Understand that practice finances are the team's business
Many practice owners feel they would be revealing too much about their personal income if they allowed staff to see how the practice is performing financially. However, in today's economy, dentists need to take advantage of the power of setting and tracking performance targets -- many of which can be easily translated into dollar amounts. Let the team monitor the practice's business so that their energy, skills, and commitment will help the business grow.
Identify, track, and reach key targets as a team. Whatever the particular targets your practice sets out to achieve -- increasing production by 20% annually, reducing overhead to 59%, reaching a case acceptance rate of 90%, etc. -- are likely to be reached only with a team effort.
Don't expect staff to strive blindly for undisclosed goals. Staff members have to see where they're going, how they're doing, what improves the numbers, and what doesn't. Keep them in the dark and your success will be severely limited. Lead them well, providing the information they need, and all of you will be rewarded.
