THINKING BUSINESS
a blog by Chris Barrow

The most valuable asset in your business

Pundits suggest that you see your team as the most valuable asset in your business.

It’s a philosophy with which I wholeheartedly agree.

The #1 reason that dental businesses grow is that you:

  1. hire (or keep) the right people

  2. recruit on attitude and train on performance – you cannot do the opposite

  3. lead them effectively

  4. delegate well

  5. expect them to manage their systems well

  6. meet regularly for good conversations

Teams that communicate frequently grow Champions League businesses.

On more then one occasion this week I have found myself quoting business author Harry Beckwith:

There is no performance without accountability and no accountability without measurement

The most valuable asset in your business TODAY is your team.

Is the same true TOMORROW?

In the UK I am dealing on a day to day basis with Generation X owners (age 40-50) who are buying satellites from Boomer owners (age 50+).

They are recruiting Millennial associates (below 40) as apprentice dentists to populate and grow the satellites.

They are building micro-corporates of 10-20 practices over 10 years with the intention of selling to macro-corporates.

By then, the macro-corporates will be owned by health insurers.

Advising these people has become my core activity as a trainer, consultant, coach and mentor.

I mainly used to help dental practices grow from £500,000 sales to £1m (and still can).

I mainly now help dental businesses to grow from £1m to £10m.

Most of the 100% Growth clients I’m working with (currently 19 of a target 20) fall into this category.

In 10 years from now I intend to be the mentor for 20 micro-corporates with cumulative turnover of £200m+.

More significantly, they will be providing long-term care for 1,000,000 digitally savvy, health-conscious, self-aware consumers.

The macro-corporates (owned by health insurers) will want easy access to your patients to cross-sell other products and services.

Your most valuable asset TOMORROW will be a well-maintained digital database of patients who have given you permission to keep them posted.

The right people (today and tomorrow) are priceless.

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