Remember the days when you used to go to PC World to buy software for your computer?

How ancient does that sound now?

Drive to the nearest store, wander around the aisles, pick up the box, read the options.

And “which version shall I buy?” was the next question.

Of course, what Microsoft and others did was to generate a series of parallel drop-down tick box menus (is there a generic term for that?), indicating the FEATURES of each version of the software and adding successive “knobs and whistles” for each version.

That made it easy for us to decide how far up the ladder of options we wanted to go – get the basic version because all you want to do is X or the Supersonic Platinum version because you wanted to do X + Y + Z.

Now the spin into the business of dentistry.

I was chatting over dinner last night with the principal of one of the UK’s best specialist referral clinics.

They know how to charge.

A few years ago I needed an RCT and asked the price (this is my own client and a good friend) for his in-house “endo” specialist to do the job – I specifically said “no mates rates”.

After he told me the number they could have performed the procedure there and then, before i came around.

I did actually ask, out of polite interest, why their price was 50% higher then anything I had previously observed and the answer came back “because we have the best endodontist in the UK working for us.”

Commendable self-confidence but bugger off – this is about me.

Back to last night’s dinner conversation.

We were in the West End and I was revisiting last week’s blog post about Q-Clinic precipitating a price war.

I asked my client:

“If I were to ask any member of your team, clinical or otherwise, why you have the highest prices in the region, would they be able to give me a clear, concise and compelling answer?”

Of course, I’m a consultant, so I only ever ask questions that I already know the answer to

The fact is that they think they know why they are the most expensive:

• the clinical team would say “best equipment, best materials, best lab, loads of courses” – because they think its about them
• the support team would say “best dentists, lovely building, customer service”
• but there would be a sneaking suspicion in the minds of the team that it might be because all the dentists are living the high life?

either way around – its all about “us” (the practice – we are the best) and not all about “them” (the patient – you should treat yourself, you are worth it)

• I’m willing to bet that, like my dinner companion, your team haven’t nailed the answer in a way that makes the offer appealing to the patient
• I’m equally convinced that you don’t have any written material that answers the same question – no software box

Now my purpose here is to stimulate you into action before the ripple effect from Central London hits you.

Prices, my friends, are coming down – across the profession.

I had an email from a dentist this week, asking if I could promote in my ezine the sale of unwanted Invisalign kits – because the price at which they HAVE to sell is higher than the price at which patients are buying.

And there are no winners in a price war, not even patients – the smallest and most vulnerable businesses are the first victims, the quality of everything goes downhill with the prices.

So YOU MUST train all of your team RIGHT NOW in the communication skills necessary to answer just one question from patients (and telephone punters):

“I CAN GET THIS DOWN THE ROAD CHEAPER – WHY SHOULD I DEAL WITH YOU?”

Back to PC World.

Bill Gates was never there to answer the question “which version of Office is right for me?” – so he created the drop down, tick box menu – that spelled out the features of each version – enabling me to make an informed decision for myself about features that would enhance MY experience.

I propose a campaign inside your business, to be conducted in my absence over the next 2 weeks – to create a similar drop down, tick box menu for the reasons why I should choose:

• private over NHS?
• white over metal?
• membership over FPI?
• Cerec over traditional?
• your practice over their practice?
• independent over corporate/retailer?
• Mac over PC (only kidding)

and so on – get it?

Don’t have your telephony, reception, TCO or clinical team “making it up” – get the answers and the lists written as your holiday project for August – so that when everyone recovers their sanity on 1st September, you have it nailed.

Otherwise, bye bye profits, people and patients.

You have been warned.

I reminded a client yesterday that a “recession” is a mental construct (just like the horizon) – it’s not really there and, as Ashley Latter reminds us in his excellent ezine this morning, you can choose to “not take part” – but that’s not by adopting a position of denial – its by upping your game.

I’m so excited that today is (finally, after all the preparation) our first Mastermind meeting in Central London.

Around 20 people from 10 practices, principals and managers.

Location of members?

Practices have travelled in from all points of the UK compass, including Central Scotland, the North East, North West, Midlands, the West Country and the Home Counties.

We started the ball rolling with 8 for dinner last night – and I left them at 00:30, still drinking, talking and laughing as I staggered to my bed after a very long day.

We are also filming the event, Jem Patel and the team from JSP Media Group will be catching highlights for our new web site.

What’s the purpose of the meetings?

To create an environment in which 10 practices can move their businesses forward by sharing ideas and experiences, with my help as a facilitator.

Principals can meet with Principals.

Managers can meet Managers.

And I have no doubt that they will be in conversation with each other on a constant basis after today’s inaugural meeting – I expect practice exchange visits as well.

“More Profit in Less Time” you might say – and a chance to share the very best ideas.

The concept is well established and I’ve delivered this style of meeting for over 10 years with hugely beneficial results.

We will be launching the second group later in the year.

