Why You Should Invest in Your Dental Team
When you think of investments, what is the first thing that comes to mind?
Probably money, correct?
There are multiple types of investments to consider, such as stocks, bonds, mutual funds, CDs, retirement plans, annuities, and the latest – cryptocurrency.
If you’re anything like me, it seems like a foreign language when I hear people discussing investments. That same sensation is most likely how patients feel when they come to our office and hear us talking in our dental language!
Considering what little I know about monetary investments, I started thinking about how investing in our dental offices could change our future!
Investments in your dental office
First, we have to determine the purpose of financial investments. They could be achieving profitability or building wealth, financial security, and stability of income upon retirement.
If we want to reach these goals, we need to be productive, have an interest, and be speculative about our investments.
Sounds complicated, right?
Right! So, what if we take these goals and apply them to our team members?
If we invest in our team, shouldn’t we receive profitability, financial security, and stability in return?
Let’s break down investments even further.
How to start investing in your team
How do we encourage our team members to be more productive?
INVEST in them! BELIEVE in them! Get to know your employees and determine what can be done to encourage growth and development.
What is the most effective way to increase communication? What inspires them?
Take time to truly listen to and understand what drives them!
The definition of an investment is “the action to a particular undertaking with the expectation of a worthwhile result.” In short, it means planning for the future!
Engage with your team to determine what their goals are personally, financially, and for their continued employment so that everyone involved can have outstanding results!
Interest in your investments
We earn interest on monetary investments. So how do we develop an interest in our team members?
Each team member is your key or investment for your office. They are the face of the practice, whether they are at work or out in public!
Do you hear people telling others that they work at a fast-food restaurant and are proud to work there? Probably not.
Take an interest in your employees! Support them enough that they will be proud to tell people where they work!
Investing and taking an interest in your employees is, in a sense, a form of personal branding for your office. This step will be your best form of advertisement!
Periodically take each of your employees to lunch for a one-on-one conversation. They will more likely open up to you to tell you their needs, suggestions, and concerns.
In turn, it will take your practice to the next level.
Earning interest on money is always great. But seeing your employee stepping up, taking action, and learning how to better themselves for your team is the greatest return on investment for your business!
What is a speculative investment?
In the financial industry, speculative investments are purchased with a high degree of risk.
For us, it’s like hiring a new employee.
This risk could be worth its weight in gold or could be a detriment to the practice.
Do you hire your next employee based on their previous work history? Probably.
Are they going to be an amazing employee? Possibly.
There is a reason they’re looking for a new job; aren’t you curious why?
Take time to get to know them and find out.
Why are they looking for a new position? Why do they think they would make an excellent asset to your team?
After the team member has been employed for a few weeks, set aside time to talk to them about their new position.
Do they have ideas that could improve or better any of the office protocols or systems? Take a risk! You may find your diamond of an employee!
Invest in your dental team
As you continue your career in dentistry, I encourage you to focus on your investments. Investing for your financial future is always a goal.
When you invest in your team members, your business will become more successful and continue to reap the rewards in the future.
If you want your company to grow and improve, never stop investing in your employees.
Remember that your company’s most valuable assets are the people that you hire. They are well worth the investment.
Meet the Author
Krista Smith, MAADOM, is the office manager at Powell Dental Group… This text opens a new tab to the official website… in Powell, Ohio.
She has over 20 years of experience in general dentistry, oral surgery, endodontics, dental sleep medicine, and practice consulting.
She is also the founder and president of the Columbus, Ohio AADOM Chapter… This text opens a new tab to the chapter’s website….
Krista has a passion for helping other dental professionals further their knowledge and careers in the dental industry.