Dental coach takes a look at Key Result Areas (KRAs)
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Transform your results with dental coach Andy McDougall from Spot On Business Planning[/caption]Looking back at the previous year, asks Andy McDougall, dental business coach at Spot On Business Planning, how would you score the performance of your dental business on a scale of 0-10? What would it take to make this your best year ever?If you scored an 8, what would it take to make the year ahead a 9 or 10?How will you avoid slipping back to a 6 or 7? What if you scored a 4 or 5? What would it take to make your year an 8?
Change the same old same old!
What are you planning to do differently at your dental practice to avoid having another year of results you don’t want? After all, the definition of a fool is someone who continues to do the same things in the same way but expects to achieve different results.
What’s stopping you?
Is it that you can’t figure out what’s wrong? Or is it that you know what’s wrong but you don’t know how to fix it. Perhaps you don’t know how to make the right decisions or that you really fear driving the necessary changes through your dental business to deliver the breakthrough in results you had previously only dreamed of.
Apply the 80/20 rule
You will be familiar with the 80/20 rule (Vilfredo Pareto). How can we use that principle here? If you are not familiar, it is worth Googling the term and reading up as it is a powerful tool for use in all aspects of business and personal life. Its premise is that 20% of something reflects 80% of the outcome. So in your home, 20% of the carpet would get 80% of the wear. In your accounts, 80% of your profit would come from 20% of your treatments. And so on.When you relate this to key areas of focus, there are 4-5 key areas that would drive radical transformation in your results. These are your Key Result Areas. Rather than focusing on many performance areas, just these few, if achieved, would deliver the results you are looking for.
Consistency is crucial
We need to strive for continually better results in these areas. To know if we are progressing we need to break down our KRAs into the components that drive them, then set standards against which performance can be measured. By knowing the 4-5 KRAs that are going to radically transform your performance and by putting all of your efforts into their fulfilment, you will make enormous progress on achieving your business goals in 2017.Would you benefit from some expert guidance to help make 2017 a great year for your dental practice? Contact dental business consultant, Andy McDougall today.
Our upcoming events
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BDA Setting up a dental practice
The BDA Setting up a dental practice in-person workshop is a great opportunity for you to gain invaluable support, advice and insider information from expert speakers, including Andy McDougall and Anne-Marie Houston, on how to set out on your own for the first time.
Planning your successful exit
Join industry experts & learn how to plan your successful exit at this free live event!
Enjoy an opportunity to join Andy McDougall & Anne-Marie Houston in person at a free event in Surrey in July for dentists keen to maximise their exit value and gain tips for a smoother sale.
Spot On Business Planning is joining Dental Practice Sale and AMG Wealth on Thursday, July 10 for the informative live event to help dentists plan their successful exit.
The three companies will address key areas of concern to practice owners leading up to a sale, the sale process itself and post-sale aspects.
One of our strategic partners, Dental Practice Sale, is a specialist dental broker with an expansive national network of contacts and a team whose pedigree encompasses some of the UK’s most important, prestigious and noteworthy dental business transactions. Collectively the team has decades of experience in valuing, buying and selling dental practices and utilises its vast knowledge to offer the best all-round service.
AMG Wealth is a chartered financial planning practice that delivers high calibre intergenerational financial planning advice. It develops close working relationships with clients to provide investment planning based on your personal priorities, such as keeping a good standard of living in retirement or protecting wealth for future generations.
- Learn how to maximise your exit value - what are the drivers?
- Understand the benefits of structuring your business ready for exit
- Determine the best point to exit
- Hear a personal account from a DPS client & practice seller
- Gain insights on the state of the market today
- Consider where your practice sits with the different buyers in the market
- Uncover the details in deal structures
- Be informed about the valuation process & how you can influence it
- Be aware of options pre sale such as EOT, Pre Sale Trusts, significant share holder exemption
- Transition into the next phase of life (if retirement, what you will do, having winter hobbies etc)
- Ensure you run out of life before running out of money (cash forecasting)
- Protect the estate for now and future generations
- Complimentary drinks and buffet from 6.30pm
The event at Brooklands Hotel in Weybridge starts at 6.30pm with drinks and includes a buffet.
Click here to reserve your space: https://www.dentalpracticesale.co.uk/events/evant-2?hsLang=en-gb
BDA Business Essentials Course
This two-day workshop is ideal for any dental business owner and their practice manager looking to transform poor performance, prepare for sale, or take their practice to the next level with a vision for expansion. Presented by industry experts Andy McDougall and Anne-Marie Houston, this interactive workshop will equip you with the essential tools and strategies to succeed in today’s competitive market.
Book your 121 Zoom with Andy McDougall
Fill in the form below.
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