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The 10x rule is a powerful concept that can take your dental practice to the next level. So, let’s look at how it can work for you.
Do you think of yourself as an entrepreneur? Do you think of yourself as an investor? If not, why not? You’re a business owner. Your dental practice is a business. For this post, I would like you to see yourself as an investor and see how you can apply the principles discussed below to your dental organization, no matter how big or small it is. Deal?
The 10x rule has a simple but game-changing premise: Instead of aiming for small, gradual improvements, aim to multiply your efforts and results by 10 times. It’s about setting audacious goals and taking massive actions to achieve them.
Ultimately though, the 10x approach is really about adopting an investor mindset when you’re optimizing your dental practice. This might be a little challenging to think about at first. As a dental practice owner, you may not think of yourself as an investor; you may not even see your business as scalable. Yes, it can be done, yes, you’ve seen it happen in other practices, but how do you do it yourself? How do you begin to change your thinking and start taking action like an entrepreneur and investor in your practice?
Changing your mindset is the first step. Learning to apply a growth mindset to your thinking and then to your business is life changing. That shift in mindset can change the trajectory of your life. Are you ready?
Let’s dive into the deep end of the pool and look at ways that you can begin to see your dental practice as an investment and every dollar you’re spending in your practice as a down payment on that investment.
The size of your dreams must always exceed your current capacity to achieve them. If your dreams don’t scare you, they’re not big enough.”
~Ellen Johnson Sirleaf, Africa’s first woman president
The 10x Rule for Your Dental Practice
Yes, 10x is about maximizing your investment but it is also about making sure every dollar you spend is necessary and a reinvestment into your practice. Here’s why, for every unnecessary dollar you spend on your practice, that is one dollar less that you will get back when it’s time to exit. Likewise, for every necessary dollar you spend, that is one more dollar that goes into your pocket when you exit.
So, the question becomes, how do you invest and reinvest in your practice wisely, so you maximize your investment? And remember, we want big, audacious goals. Jim Collins has a term for this, Big, Hairy, Audacious Goal or BHAG. In his book, Built to Last, Jim talks about setting these goals for yourself to think big and create a plan for long-term success. Big goals are not short-term hops, they are long-term leaps that keep teams focused thereby giving your organization tighter restraints to achieve them.
Setting 10x Goals for Your Dental Practice
When setting a goal for your dental practice, the goal, at first glance, might seem almost impossible to achieve. This could mean setting a goal to increase your patient base by 10 times or to generate 10 times the revenue you’re currently making. Keep in mind, these are audacious goals, not modest ones.
If you want to read firsthand how one dental practice did this, take a look at this case study.
The Power of Massive Action in your Dental Practice
Once you’ve set your 10x goal, it’s time for massive action. To achieve such an audacious goal, you need to take massive, consistent, and persistent actions. For instance, if your goal is to increase your patient base, you might need to ramp up your marketing efforts, improve your online presence, and offer exceptional patient experiences to attract and retain more clients. All those elements need to be taken into consideration.
Take a look at the graphic below. This graphic shows the BHAG my partner and president of Optimize Practice Alliance, Dr. Jack Bayraymyan, designed when he was scaling his dental practice organization.
This looks extremely ambitious, and it was. However, taking a very long view of what Jack wanted to build was the beginning of an incredible and ultimately successful journey. It took this level of vision to accomplish what he eventually accomplished. But he didn’t do it alone.
The first and most vital step after creating your audacious goal, is making sure your team is on board. You need to analyze your team and ensure that everyone is in the right job for them. Next, you need to be confident they are ready, willing and able to fight for your goal as hard as you are going to fight for it. Your team is the most vital component of reaching your goal.
Embrace Innovation for Your Dental Practice
To truly leverage the 10x rule, embrace innovation in your practice. Explore technologies and techniques that can help you stand out in the industry. Invest in the latest dental equipment and software that can enhance patient care and streamline your operations. Innovate not just for the sake of it but to drive real results and efficiencies. And remember to do it wisely. If you can find a gently used version of the same technology that is a strong investment because you’re saving money that will eventually end up back in your pocket.
Digital Transformation in the Dental Industry
Given your role in optimizing and growing the online presence of your dental organization, digital transformation is a key aspect of implementing the 10x rule. Here are some strategies to consider:
- Social Media Presence: Use social media platforms to showcase your practice. Share educational content, patient testimonials, and behind-the-scenes glimpses. Engage with your audience to build a loyal following.
- Website Excellence: Ensure your website is user-friendly, informative, and optimized for search engines. A well-structured website is your digital storefront, and it can attract new patients.
- Online Scheduling: Implement an online appointment scheduling system to make it convenient for patients to book appointments.
- Telemedicine: Explore telehealth options for consultations and follow-ups, providing flexibility for patients and expanding your reach.
- Patient Reviews: Encourage satisfied patients to leave positive reviews on platforms like Google My Business. Positive reviews can significantly boost your credibility and attract more clients.
Building a Strong Team
Remember, having a strong, resilient and cohesive team is the main component of reaching your audacious goal. Communication, transparency, compassionate leadership and the free flow of ideas and feedback are the elements that will help you build a team that will drive your goal. If you have a team that fights for your vision, there is no end to what you can achieve.
10X Growth Requires 10X Clarity
The 10X Rule isn’t just about working harder, it’s about directing massive effort toward the right activities. If you want to scale your practice, expand your vision, and take your organization to the next level, you need absolute clarity on what’s actually driving results.
That’s why we created the Optimize KPI Tracker for dental entrepreneurs. This tool helps you focus on the metrics that truly move the needle, so your time, energy, and leadership are applied where they create the greatest impact. When you track the right numbers consistently, you stop guessing and start executing with precision. 10X growth requires discipline, accountability, and visibility. The KPI Tracker gives you all three.
What are you willing to achieve? Now, raise the bar 10x higher than that. You got this.