Here is a question we received related to practice growth:
My practice seems to be a bit stagnant and I am worried about the trend, but don’t want to add a lot to my overhead either. What did you guys do to grow your practices that didn’t cost a ton of money?
Dr. H. Jebko
Best Strategy for Practice Growth
Great question Dr. Jebko!
There is one answer that pops into our heads immediately. But first, let’s address something else. You say you want to help your practice grow but don’t want to add to your overhead, and that makes sense. But please don’t forget that there is a huge difference between adding to your overhead and investing in something that generates a positive return on your investment.
For example, if you go to your local dental meeting and some slick salesman talks you into buying a gadget that will supposedly take away your patient’s facial pain by holding it up to their TMJ, wiggling it around a bit, and reciting the “hamotzi,” well shame on you. You just added $20,000 to your overhead.
But if you were ready to invest in a new marketing campaign, a great clinical course that meets a true demand you were not previously servicing, or really effective coaching, the return on investment should be positive for your practice growth and you did not add to your overhead. Does that make sense??
Okay – now back to your main question. When we were both young practitioners, we actually lived on the same street. Not in a compound like The Kennedys, but a few doors down from one another. Even though our practices were separate, one of our rituals was to meet up every evening, even just for a few minutes, and discuss what happened in our offices that day. If something really worked well we would share it, and sometimes even more importantly, if something was a total disaster we would advise the other one to avoid it!
Little did we know it at the time, but we were doing a very early (and small) version of a “Mastermind.”
We went on to form a larger mastermind group on practice growth with some dental friends, calling it the “Maryland Bridge Club!” We would meet at a local restaurant every month (and sometimes due to the punny name they would have card tables set up in anticipation of a bridge tournament!). There weren’t many rules – just that we were there to help each other (no typical catty dental competitiveness) and that nothing was held back. The spirit of sharing both triumphs and goof-ups was amazing, and we all benefited so much! The power of this group was so much stronger than the individuals in it.
So Dr. H – if you want to do something that will help your practice immensely without spending a lot of money – form a mastermind! You will also get a great feeling when your input helps others in the group. Call a few dental friends and set up the first meeting. But here is the warning – only get involved with people who truly understand the concept of the mastermind. If someone is there just to steal ideas and not help everyone else, the mastermind is poisoned.
And if you (or anyone else reading Coaches Corner today) is interested, in just a few weeks we are having our very own “Madow Mastermind” – and you are invited! You see, a few times a year we have masterminds for our private coaching clients, but every once in a while we hold one where you don’t have to be one of our coaching practices to be invited.
This is an incredible opportunity to share and learn with some fantastic dental minds from across the country, including us! It’s an amazing day that starts in the morning and doesn’t end until we cap off the night with a fantastic dinner filled with idea sharing, camaraderie, and laughter. (Last time we did this the ideas were flowing so fast and strong we stayed until the restaurant folks had to ask us to leave!!)
Wanna join us? Well hold on pardner – not so fast! You do have to meet one requirement. And that is – you need to be having some kind of struggle or challenge in your practice or life that you would like to share with the group. (Yes – personal struggles are welcome as well.)
It takes place on Friday March 16th in Baltimore, MD, and we are limiting it to eight dentists. We haven’t really announced it yet and four people are already signed up (and to be frank, we have turned down a bunch…)
The cost for the entire day, including lunch and dinner, will be $497. And of course you need to get yourself to Baltimore!
If so, then simply CLICK HERE TO RESPOND and let us know three things.
1. What you would like to accomplish during the Mastermind. In other words, what is your goal or your struggle that you need help with?
2. Your personal email address. Not your general office email. We need the one that goes directly to you.
3. Your direct mobile phone number.
If the link above does not work, the email address to reply to is firstname.lastname@example.org.
We would love to see you there, and spaces are truly limited. If you are interested, do it now!! See you at the “Madow Mastermind!”
Dr. David Madow and Dr. Richard Madow are actual dentists who have been helping dental offices become more successful for over 28 years. They are down to earth, real people who personally connect with their clients and are proud to call them friends. If you have a question for this column, please write to them at email@example.com. We are now offering a complimentary 30-minute coaching session! Please CLICK HERE to schedule yours. Doctors only please.
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Meet the Madow Brothers
Dr. David Madow
Influencer, Speaker, Author & Coach at The David Madow Lifestyle Show + Co-founder of The Madow Center for Dental Practice Success.
Dr. Richard Madow
International Keynote Speaker, Author, Award Winning Musician & Composer, Coach and Co-founder of The Madow Center for Dental Practice Success.