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Leadership in Tough Economic Times
January 01, 2009
It's been said that medical professions are recession-proof.
Are they really?
Many dentists are being challenged for the first time on what some believe as the most serious challenge to our economy since the Great Depression. I'm not sure that comparison is on-target, but nevertheless, most dentists have been feeling the crunch in one way or another.
Relatively speaking, it's fairly easy leading a team when money is plentiful. There's not a whole lot of serious concern over mistakes, past due accounts, or remakes. Employees can get lazy about ordering supplies, keeping monitors of their duties, even asking for referrals from patients.
When things aren't so easygoing, it's a different story.
Every little mistake is amplified. There's no extra money for "feel good" treats for the staff, or that lunch out every week. Raises are few and far between, and it's difficult for many dentists - who I know are generally very unselfish, kind people - to be able to say "no" to requests, overtime hours, or any number of other things.
When the feeling around the office is tense, unresolved issues with employees or between employees seem to percolate to the surface and become amplified. Dentists get frustrated with the general state of affairs and find it difficult to know how to lead their team effectively.
Unfortunately, hard times amplify everything that's not going well in a practice.
How do you lead in times like these? In situations like these?
For starters, "get back to the basics". What I mean is that you should do those things that brought you success the first time. Most likely you've wandered from that original path, for whatever reason. This being the first of the New Year, it's time to re-evaluate your Business Plan for 2009, or make one if you've never done that. (The simplest way to do that is by following the outline of Jim Horan's "The One Page Business Plan", available in most bookstores.) Stick to a plan; don't move blindly onward into the new year. The mistake that most business owners make is to make business decisions based on emotion. That will get you into trouble.
Set aside some time ASAP to make your business plan for 2009, then make a copy to share with each team member. Outline what they will need to do to help you achieve the objectives and strategies you've developed for the coming year.
Then, do the following:
- Pay particular attention to doing those things that you know are "tried and true" - it's NOT the time for experimentation!
- Avoid adding more services that will have an expensive start-up cost - be it "money cost" or "learning cost".
- Make a budget and stick to it like glue.
- Pay particular attention to how you're communicating with your patients. Relationship has ultimate importance in times like these. Spend extra time with patients - don't rush through visits.
- Make it a point to have each patient schedule all or at least part of necessary treatment while they are in your office.
- Contact financing companies, like CareCredit (I have no affiliations with them) for rare financing opportunities for patients. (These companies are hungry for your business!)
- Sit down with your team and clean up any messes. Don't let the problems fester.
Staff must be accountable. If you don't have monitors in place for everything important they do, then help them develop the monitors and turn them in to you by the end of each month; review their work.
- Make sure you're working with a professional marketing firm and are spending 2-4% of your monthly income on targeted marketing efforts. Please don't spend it on refrigerator magnets.
- I CAN'T HELP BUT SAY THIS - hire a coach to work with you through these times. It's a small investment that will pay both long- and short-term dividends.
- Keep learning, keep reading, keep growing.
- Be frugal in the right areas, avoid impulse buying, and avoid purchasing "the next best, greatest product". We dentists are such gadget-geeks.
If you'll focus on these items, you're well on your way to a profitable 2009!
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