Do you have 'traction' in your practice growth?

By Dr. James V. Anderson, DrBicuspid contributing writer

March 25, 2021 -- We have tried to run our dental practices in a business-as-usual frame of mind during the past year, all while our practices have gone through some unwanted changes amidst the pandemic shutdowns and restarts.

Dr. James Anderson
Dr. James Anderson.

Many dentists have lost focus on goals and accept just being able to treat any patient as a sign of success. Our vision for growth has been sidetracked, and many of us feel off-track and like we are struggling to regroup and get back on the path of prosperity.

No matter where you are in your dental business growth -- from startup to established -- reading Gino Wickman's book Traction is a breakthrough way to set a path to help your team achieve its new vision and direction.

A key point in the book's message is the Entrepreneurial Operating System (EOS). The EOS is a process that shows readers how to grow and realize their business's highest potential.

Using the EOS, you can set your vision and measure your growth metrics under six critical points of focus.

1. Vision

Your vision of success is not a private matter. The entire organization needs to be in on the big picture. Sharing your vision brings clarity to and alignment between your team members. The result is less friction and more focus on the end goal.

2. People

Are all of your people in the right jobs? Do you only focus on the top performers? Top successful leaders see the potential in everyone and work toward helping them see it in themselves, too. People are your most valuable asset because you cannot build a great company without the right people in the right positions.

3. Data

Measure your data so you know where to improve. Focusing on the actual numbers helps you know the vital signs of what is driving your business to thrive or to struggle. Generate and read computer reports on production, collection, accounts receivables, outstanding insurance claims, retention, and referrals. Take the time to study them and compare them with data from the last three years. Are you thriving, struggling, or failing?

4. Issues

Transparency creates an open organization where negative points cannot hide. It is natural for every business to face problems and setbacks. Stopping these obstacles from upsetting your vision must be done head-on. Identify the issues and design a plan to resolve and close the threat. Use the EOS system to grow and optimize systems.

5. Process

Operating systems are how you operate as a business, and they keep your team in check. However, they should be reformulated as you grow. Learn to embrace change, which is often for the better, and integrate the new into everyday operations in the most positive way.

6. Traction

This is a crucial characteristic of the most successful business leaders. Their influence drives accountability, focus, and discipline throughout their team so that everyone executes on the vision every single day.

When you gain traction, you stop your wheels from spinning. If your dental practice drives into a ditch and loses traction, it stops moving and regularly loses cash flow. You must apply a variety of useful methods to ensure your business's future and generate constant cash flow.

Dr. James Anderson is a practicing dentist in Syracuse, UT, and is the CEO and founder of eAssist Dental Solutions. He can be reached via email.

The comments and observations expressed herein do not necessarily reflect the opinions of, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.

Copyright © 2021

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