If we are able to complete a lot of dental treatments during an office day it does not necessarily mean that we are as profitable as possible!
For example in order to be as profitable as possible we have to accomplish best rates by our suppliers and have a low cost of treatment or offer premium services in order to be able to charge a suitable amount for the treatment.
Another option we can consider would be to invest on dental equipment such as a Laser or CAD/CAM that assist us in maximizing our efficiency and minimizing our time!
Learn all about how to maximize your efficiency and profitability from DBA Accounting Module! DBA – Dental Business Administration Mastership Course
As Porter declared there are 2 main strategies in a business level that we can apply:
The cost leader (offering the best price in the market)
The differentiator (offering different/similar services but in a unique way)
If you wish to be perceived by your patients as a professional the only strategy that you should follow is the differentiator strategy! When we follow the option of a cost leader sooner or later another colleague will come along with lower prices and we will lose our strategic asset. Also very cheap services create doubt to our patients’ minds making them reconsider our quality and educational status a result that we should at all cost avoid.
Learn all about Porter’s Strategies from DBA Business Plan Module! DBA – Dental Business Administration Mastership Course by AALZ
PEST Analysis (Political, Economic, Social and Technological analysis) is a very useful tool in the environmental scanning process of strategic management.
By making an effective use of PEST analysis we are able to adopt the changes affecting our world towards our own benefit! For example imagine if you are considering of working as a dentist in another country, if you have made a PEST analysis on the country you can know from the beginning which are the available opportunities, and how to design your approach and management in order to succeed. Also you can be aware of upcoming treats and changes so you can efficiently avoid and minimize them.
Learn all about PEST Analysis from DBA Business Plan Module! DBA – Dental Business Administration Mastership Course by AALZ
Instead of following the same old questions be creative, be spontaneous. Listen to the candidate and ask him/her questions that can really reveal his character and personality like you would have done with a friend. After all at the end of the day we tend to spent more time with our colleagues and associates than with our own family and friends. Surprisingly as a result of this habit (copy paste interviews) we tend to hire people for their skills and fire them for their character!
Part of HRM Module – DBA – Dental Business Administration Mastership Course “Interview Process: Design appropriate question to receive the appropriate answers!”