Business Ownership Program Overview
Our Business Ownership Program is designed to support Doctors in understanding the various aspects of owning and operating a business. As an entrepreneur and business owner, it is critical to have a plan to build solid business skills to become a strong business leader. We have found that practice owners often need support in the following areas:
Each one of us has things that we truly value. In our personal lives, we use these values to make decisions about who we want in our space and how we conduct ourselves. Our businesses are no different. When we establish what is truly valuable to us, we gain clarity around business decisions, like where to practice, who we want to serve, who to hire, etc. Taking the time to understand what we value can bring clarity to every decision we make in our businesses. They become the backbone and the foundation of business strength throughout the life of the practice.
Vision Planning means we start with determining what you want your life to look like. You’re your Core Values as the backbone, we’ll envision the Culture that you want in your practice. Your Core Values and Culture are the foundational building blocks of your life and business. Through the Vision process, we will talk about your personal “why” for doing what you do, the dental services that bring you the most joy in your business, what makes your practice unique, and establish a 3-5 year vision of what you’d like your practice to look like.
A Business on a Mission
Most businesses spend time crafting a mission statement for their business, and often those mission statements, while well intended, fail to inspire, or direct the action this is needed to keep the business moving forward. When that happens, you become a business without a mission. Our approach is to establish a mission for your business that helps you gain narrative traction. We’ll help you establish a mission statement by using the Business on a Mission formula that has 3 elements: three economic objectives, a deadline, and a clear reason why the mission is important.
The best way to continue to move toward your Vision is to rhythmically set goals and deadlines for those goals. Developing the habit of goal setting and accountability will provide you with the consistency necessary to achieve your greater Vision. In the goal setting process, we will take your big vision and prioritize what needs to be done this year. We’ll further prioritize by quarter and set goals around those priorities.
Business & Financial Training
Once you have your Vision established, we can move on to establishing and executing a business plan. From your current income and expenses, we can determine where you are in alignment or out of alignment with industry standards. We use a tool called the “Break Even Point” to accomplish this. We also teach you how to take a deep dive into your business finances. Understanding how to read your financial documents unlocks incredible power as a business owner. Small businesses eat a lot of cash. Being able to analyze overhead expenses and cash flow will allow you to make clear business decisions. Additionally, understanding how to review and evaluate your Key Performance Indicators (the metrics) in your practice gives you access to the levers that make the biggest impact on the profitability of your business.
Recruiting, Hiring & Engagement
Leadership is critical to maintaining a healthy business, but leaders can’t do it alone. The people we surround ourselves with are equally important. You pour a lot into your business, and it’s important that the people with whom you share it to treat it with respect. Great care should be taken that those you hire buy into the Vision you have and will help promote the Core Values you have established and the Culture you envision. Each person on your team has a preferred language they like to communicate in. We’ll provide personality profile training that, when applied, will give you a leadership advantage in your communication with your team.
Leadership and Accountability
Dental business owners are hard workers. Your chair likely provides 60% or more of the income in your practice. There is a real danger for dentists to let the work of being a business owner and team leader slip down the list. Consequently, the strength of the business suffers. In our program, we focus on leadership skills and build in accountability so on the journey of building your dream practice, we can stack up wins and build on the momentum along the way.
Contact us for more information about our dental Business Ownership Program and learn how to create a customized business plan to achieve success!
Above and beyond anything that I ever expected, high value for the cost of the program...I am extremely impressed with Phil and the entire team of coaches at KLAS Solutions...
Chelsea Mason, DDS
Mason Dental, Bay City
Frequently Asked Business Coaching Questions
Question #1: Is KLAS Coaching right for me?
Question #2: How do I begin the coaching process?
Question #3: What can I expect from my investment?
Question #4: Dream Practice...Really?
Our coaches are ready to help build your dream practice.