Have you ever thought or said the following statement? "Dentists should know more about business." Well, they should, and dental schools should teach more about business. I have often thought this while trying to deal with the pressures and unpredictability of running a dental—or more specifically, an orthodontic—practice.
But where do you start? What are the key elements of business that apply to everyday dentistry? And what factors can help one succeed in the increasingly competitive and "corporatized" world of dentistry? How does one succeed in business?
Dr. Howard Farran, publisher and founder of Orthotown Magazine and Orthotown.com, has written a book on this very topic.
Howard Farran is a legendary and highly visible figure in the international world of general dentistry. His career has been on an upward climb since he founded a dental practice in Phoenix, Arizona, back in the late 1980s.
Whether the topic is practice management or dental production or anything in between, if it relates to dentistry (and sometimes if it doesn't), Howard has an opinion. Of course, his thoughts have been based on lots of experience. For example, he was instrumental in fluoridating Phoenix's water.
Howard is obviously interested in dentistry and how dental professionals can run a better business, but he's also interested in the principles of good general business. This passion led him to earn an MBA from Arizona State University.
Now with his new book, "Uncomplicate Business: All You Need is People, Time, and Money," Howard lays out and explains with expertise these three essential elements of running a successful business. Each major chapter or section is filled with interviews, anecdotes and tips from some of Howard's various business ventures.
As a voracious reader of business books (often I do nothing else on a plane trip), I found that one of this book's most helpful features is the bullet-points section (the highlights) at the end of each chapter. This saves the reader from having to highlight and dog-ear each important point. The highlighting is done for you.
The section on people starts with you. The business owner needs to understand his or her own personality before hiring and working with others. People are the key to business. Many advocate hiring the person rather than the skill—skills can be taught, but personality can't. Special emphasis is placed on trust and respect and resisting the tendency to micromanage.
Time, Howard explains, is the concept of doing business in an efficient manner. Whether it is making widgets or straightening teeth, the application of business resources to make or do something in a predictable amount of time is essential. Not wasting time is equally important; although advances in technology can save time, being consumed by technology can end up being a time sink. Balance is necessary.
When planning how to manage the practice's money, start by ensuring that your personal finances are in order. Many bad business decisions—especially in the service industry—can result if the owner's personal financial habits are not built on a solid foundation. Howard reminds the reader to watch the numbers!
Of course, people are in business to provide a product or service for a fee or price. It'sessential to manage and watch the income and expenses, while paying close attention to overhead. A portion of the money section that I found extremely interesting was dedicated to basic accounting reports. If you're anything like I am, knowing the difference between a balance sheet and an income statement is an important basic that you will find beneficial from the day you open your doors.
The book concludes with a short examination of retirement and how to enjoy the success of your efforts.
This textbook-caliber resource is the first step in learning the basics of starting and running a business. I encourage a purchase of the book not only for yourself, but for business acquaintances, as well. Giving this book (instead of muffins) to your referring dentists is money well spent as a tool to make their business thrive!
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