479: How Your Team Can Help Your Practice Be Financially Successful - Jenni Poulos - a podcast by ACT Dental

from 2022-09-30T03:00

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How Your Team Can Help Your Practice Be Financially Successful 

Episode #479 with Jenni Poulos 

You can't do great dentistry without talking about numbers. And to do that, you need to first understand them yourself. Once you know the metrics that matter, you can help your team be aligned with the goals for your practice. And today, Kirk Behrendt brings back Jenni Poulos, one of ACT’s amazing coaches, to help you navigate the difficult conversations around money and numbers with your team. Conversation leads to collaboration! To learn how to get started, listen to Episode 479 of The Best Practices Show!

Episode Resources:


Main Takeaways:

It is okay to be profitable.

Make conversations collaborative. 

Get your team to weigh in so you get buy-in. 

Educate yourself before educating your team. 

Be comfortable talking about money and numbers. 

Quotes:

“Bottom line, you do run a business. And your business needs to be healthy, and it needs to be smart.” (2:40—2:48)

“Sometimes, we get stuck when we have to talk about those other smart pieces, those things that are around money, because we think, ‘Gosh, they won't care,’ or, ‘They won't understand,’ or, ‘They won't be bought in.’ And I'll tell you, the team is telling themselves their own story about the finances of the practice. So, let's help fill in that story with some true pieces. Help them understand some key concepts around money and around finances that are going to help support the business.” (3:06—3:37)

“People don't think holistically about how many people are actually supported by your practice. We look at who comes into the practice every day, the five, six, seven, 10, 20, 30 people, and we think, ‘Okay, I'm offering some level of support to just those people.’ But then, we look at who’s behind those people. There are dads, and moms, and kids. There are whole families that are reliant upon what's happening in that practice every day.” (4:06—4:43)

“When we open our eyes a little bit and think about who are all the people that are connected to this practice, we realize we get to actually do a lot more for a lot more people than we realized. And the team members see that too. They begin to feel like, ‘Oh my gosh, I'm not just supporting me and my family. I'm also helping to support the hygienist, and her kids, and their family, and their dreams, and their goals.’” (4:44—5:14)

“It’s okay to be profitable. Your profit is to your practice what oxygen is to your body. Without it, both die. And so, we’ve got to have a reasonable amount of profit.” (6:30—6:41) -Kirk

“Profit lends itself to margin — emotional margin, time margin, profitability so you can make decisions financially....

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