As a consultant, I am often asked by clients or practice owners how they can engage their associates to think and act like an owner. This is a great question!
Here are a few ways you can make that happen as an owner
One way you can get your associate to think like this is to have weekly meetings to discuss concerns or issues you see in the office and ask if they are noticing the same things. For example, if you, as the owner of the practice, are working with an assistant and you notice that they are being wasteful with products, you should certainly talk with the associate and ask if they see the same thing! If an assistant puts too much cement in a crown unnecessarily, address it with the assistant. This is unnecessary cleanup as well as wasted product that is ridiculously expensive! And odds are, if you are noticing it, the associate likely is, too. But if you don’t communicate with your associate and discuss small issues like this, they probably won’t say anything either! This creates a barrier to them thinking like an owner, and it exacerbates the situation of wasted products costing the office money. Encourage them to take notice of things like this and to speak up! Discussing this with the associate allows them to recognize the concern and understand why it is a problem. Therefore, making them more mindful to look for other situations that should be addressed. This is an owner’s mindset.
Another way to get your associate thinking like an owner is to go over monthly Profit and Loss statements with them. Most associates have no idea what it costs to run a practice. They don’t know what product costs (and how much you are using monthly), lab bills (unless they are paying their own), or staffing or utility costs. They come to work and do dentistry and get paid. They have no idea what goes on beyond that. Reviewing costs monthly will serve two purposes. One, it makes the associate aware of monies going out the door each month, so they are more mindful of unnecessary spending. And two, the assumption would be that one day the associate wants to be a partner or own their own practice. Seeing Profit and Loss statements gives them a better idea of how to act like a partner or owner now AND in the future.
And lastly, have your associate lead a team meeting. This will empower them to help you lead your team in the direction you want to go! It will also make your team see that you want the associate in a leadership role (more like a “boss”) than just another employee. It also will force your associate to take note of things that need to improve or areas of concern that need to be addressed! Again, creating an “owner’s mindset.”
These are just a few simple ways you can involve your associate in day-to-day practice operations that will create a mindset you would have as an owner. And you are definitely setting up your team and associate for success moving forward!