Dates for Group 2 will be:

Thursday 4th November 2010
Thursday 3rd March 2011
Thursday 12th May 2011
Thursday 15th September 2011

These meetings will be in London and are very likely to be held at the Royal College of Physicians.

If you are interested, please let me know.

For now – I’m off to breakfast and to prepare for what promises to be the start of some life-long friendships between dental entrepreneurs and their managers.

“Hi Chris

Look forward to hearing from you
Thanks
Ricky”

Readers of my ezine will know that I published a long article on “social media strategy” this week CLICK HERE

Here’s a considered response that continues the conversation:

CB,
 
Interesting post.
 
There is lots of hot and cold air being blown around about Social Media Marketing by the Information Marketing Community. (You are in the Information Marketing Business of course).  I wish I knew the answer.  Lots of new ideas from people who haven’t actually made any money, but talk a lot!
 
I prefer to take advice from people who have consistently made money of many decades.  I refer to Dan Kennedy mainly.  But others like Seth Godin, Anthony Robbins et al have very profitable business models.
 
I think there is a real danger of fooling one’s self into thinking you have a duty to be a content provider.  The pressure spirals.  In reality your business demands that you sell products and/or services for money.  Social Media is merely one of many available marketing channels.  The monetisation of which is unproven.  Over speculation in new and unproven investments is never a good strategy in a portfolio.
 
If I was advising dentist (which I do occasionally on a very small scale), I would tell them to call lost customers first, join BNI second and put Social Media into a objective context in their marketing plan.  Not saying it is not an interesting channel, but it will never, every, every have as high a conversation rate to money as talking face to face with a potential customer.
 
Rant over:  Yours from one of the 1400+ people who scans your ezine when I have time, never looks you up on Facebook and is not in the market to buy your products or service but is included in your numbers. 
 

David Holland <david.holland@exela.co.uk>
 
P.S. I do enjoy reading your stuff and very much respect you and your views.  Just making a point to consider.

We are entering a recession – the real recession.

The recession that Labour attempted to “put off” until after the Election.

In the last 4 weeks:

• an increase in the number of calls from dentists in REAL TROUBLE financially
• an increase in the number of calls from dentists having their BEST EVER year
• an increase in the number of calls from service providers to dentistry, looking replace DIMINISHING market share
• an increase in the number of calls from service providers to dentistry, steadily EXPANDING market share and wanting expertise

In a recession:

• the best get better
• the worst get extinct
• there is no middle
• those in denial stick their head in a bucket and hope it will go away

It won’t go away.

Which are you going to be?

Winner?

Loser?

Irrelevant?

Better hurry up and decide……

Here’s a notice of the financial understanding courses offered by Andy McDougall.

I’ve worked with Andy’s clients and can vouch that his skills are excellent, so I’ve no doubt that this is a good investment.

Recommended to every practice owner and manager
There are only two dates left of an insightful course we would encourage everyone to attend.  Andy McDougall from Spot On Business Planning is presenting his one-day course entitled ‘Business planning and financial management for practice owners and managers’  at  BDA HQ in London on Thursday 22 July 2010 and Friday 17 September 2010.
 
The course is packed with information, teaching tips and insights that will leave you feeling completely enthused about the future of your practice. It will transform the way you look at and run your business and for many, will act as a catalyst to delivering the types of results you have previously only ever dreamed of.
 
By the end of the course you will:

·         have a good grasp of the fundamentals of finance
·         be able to read and interpret a set of accounts
·         understand how to use management accounts to achieve your
business objectives
·         understand the time-tested principles for creating a business plan
·         know what to do with your business plan after you have prepared it
·         have the insight of how to ‘manage’ the result rather than it just
happening
·         understand how to align your resources to focus on what is important
 
This course will help you to understand the steps required to create a tangible vision for your practice: to understand your objectives, get to know your figures, and to be more profitable and more efficient by measuring performance and actually managing the results. But don’t just take our word for it. Here is a selection of comments from delegates attending the first event in June.
 
What did you like most about the course?

·         Clear presentation and in-depth of business planning
·         A vast subject covered in a comprehensive, understandable (99% of the time!!) manner – very helpful
·         Basic information on a dry subject was demystified in one day
·         Having a greater understanding of our accounts – which we have had for the past 20 years!
·         The course content was very relevant to dental practice. Good presenter
·         Looking at the numbers and being talked through scenarios.
·         Content, lots of content, excellent overview with lots of detail. Great enthusiasm from presenter.
·         Very informative – I have a basic understanding now which will help me go further to understand but will have to do some homework
·         Good speaker. Very relevant to what I was intending to learn
For more information visit http://www.spoton-businessplanning.co.uk/contact-us.htm or http://www.bda.org/events/index.aspx
 
 
Andy McDougall
Spot On Business Planning
w:01949 851723
m:07710 382559
andy@spoton-businessplanning.co.uk
www.spoton-businessplanning.co.uk

Interesting to get two separate perspectives on the work you do.

