Large companies have boards with members who bring different skills to the table – sales, financial, operational. They may be non-executive or executive members, employees of the business or outsiders with external knowledge and differing perspectives.
By contrast, smaller dental practices are usually run by their owners, the dental partnership, supported by the practice manager, who may all bring similar skills and ideas to the table, because dentistry is all they know. A dental partnership with a board is unusual but bear with me while I make my case for an informal dental board…..
When you want to change or improve your business, it is worth having people around you who can bring different perspectives to the table and can challenge and assist you, the business owners. An informal board would meet at regular intervals to help set the direction and ensure the practice is moving towards its goals. You – with your partners if you have them – would take the chief executive role.
How would this work? If you are a client of ours, then most likely we would be external board members, feeding directly into your strategy. At the annual profit and planning meeting, we would help you set goals and thereafter regularly touch base to check on progress.
I have referenced big business, but you can also learn from wealthy individuals who employ accountants and financial advisers, despite not having a business to run. Private client work of this kind involves advisers working together and, in a similar way to a boardroom, experts are brought in to ensure the wealth is managed, maintained and, hopefully, grown.
Linda and I have been working with dentist and orthodontic clients for over 20 years, adopting the type of collaborative approach that in the past was the sole privilege of the very wealthy.
Ours is not the standard service you receive from accountants. For instance, we like to: