THINKING BUSINESS
a blog by Chris Barrow

Friday - strengths, weaknesses and fun with finance



One of the great benefits of running quarterly client workshops is the opportunity to hear "from the horse's mouth" exactly what's working (and what isn't) in day to day dental business.


Here in Northern Ireland, the good news yesterday was that my cohort of clients had generally more to celebrate than to commiserate upon.


Here's a summary of what's been happening since January:


Strengths

  • The effective use of IOS in multiple situations;

  • Implementation of morning huddles;

  • Zoning;

  • Improved team communication;

  • Better stock control;

  • Delegation;

  • Introduction of TCO;

  • More accurate financial analysis;

  • Increase in plan membership;

  • Training of all team members;

  • Rebranding and refurbishing.

Weaknesses

  • Retention;

  • Recruitment;

  • Sickness (team and patients);

  • Workload;

  • Patient expectations;

  • Rising costs;

  • Resistance to change;

  • Time management;

  • Unprofitable fee-earners.

I can imagine plenty of readers thinking "yep - that's us as well."


My job is to encourage the continuation of those marginal gains and I am also uplifted by the inspiration I see in the room when clients realise that they are not alone in facing the challenges outlined above.


Yesterday was tactical financial mastery fo owners and managers.


Today will be strategic financial mastery for owners only.


Financial analysis is regarded by many as dull and dusty - others choose to place their heads firmly in the sand.


I genuinely love to see the looks of amazement (yes - amazement) when we use spreadsheets to demonstrate how no-profit/low-profit activities can suddenly and simply be transformed into profit centres.


You work damn hard for your money - it's a good idea to make sure that your money works just as hard for you.






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