This morning I receive an email from a client:

“I have asked over the  years for advice, from my accountant, bank manager, father-in-law, staff, friends, family and the advice is always conservative, and almost negative, and when taken, has been unsuccessful (I do generalise), but my wife and I have followed your advice for some years now, often feeling that it is counter intuitive and bold and often very scary – and my business has grown.”

and then another within the hour:

“I was originally in a partnership (2 silent Partners) – in a profit sharing arrangement.

I can honestly say that if it wasn’t for YOU I wouldn’t be where I am today – so a very big THANK YOU!”

This afternoon I read the thread on today’s Dentistry magazine ezine, relating to the Top 50 list – and discover the following post:

“I’m not a hater but chris barrow at number 2????!!! That makes a mockery of the top 50. After preaching business lessons to the independent practitioner, he sold his soul and joined the biggest corporate.”

Well “Steve”, permission to give you some direct feedback:

1. I act as an independent consultant to IDH (for about 50 days this year), helping them with customer service training, recruitment and the development of a clinical training academy;
2. I don’t recall having sold my soul or having been paid for it – by anyone;
3. I continue to devote the rest of my time (shall we say 150 days a year) to working with independent practitioners, other corporates, retailers and PCT’s;
4. My experience is that “best practice”, good customer service, ethical selling, leadership, management, marketing and operational systems can be delivered in all of these environments – and that all sectors contain examples of excellence and mediocrity;
5. My mission is to help people to achieve their full potential, wherever they are;
6. In an abundance mentality, there is plenty of business for everyone – and the impending arrival of retailers into dentistry will expand the market (more dentistry will be sold) and force through business improvement (more mediocrity will vanish);
7. I was as surprised as you at the Top 50 result. Like many of those who appear in the list, I actively canvassed votes from my own “community” of practitioners – and was genuinely moved that so many more people than I expected exercised a positive vote in my favour – as do like to put my neck on the block;
8. I know full well that my business philosophy and the way I put my point across is not liked by everyone in dentistry – when you have the courage to hold a conviction, negative feedback goes with the patch – you have to get used to it – even when it’s unfair and inaccurate;
9. I consider your remarks to be ill-informed in their content and rude and disrespectful in their delivery – and I wonder if that was your intention?
10. I’m happy to engage you in a direct conversation if you have any genuine concerns;
11. I accept that the original post was April – but Dentistry have issued the ezine today to over 14,000 subscribers (I believe);
12. A public forum can be a dangerous place to express private opinions.

Steve, I don’t know you and you don’t know me – but I’d be happy to pop down to the Wirral and meet anytime.

I’m over it (again) – but we all need to understand that success brings many benefits and some brick-bats.

Your patients will be the same – I was consoling a client this evening who was devastated by the negative remarks of an angry patient who suggested that he (the dentist) did not have the right to call himself a medical professional. One of the most ethical hard-working and charitable men I know and he rang me in despair.

Its a funny old world – clients/patients/strangers – they can build you up and they can knock you down.

Some pageant.

Hi Chris,
 
I hope you are well.
 
I was wondering if you can help me?
 
The company I am working for is holding a Core CPD course next Friday at Stratford Town Hall East London. Two of our speakers have let us down, I wondered if you knew anybody who could speak on Radiography and Cross Infection of course this does not have to be the same person.
 
Many thanks

 
Hannah Hume
BDPMA Regional Co-Ordinator
M: 07702 122 768

You know what the trouble with you is?

A few years ago, you were on a “quest”:

• opening a new business
• buying a business
• relocating a business

and you were ignited, passionate, on fire.

Then you succeeded.

And now you are bored.

So you have become distracted by BSO (bright shiny objects):

• shall I open a second location?
• shall I develop a new product or service line?
• shall I invest in a friend’s business?
• shall I work on my hobbies
• shall I screw around?

Your existing business is going to pot.

Your existing team are wondering where the hell you have gone and what they did wrong to deserve this?

Its time to start “thinking INSIDE the box”.

INSIDE the box that is your business.

INSIDE the life that you worked so hard to create.

INSIDE the quest that you haven’t completed yet – you just thought you had.

If you can get passionate again about that – then decide (with your team) what the next “quest” will be – and re-ignite yourself.

If you cannot get passionate about that – then get the hell out.

Stop being BORED – because you are such a pain in the ass when you are bored.

IGNITE.

INSIDE.

NOW.

I remember many years ago some wag (in that days when that word described a comic) suggesting that:

“mortality rates have not improved – it’s still one death per person”.

Which makes the point that, even in a recession, funeral directors will still be busy.

I met an orthodontist from the West of Ireland yesterday who is having his best ever year – referrals from GDPs.

And yet the “vox pop” is that Ireland is on its arse and the economy dead.

No matter what’s going on “out there” the business that is well branded, focused and presented can still prosper.

Right products, right clients, right marketing, right time and place, right prices.

It really is just a question of getting organised.

Wouldn’t you like the next 12 months to be your “best ever year”?

Make it so.

Let me know if you need any help.