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I used to be a dental practice owner and I wrote my book Extraction: The Surprising New Formula to Systemize, Scale and Sell Your Business specifically with the dental practice entrepreneur in mind. Why?
I am a hard worker. I worked diligently for decades to build and scale my dental practice organization. But I am also an observer of the human condition, and I observed again and again how difficult it was for me to duplicate my success. With every new patient, every new team member, every new system or piece of technology we integrated we were faced with as many complications.
Those complications wore out my teams, inundated our processes and overwhelmed each practice. And all these complications ended up stagnating our growth until we could dig ourselves out only to be met with another new patient and another several complications to our systems.
That redundancy became a frustrating and predictable aspect of our growth. So, I set about working on a process to eliminate that stagnation from our business model lifecycle. As you can see in the chart below, a typical business lifecycle, pictured on the left, starts out with a vision and then moves into growth.
Once in growth, entrepreneurs and teams focus on the growth aspect of the business until everyone basically runs out of steam and the business starts to stagnate. Once a business has been in a state of stagnation for a while, there is a decline. That decline may lead to a complete burnout of the business or, if the entrepreneur is able to pivot and has a lot of resources, the business can recover from that decline.
Stagnation in Your Dental Practice Growth is Real – You Are Not Alone
The question I wanted to answer was, is it possible to avoid or lessen that stagnation phase in order to avoid decline altogether? And after a lot of research, study and feedback from my teams, I can confidently say, that, yes, it is possible for a business to avoid falling into the deep crevasse of stagnation. There is a way to continue duplicating your success through scaling without experiencing crushing complications every time you add a new patient, team member or system to your scaling efforts. Ok, how?
The Extraction Process for Your Dental Practice
I grew my organization from 1 dental practice to 8 in a very short time. At first, I enjoyed the process. It was a very exciting time, and I was learning so much. But as we kept growing things became more and more complex, stressful and overwhelming. I was spending less time in the dentist chair and more time putting out fires and managing chaos. Eventually, I burned out and I started to watch my efforts stagnate and my organization fall into some decline.
All through this hectic time, I still tried to learn and understand and grow. I observed the process, took notes and tried to figure out a duplicate-able system for scaling that did not involve chaos management and getting stuck in stagnation.
It took several more years of hindsight and reflection, but I was finally able to put my lessons into a sequence that I now call the Extraction Formula. The Extraction Formula is a process for staying out of stagnation while learning to pivot quickly as a leader to continue to grow and scale your business. There are 6 steps in this sequence:
Define Point A
This step in the sequence allows you to assess where your practice or organization is right now and what mindset you have as a leader and dental practice entrepreneur. After all, if you or your practice is not ready or willing to scale or grow you need to be aware of that and understand why and what might be holding you back.
Face Your Fears and Challenges
You’ve assessed your Point A and more likely than not, have come away with an understanding that you’ve got some roadblocks and obstacles on the way to growth. Time to face those obstacles and understand them so you can remove them from the path. Many times, this means delving within your own mindset, beliefs and myths that you hold as a leader and an entrepreneur.
After all, our business often reflects our own limiting beliefs. But how do you remove those limiting beliefs? Well, along with reading my book, I’ve created a companion workbook that allows you to use the information in the book and the exercises in the workbook to uncover and Extract those limiting beliefs and old mindsets that are keeping you from growing your dental practice organization.
Define Point B
You’ve defined where you and your practice are; you’ve uncovered and extracted the obstacles to growth within yourself and your business. Now it’s time to create a vision for your new future. Through the work you’ve just done on your mindset you’ve literally changed the trajectory of your future. Now you must define it!
Build Your Teams
In defining your point B you created your Vivid Vision™ which aligns your practice around what you’ve defined as your vision, your point B. One of the first steps in alignment is building or rebuilding your team. You cannot grow and scale your dental practice all by yourself. You need a team that is going to own that vision as much as you do.
My book teaches you how to choose the right people for your organization. It also helps you decide whether people already within your organization are in the right positions or if they would be better suited to a different position. As Jim Collins likes to say, you gotta get the right people on the bus and the right butts in the right seats before you can drive anywhere.
Create Your Strategic Plan
You’ve defined your vision and you’ve gotten your dream team assembled. Now it’s time to define your strategic plan. Your strategic plan is your blueprint of execution. This is where you drill down and start to define real-world goals for your teams to execute. These are the goals that will actually move the needle of success in your dental practice.
Moving from the Dentist’s Chair to the Investor Seat
This last step in the sequence is solely focused on you, the business leader and investor in your organization. To lead your teams through your goals and strategic plan as well as the accompanying obstacles you will inevitably face, you need to have a growth mindset. And that starts with seeing yourself not only as a dentist, but as an investor in your practice. This step is where you learn to wear different hats as a leader.
Yes, you are a dentist first, but you also need to be nimble enough to know when to stop thinking like a dentist and start thinking like an investor and leader of an organization. There is a lot you don’t learn in dental school and this formula is where you’ll learn exactly what you need to know to grow, scale and even sell your business eventually.
The Support You Need for Your Dental Practice
As you can see, this formula is a sequence. You need to take the steps in the correct order to receive the full benefit of this formula and ready your business and your mindset for growth. So, now it’s time for you to do some thinking. Are you ready for transformation? Are you ready for growth? Are you ready to liberate yourself from the limiting beliefs that have been stagnating your growth?
One of the most effective ways to quickly transform your business as well as your mindset is with a tool called a mastermind. And, you’re in luck because my partner, Josh Gwinn runs a monthly mastermind exclusively for dentists. So, what is a mastermind? It’s a group of peers that come together on a regular basis to work out their biggest challenges, share resources and lean on each other to get through the rough patches and celebrate the wins. It is the single most effective tool that an entrepreneur has in her entrepreneurial toolkit.
One of the best ways I know to remain steadfast in your goals, bust through your obstacles, find resources and community to keep you strong is joining a Mastermind. We get together regularly to discuss the biggest obstacles to growth that dentists are facing in real time; tell stories of inspiration; share resources and celebrate what’s working in their practices. It’s a wonderful community and we want you to be a part of our movement. Click the button to register for the next one and we’ll see you at the next one!