Differentiation & Diversification – Key to Practice Profitability and Exponential Growth

The primary goal of every dentist and dental practice is to provide excellent dental care by earning patients’ trust, building relationships and ensuring a positive dental experience. But in order to do so, dental practices must be financially sound, enabling dentists to keep supplies replenished, maintain adequate staff and invest in the latest services, products and equipment.

INCREASE PRACTICE PROFITABILITY

Beginning a new dental practice or growing an existing practice may seem like a bloodcurdling task. As we know, there are only so many hours in a day, a limited number of patients to be seen per day, increasing costs of doing business, and a changing economic climate year by year. The solution; however, is not to work longer, harder, faster hours… but to work smarter.

Differentiation: In today’s competitive world, dentists must not only be the best at what they do, but also different from their competitors in order to continue growing. What makes your practices and services better than the dentist down the street? What do YOU have that your competitors don’t?

blog #2Diversification: Broadening the services and products you offer to patients has many distinct advantages: unique offerings will draw in new clients and can be used to up-sell existing ones. Expanding and diversifying is what motivates and inspires dentists and their staff members to expand their knowledge, try new things and renew their enthusiasm for work.

There are five business hats that dentists are accountable for, which are: the INVESTOR hat, the CEO hat, the PROVIDER/TECHNICIAN hat, the TEAM hat, and the MARKETING hat. All hats demand a VALUE ADDED ROI.

As they say, “work smarter, not harder!” What are YOU doing different in 2014 to make this your best year yet? Remember, if there isn’t significant improvement, then settling for mediocre will continue to be your reality.

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