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Three Signs That Your Dental Practice Advisors Are Exceptional
Summary:
As a driven dental entrepreneur looking to make smart decisions about your practice and personal finances to create a life of significance, one of your biggest goals should be to ensure you're getting value from your professional advisors—the practice management consultants, financial planners, lawyers, accountants, and similar experts you rely on for guidance. This becomes especially crucial as your dental practice grows over time and your business and financial concerns become increasingly complex.
As a driven dental entrepreneur looking to make smart decisions about your practice and personal finances to create a life of significance, one of your biggest goals should be to ensure you're getting value from your professional advisors—the practice management consultants, financial planners, lawyers, accountants, and similar experts you rely on for guidance. This becomes especially crucial as your dental practice grows over time and your business and financial concerns become increasingly complex.
With that in mind, consider how you would rate the following statements in terms of their accuracy as they relate to you and your experiences with your dental practice advisors.
_____ The advisors I'm using really understand me as a dental entrepreneur (including my practice goals, personal aspirations, and concerns about both my business and personal life).
_____ The advisors are very good at explaining dental practice management concepts, financial strategies, and business solutions to me (and my team) in a way that is clear and understandable.
_____ I have a sincere and trusting relationship with the advisors I'm working with for my dental practice and personal finances.
_____ The advisors I'm working with are consistently able to access best-in-class expertise and solutions specific to the dental industry.
_____ The advisors I'm working with consistently are able to attain the dental-specific expertise I need and want on an expedited and cost-effective basis.
_____ The advisors I'm working with regularly employ "What if?" scenario thinking to identify possibilities and opportunities for my dental practice in order to determine the very best courses of action.
_____ The advisors I'm working with make sure my dental practice is staying on track and following the best possible growth strategy, or they determine whether an alternative approach would be more appropriate and effective for my unique situation.
In our view, each answer you rated a 1, 2 or 3 means that an important element of your working arrangement with the critical advisors for your dental practice is far from optimal.
Answers that you rated 4, 5, 6 or 7 often mean that the element in question is in progress but your advisors could do better in serving your dental practice needs.
The 8-, 9- and 10-rated answers indicate that the advisors you rely on are where you want them to be—they're adding real value to your dental practice and personal financial life.
If you ranked some statements 1 through 7, you may be able to make improvements. Take a moment to consider what it might mean if you could rate every statement an 8, 9 or 10.
- How might your dental practice and personal financial world improve?
- How would your ability to grow your practice, take care of your team, and achieve your personal financial goals be enhanced or even optimized?
THREE DRIVERS OF EXCEPTIONALISM IN DENTAL PRACTICE ADVISORY
Achieving an optimal financial world for your dental practice and yourself is largely a function of three key drivers:
- The human element
- A cohesive team
- Systematic processes
These drivers are fundamental to all types of professional relationships in the dental industry.
- The human element. This powerful driver is essential because it addresses the quality of the relationship you have with the advisors you engage for your dental practice. In our experience, the way to consistently get great results is to work with advisors who truly and deeply understand you as a dental entrepreneur—and who are able to communicate with you in a way that truly resonates with your vision for your practice. This is what we call the human element—the extent to which advisors and other experts who serve you get to really know you "beyond the dental chair." When the human element aspect of relationships is strong, the advisors you work with know who you are as a dental professional and business owner, and what matters to you (as well as what doesn't matter!). Only by being so in tune are they able to coordinate solutions that best serve your specific dental practice needs and personal financial wants.
- A cohesive team. When it comes to your overall dental practice and personal financial life and its many moving parts (which might include practice management, investments, tax strategies, estate planning, retirement planning, and so on), it is extraordinarily unlikely that one single advisor can do everything you need and want. In our experience, no single expert—not even the smartest or hardest-working one—possesses the full range of knowledge that driven dental entrepreneurs require. That's why we believe you need a strongly motivated team of experts who understand the unique challenges and opportunities in the dental industry. That said, it takes more than just any old roster of skilled professionals to pursue exceptional outcomes for your dental practice. Those advisors also need to be able to work together seamlessly on your behalf. That's the "cohesive" part of the team equation. Referrals to other experts are good—but what can really make the difference is when all the experts come together to work collaboratively and creatively on behalf of your dental practice. When that happens, there is typically one advisor—often a dental-specific financial planner or practice management consultant—who coordinates the team and the process of working together. The end result can potentially be ideas, plans and solutions that wouldn't have been thought of if each advisor stayed working in their own "silo."
- Systematic processes. Some advisors deal with their dental clients in a haphazard, disjointed manner—an approach that makes it essentially impossible to get optimal results for your practice. On the other hand, there are proven methodologies to ensure that you get ideal, integrated results for both your dental business and personal finances. When you have an advisor adeptly coordinating the efforts of other experts on your behalf and doing so based on proven methodologies specific to the dental industry, you can enhance the likelihood of achieving the best outcomes. Bottom line: You want the advisors you work with to use systematic processes to engage with you, your dental practice, and your finances.
Our advice to dental entrepreneurs: Strive for excellence by identifying and working with advisors who see the importance of being exceptional in the dental industry—and who have the resources in place to actually be exceptional on your behalf. It's one of the best ways we know to pursue optimal outcomes for your dental practice and personal finances—now and in the years to come.
Tim McNeely
Advisor to Dental Entrepueriers
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This material is intended to be used for educational purposes and does not constitute a solicitation to purchase a security or investment advisory services. Some material on this site has been researched and prepared by BSW Inner Circle and its affiliates, CEG Worldwide, LLC and AES Nation, LLC. Timothy J McNeely has retained AES Nation to conduct research and prepare informational materials for his use. Mr. McNeely is a member of CEG Roundtable and pays an annual fee for these services. Mr. McNeely is involved in these activities through The LifeStone Companies.
Some materials is published by the VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright by AES Nation, LLC. This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing..
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