THINKING BUSINESS
a blog by Chris Barrow

Masterminders on finance and team-building

I just wanted to say thank you for a great day, I’ve come home with the sort of buzz that I had after the 4 workshops of the core programmes but better because not only have I had some inspirational coaching from you both, I’ve also had some great conversationslast night and – during the day – with the other MMGers which has given me ideas. I can see that it is already going to build our network of friends too.

Monday finds Simon and I in Birmingham, meeting with our Mastermind Group of dental principals. The focus for the morning was a detailed discussion of the steps in the financial management process:

  1. Analysis of Key Performance Indicators – comparison with group and national averages – monitering against internal history;

  2. Personal cash flow forecasting;

  3. Professional cash flow forecasting;

  4. Pricing – by scientific level hourly rate, scientific zoned hourly rate or emotional reference to market conditions;

  5. Productivity – measured by average daily yield per income generator;

  6. Personal productivity by reference to Patient Journey and selling skills;

  7. Associate and hygienist productivity and

  8. System productivity – are you delivering the service in the most productive way?

A fascinating conversation that revealed a lack of action on the part of most clients – even though they have attended the DBS core programme and own the various Excel templates we have developed. Why haven’t they done enough analysis?

“I haven’t got the time.” “I don’t understand why I’m doing it.” “I don’t want to upset the patients/staff/associates/hygienists.”

So I had to do quite a bit of work on explaining the difference between profit and super-profit – between income and wealth. As usual, there was a focus on associate profitability and the use of our template to facilitate a conversation. In the afternoon we concluded by introducing the Kolbe profiling system. Every member of the group had taken the on-line assessment before the meeting and sent their profile to us. Simon summarised the system and it’s uses and we then enjoyed an entertaining session describing how each member was likely to respond in various situations – spookily accurate in some cases. Our intention is to become licensed as Kolbe trainers as we believe the system will help our clients to build more effective teams and focus on their own Unique Ability®. By 5.00pm I was as exhausted as on a workshop day – a high-energy session. Driving to Gateshead, I arrived by 9.30pm and settled into the excellent Hilton for a couple of hours rest. A long day – but very energised by the difference we are making to our clients.

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