At Lily Head Dental Practice Sales we always talk to dentists about the advantages of focusing on the business profitability as they prepare to sell their dental practice. This is to close any opportunity for the buyer to re-negotiate the purchase price (£). In certain circumstances you can even add value during this period.
So we got to thinking about how the best trained teams get the best results?
Let’s be clear, driving profitability is a skill and a journey you want to take your team on. It is not the same thing as simply cutting costs which often will not give you a comparable result. It is not something that Principals can do on their own.
It’s a widely accepted belief that people don’t invest enough of their own time and energy in improving their skills and increasing their capabilities.
The Dunning-Kruger effect is a well-documented phenomenon. The first part of the Dunning-Kruger effect suggests that those people who really need more training are less likely to realise that. And that these people significantly over estimate their own competence.
And, since they truly believe they are more capable than they are, they are less likely to proactively seek out new knowledge.
The second part of the Dunning-Kruger effect suggests that those people who develop their competence and become more skilled, are more likely to recognise just how much more they need to learn to further improve their capabilities.
The challenge for all business leaders is how to instil a desire for self-improvement. And hence performance improvement in every member of their team.
Here are a few suggestions to help improve your team and your businesses performance:
- Invest in coaching your entire team, not just your top performers.
- Provide honest feedback. All our team members want to do a good job. If you don’t tell them what ‘good looks like’ we make it hard for them.
- Invest in your team’s professional development. Once they understand where some of the gaps in their knowledge are they are likely to become more self motivated to fill those gaps.
This investment will reap significant rewards. Particularly when the value of your dental practice is being assessed by prospective buyers and more importantly their lenders. Having the best trained teams supports your goals of getting the best outcome when selling your Dental Practice
If you would like to discuss anything here in more detail, please Contact Us today.