Where do you want to take your practice?Only you can answer this question. Unfortunately, due to the hectic pace of most dental practices, many dentists have not taken the time to think about the future of their practices beyond the next month, quarter or year. Creating a vision statement can help a dentist determine where the practice is going and provide a roadmap for long-term growth.
Levin Group believes that one of the first things every new client should do is create a vision statement. Only dentists with a vision can understand and communicate to their team members where they want their practices to go. As our consultants often say to clients, “You have to see it before you can be it.”
A vision statement is about looking ahead three to five years. It is a motivational tool that will help you create your ideal practice. Without a vision statement, it is often difficult to see where the practice is going.
Self Assessment
Establishing a vision requires that you ask yourself the following questions:
- What type of practice do I want?
- How many days a week do I want to work?
- What types of procedures do I want to offer?
- What categories of patients do I want to see?
- What types of new procedures do I want to offer?
- How do I want to manage the practice?
- How do I want the practice to run?
The answers to these questions will give you an understanding of where you want to take the practice in the next three to five years. Examples may include: expanding the cosmetic practice, reaching top percentiles of production, and having the best reputation in the community.
This list should be reviewed regularly, goals added and subtracted, until the dentist is satisfied that the final list captures the essence of the practice vision. The list can be pared down to the four to six key phrases that will be incorporated into the vision statement. Remember, any item removed from the list is not eliminated because it is undesirable or wrong, but simply because the practice can only accomplish so much over time. For example, a doctor may wish to become the top cosmetic dentist in the state, but if the practice is a new one, a more reasonable goal might be to become the leading cosmetic dentist in the county.
Making the Vision a Reality
Once a dentist has created a practice vision, the next step is to set annual goals. To be considered a goal, an objective must be:
- Written in clear, specific language
- Deadline-driven
- Measurable
Goals must be written down and communicated to the team. If your staff doesn’t know what the practice goals are, how can the team achieve those objectives? Goals must also have deadlines. Can a practice reach $500,000, $1 million or $1.5 million in gross production in the next twelve months? Naturally, this depends on where the practice is today, but a realistic assessment should be established and a deadline assigned to that goal.
Goals must be measured. Without tracking progress, how can the doctor or the team know if the goal can be achieved? If your goal is to have a $1.2 million dollar practice and you have produced and collected $1 million by October of that year, you can realistically evaluate the likelihood of achieving the goal.
Far more than just a motivational concept, goal setting is an outcome of strategic planning. The goals act as the timeline, benchmark, and directional process to achieve the vision. Goals should provide a step-by-step roadmap for achieving the vision.
Systems and Key Performance Indicators (KPIs)
When you start thinking about goals for your practice, consider all of the major systems in your practice, including:
- Scheduling
- Hygiene
- Case presentation
- Practice financial management
- Patient financial management
- Human resources
- Customer service
Levin Group recommends using Key Performance Indicators (KPIs) as a tool to measure goal achievement. For each KPI, you should set a performance goal. When considered together, these individual goals give you a collective picture of any changes you need to make in your practice to improve performance.
To assess your performance and progress toward goals, it is critical to track each KPI on a monthly, weekly, or even daily basis. Possessing this kind of information about your practice will allow you to take immediate corrective steps if your actual performance falls short of your goals. By evaluating your KPIs, you can also readjust your goals over time to reach your vision.
Conclusion
Long-term practice success depends on the doctor’s vision. Without a vision, the dentist is walking blindly into the future. Goals are the day-to-day embodiment of the vision and should provide a roadmap to practice success. To achieve the highest levels of success, the dentist must lead the team by communicating the vision, setting goals, and motivating staff members.