust

The trust you earn is essential to all successful acquisitions and expansions. Lose the idea that you can buy it (trust) – you cannot!

“High or low, trust is the ‘hidden variable’ in the formula for organizational success.” – Stephen M.R. Covey

Remember those assumptions? Be careful to not assume that trust automatically accompanies your leadership in a growth season. Trust yourself and get out of your own way. Your success as a Solopreneur and Dentrepreneur®️ ignites your “Game-On” spirit. This means playing to your potential and the perception that fully-engaged in the changes. Trust your Key Opinion Leaders (KOL’s) on the team. They will respond likewise. Trust your emerging culture. A climate of trust will arise the more you reward every expression of trust as a core value. Your success as a Solopreneur or Dentrepreneur®️ has three (3) stages of Growth and each stage will be equal to the Human Capital you can capture and retain. This is the key to sustainable growth and creates less effort in the fundamentals of change.

For more Information: Contact Rhonda G Mullins@ 404-445-7730 or Email Rhonda@dentrepreneursolutions.com. Explore more content like this on our blog at DentrepeneurSolutions.com. Follow Rhona on Twitter and register TODAY for more information on Master Class Emersion Educational Services for Solopreneurs and Dentrepreneur®. Complimentary conversations!

Sources: Stephen M. R. Covey, The Speed of Trust