Toolbox Tuesday-Interview with Jennifer Paxton discussing Building Team Motivation and Buy-In for Achieving Financial Goals
Welcome back to our final installment of the On Target Tracking Series on Toolbox Tuesday! This week, we complete our journey with an insightful interview with Jennifer Paxton, where we delve into how we built team motivation and buy-in, ensuring that everyone in the practice is aligned to achieve our financial goals.
Introduction to the Episode
Dr. Sten Ericson introduces this special episode, “This time, it’s Jennifer’s turn to discuss team motivation, setting goals, and organizing effectively. This is her wheelhouse, and I’m excited for her to take the stage.”
Jennifer Paxton kicks off, “If you haven’t been with us for Toolbox Tuesday before, every Tuesday we focus on a tool in our asset arsenal to ensure everyone is on the same page. This week, I’m the tool!” she jokes.
Understanding Team Dynamics and Initial Challenges
Jennifer shares the initial challenges faced, “A lot of team members felt that doctors were just getting richer off of their hard work. They didn’t understand overhead expenses, loans, or mortgages. This perception needed to change.”
The solution started with open conversations about personal budgeting and financial goals. “We provided our team with budget sheets and asked them to outline their monthly expenses and financial goals. It was surprising how many had no idea of their expenses,” Jennifer noted.
Breaking Down the Goals
Jennifer elaborates on breaking down larger goals into attainable targets. “Big numbers can seem insurmountable. We break them down into monthly and weekly targets. This way, small wins accumulate, creating momentum.”
Sten emphasizes the importance of this method, “We don’t want to embarrass team members with what they don’t know. The goal is to guide and help them see possibilities beyond their current situation.”
Driving Production through Financial Transparency
Jennifer explains how opening up about the finances started to drive production. “Once we educated the team on what overhead expenses really meant, they started understanding the bigger picture. For instance, the mortgage and loan payments don’t stop when the office is closed for holidays.”
Our profit-sharing plan, which we call the bonus plan, is designed to be substantial, not just a token gesture.
Our goal was to create a significant, tangible reward for the entire team. “We wanted everyone to benefit as the office did better,” Jennifer explained. This means hitting production goals not just richly rewards the doctors but everyone involved.
Aligning Personal and Team Goals
Jennifer delves into the necessity of aligning personal goals with team goals. “The team needs to understand what’s in it for them—not just that they’re working harder for the doctors. Whether it’s family, personal growth, or career advancement, aligning these personal ‘whys’ with practice goals is crucial.”
Implementing and Maintaining Cultural Change
Building and maintaining this culture isn’t a one-time effort. Jennifer acknowledges this ongoing challenge, “We still have conversations to ensure things don’t go down the wrong path. For instance, someone might say, ‘I’ll do this only if we’re hitting profit sharing this week.’ That’s not acceptable. Tasks are part of their job.”
It’s vital to keep reinforcing the importance of the work and the mutual benefits. “Educating the team about how their efforts contribute to overall success helps everyone feel valued and motivated.”
Conclusion
Our journey in creating a cohesive and motivated team that actively participates in achieving financial goals has been fruitful. Open communications, breaking down larger goals, fostering understanding, and aligning personal ambitions with team objectives have been key.
Join us for more insightful discussions and practical strategies in our future Toolbox Tuesday episodes. Here, we believe in continuous growth, mutual benefit, and always moving forward together towards a prosperous goal.
Call to Action
Want to implement similar changes in your practice? Contact us through email at connect@pathwaydentalsolutions.com, visit our website at pathwaydentalsolutions.com, or follow us on social media for more updates and insights.
Thank you for joining us for Toolbox Tuesday. Until next time, let’s keep the momentum going and our goals in sight!
