Toolbox Tuesday – Laying the Foundation: Setting Obtainable Production Goals with Dr. Sten Ericson
On Target Tracking Series – Part 1 with Dr. Sten Ericson
Introduction
Welcome back to another episode of Toolbox Tuesday, your essential guide for actionable advice and expert insights for dental business owners! This week marks the beginning of an eagerly awaited four-part series on our On Target Tracking system. Our series aims to equip you with the tools to streamline operations and reach your financial goals effectively.
In this inaugural episode, we had the pleasure of interviewing Dr. Sten Ericson, an innovative and seasoned dental practitioner, to shed light on the importance of setting realistic production goals and managing overhead expenses.
Key Takeaways
- Realizing the Need for Obtainable Goals:
Dr. Ericson highlighted his journey towards understanding the importance of setting realistic and attainable production goals. He asserted that having actionable targets is crucial as it serves as a motivational roadmap for the entire team, fostering consistent and sustained growth.
- Reviewing Overhead Expenses:
Dr. Ericson recounted his eye-opening experience in comprehending the importance of thoroughly reviewing overhead expenses. Regular financial audits were emphasized as an indispensable practice aimed at identifying unnecessary costs and optimizing spending without compromising the quality of patient care.
- Outproducing isn’t Always the Solution:
Dr. Ericson shared a candid recount of attempting to simply outproduce his practice’s financial difficulties, which ultimately led to burnout and inefficiencies. This pivotal realization underscored the importance of strategic planning and cost management over mere production increases as a more sustainable path to financial stability.
Quotes Worth Remembering:
– “Growth is expensive, and you don’t manage that expensive growth, you grow at all costs, not really caring how much it costs you to grow.”
– “When you grow, you should also see some success yourself.”
– “No one’s going to buy a business that’s not profitable.”
Key Actions for Dental Business Owners:
– Regularly assess and adjust your production goals ensuring they are ambitious yet attainable.
– Conduct routine reviews of financial statements and overhead expenses to identify areas for cost optimization.
– Focus on strategic planning and enhancing efficiencies rather than just increasing workload and production.
Closing Thought:
This episode offers invaluable insights into the foundational steps of our On Target Tracking system. Dr. Ericson’s experiences emphasize the importance of practical goal-setting and thorough financial management. Join us next week as we delve deeper into optimizing operational efficiencies as part of the ongoing series.
Call to Action:
If you found this episode valuable, make sure to subscribe to our podcast, leave a review, and share it with your network. Don’t miss next week’s episode where we continue exploring the components of the On Target Tracking system!
Thank you for tuning into Toolbox Tuesday. Until next time, keep your toolkit at the ready and your goals in sight!
