Guaranteed ROI on investments? Seems too good to be true. But Dentists everywhere can apply these key practice investment strategies to maximize growth.
These strategies will help you make good investments that grow your business, and avoid bad investments that don’t. Jay is absolutely confident that if you implement all of these investment strategies over the course of a year, you are guaranteed to grow your business, increase production and collection, build a more engaged and productive team, and ultimately become a happier, healthier you!
#13 — INVEST IN RELATIONSHIPS
Everyone wants to make the most of all their important relationships, but it’s easier said than done. You have to invest time, thought, energy, emotion, and even some money if you expect to reap a return.
Start by actually writing down all your important relationships: spouse, kids, parents, siblings, other family members, patients, staff, friends, and don’t forget YOU. Then ask yourself, “What can I do to invest in this relationship?” List a few things you can do to invest in making each one better, then actually do it!
- Invest in your STAFF by training them to do their jobs well; acknowledging birthdays and service anniversaries.
- Invest in your PATIENTS by gifting them with treats; sending thank you notes and Christmas cards; making them smile every visit.
- Invest in your SPOUSE by regularly sending flowers, planning date nights, and being appreciative.
- Invest in your KIDS by taking them on a trip, to a ballgame, or just by engaging with them.
- Invest in YOURSELF by improving your physical health and mental wellbeing by doing whatever is right for you so you, and your Practice, can thrive.
There are so many little things you can do that will pay big dividends — in both the short and long run. The personal and professional rewards will be huge!
#14 — INVEST IN INVESTMENTS THAT WILL GROW YOUR INCOME
This one seems so obvious, doesn’t it? “Make investments that will grow your income.” It’s actually the overarching philosophy, accomplished by implementing all of these 14 Best Investments. Besides the most obvious example of “invest $200,000 now to make a million dollars later,” there are many others.
To recap the strategies we’ve mentioned in this 5-part series:
- Seek out new talent while continuously training your current staff.
- Make your facilities shine and put up a sign that gets noticed.
- Improve physically through fitness, and mentally through self development.
- Build up your savings and knock down your debt.
- Get people working “for” you (Providers) in addition to those who work for you (employees).
- Increase capacity and production.
- Make the most of all your personal and professional relationships.
Even for all those investments “less monetary” in nature, you should still ask yourself these questions every time: “If I invest this money and/or time and effort in this way, what do I expect will happen? What else could I do with this money, time, or effort? WILL IT GROW MY INCOME?” If it won’t grow your income, don’t do it.
You must make investments that protect, grow and nurture your income, even when times are a little tough. Your future — and likely that of your family and your business — depends on it!
We look forward to hearing from you as you implement these 14 Best Investments, and about the positive returns they are bringing to your business… and to your life!