Originally Published in “The Journal of the Michigan Dental Association”
My daughter and son in law recently bought a new business. As part of their financing package they got a loan from the Small Business Administration. They were, of course, required to submit a business plan, (as an aside, do you have a business plan? Did you write one when you purchased your practice? I will address business plans in a future article). I’ve written business plans, I teach students how to write business plans, but there was one section that I hadn’t thought of before. The SBA required them to write an exit strategy for their business. I began to think how valuable this is, and how it could help dentists in planning for their future. Continue Reading →
Originally published in “The Journal of the Michigan Dental Association”
I have a dentist friend who is retiring soon. You might say to yourself, “Good for him, after working 30 or 40 years he deserves to enjoy life and the fruit of his labors.” Now, what if I told you that this dentist was 39 years old and had practiced for only 12 years?
Continue Reading →
Here is a link to Kiplinger’s June 1, 2012 updated economic forecast. http://www.kiplinger.com/businessresource/economic_outlook/
Originally published in the “Journal of the Michigan Dental Association”, Feb. 2012
I’ve owned my own practice; I’ve worked in three or four others and, because of my position teaching practice management at the University of Detroit Mercy, I have the opportunity to talk to a lot of dentists about the products and supplies that they use. How do you decide what products to use? I’ve observed that there seems to be three different methods that dentists employ to select products to use in their practice; advertising, “common sense” and evidence based. Continue Reading →
Originally published in “The Journal of the Michigan Dental Association”, January, 2012
With the economy the way it is today, especially here in Michigan, I see more and more dentists struggling to maintain. Their revenues are down and they are worried about making ends meet. Not knowing what to do they start to accept more PPO’s. We all know that PPO revenue, for most dentists, shouldn’t exceed 20% of total revenue. That’s easy to say when things are good. That’s hard to follow when times are difficult. The problem is that when you do that, you are trying to have it both ways.
Did you ever think about how you compete? Do you know what that means? Do you have a business plan? Do you have a business model? Do you know what that means? How many models of competition are there? Continue Reading →
I just discovered an excellent video from TED.com on motivation in business today. In it Ted Pink discusses how extrinsic motivation, what he calls “if/then” motivation or motivation for money or rewards is actually a negative influence on the accomplishment of a task when the desired outcome involves cognitive skills and critical thinking. Continue Reading →
← Older
