23 Mar Everything Dental Blog March, 2016
Words and Corporate Culture
The Power of Words
Since the beginning of time philosophers, religious leaders and politicians have tried to persuade people or influence them. Many of these iconic figures have been charismatic, passionate and committed but they will all tell you that affecting change is a struggle. To change the narrative or an individual’s perspective requires a concentrated effort with a targeted focus and lots of repetition. In business, rewards are often added to the mix as a catalyst but the audience’s readiness matters as much as the delivery.
Human beings adopt core values during their early years and those values guide them throughout their lives. These core values, whether scientific, religious or cultural are internalized as fact to the beholder. When challenging someone’s core values, it is not advised to strive for 180 degree change, but instead find a compromise. These beliefs are strong and have been internalized. When opinions and decisions are being vetted by these core values the results may appear illogical. These outcomes may be the result of inductive reasoning. Inductive reasoning is not logically rigorous. Imperfection can exist and inaccurate conclusions can occur because the premise is flawed. In these instances, the goal is to aim for neutrality and have that person or the audience be open-minded. Rather than getting someone to join your way of thinking, your mission is to have them reevaluate their position. This can help the group dynamic by neutralizing a potential distractor among the ranks.
In business, we are not talking about politics, religion and personal relationships. We are talking about systems, processes and procedures which are benign comparatively. While these topics are easier to present and influence, getting people on the bus still has its challenges.
The Power of Culture
Business leaders will tell you that corporate culture is a powerful component in any successful organization. It is arguably the most powerful tool of an organization but it can also be the thing that prevents a company from reaching its full potential. It is critical for a business to have all its shareholders (employees) on the same page and committed to corporate goals and a great customer experience. A positive corporate culture is a force that produces that extra horsepower when businesses need to move mountains, pioneer products or implement change. A healthy corporate culture is what fuels ingenuity and entrepreneurialism among the ranks. It speaks to the ethical conduct and character of the corporation and its leadership.
If you believe as I do, success attracts opportunity and opportunity yields success which creates the cycle of momentum. Momentum is a steady surge that attracts more opportunity and feeds the cycle. As long as the opportunity is plentiful and success rates are high, the engines of momentum maintain. Great leaders strive to create positive trajectories and new opportunities for the people who report to them.
A venture capitalist will research a prospective company before investing in it. He will analyze the company’s fiscal performance and the organizations operational prowess. He would also do his due diligence on the company’s history, culture and what’s in their pipeline (future products, services and intellectual property).
An inventor who believes they have the next best product would not seek out an under-performing firm to market her prized possession. She would likely want a surging company to take her product to market. This supports the theory that success leads to opportunity which creates the cycle of momentum! People like to do business with people and companies they believe are successful and patients like to believe they are going to a successful and professional practice for their oral care.
And the fight goes on…..
When you talk about words and corporate culture, the fight goes on. There will always be naysayers and resistance to change and the corporate culture will always evolve. Managers and leaders must stay on point and create systems to help change happen. If not, change will occur but they will be at its mercy instead of guiding it.
For single practitioners, groups and larger dental organizations, leadership matters and your corporate culture must be your guiding light. Without strong leadership the culture will never take root and you are certain to hit critical mass prematurely. Leadership is not exclusively the executive management team. Take note of the leaders in your organization and provide them with an autonomous and rewarding environment. Identify the entrepreneurs in your organization and share your mission and vision with them. Develop a three year plan with obtainable, performance goals that you can build upon. Galvanize your team and transform your organization by being proactive instead of reactive.
The best way to support your words and instill the corporate culture in your organization is to assess your business regularly. Today, businesses use a multiple of metrics to capture a snap shot of their activity. Some may use the data from their practice management software and the summary reports from third parties like ADP™ or QuickBooks™ but this process is cumbersome and results in several spread sheets from different databases. Others, streamline this process by utilizing Dental Practice Pro which provides the practice with a Snap Shot of their key business indicators (from one to multiple offices) in a colorful, user friendly Dashboard that’s accessible from any device at any time. To receive a 30 day trial of DPP and your complimentary dashboard (key performance indicators) log onto: http://www.dentalpracticepro.com/
Spring and the 2nd Quarter, 2016
The early data suggests that the first quarter of 2016 was better than expected. This was due to a mild winter and the race to digitize the dental workplace. Consumables were flat (slightly up) but technology sales (Digital Impressioning//CadCam and 2D/3D Imaging) were way up. I believe the economy will remain sluggish until the Presidential election in November. However, these two IRS simulators will motivate doctors considering capital equipment to act now. The section 179 deduction (accelerates the capital equipment depreciation) and the two year moratorium on the medical device excise tax imposed by I.R.S. code – section 4191.
To my clients, co-workers and the consulting community, let’s remain relevant, competitive and current. The landscape is changing rapidly and we must embrace operational efficiency and practice management best practices. This will lead to our cycle of momentum!