The Bulletproof Dental Podcast Episode 354
When Should I Expand?
GUESTS: Dr. Dwight Peccora and Dr. Trey Tippit
DESCRIPTION
Pete, Dwight, and Trey discuss the importance of understanding when it's the right time to expand and how to determine the right metrics to make that decision. We emphasize the need to consider factors like utilization rate, infrastructure, and cash flow when deciding to expand. We also explore the challenges of balancing work and personal life during the expansion process.
TAKEAWAYS
- Understanding when to expand a dental practice is crucial for growth and success.
- Metrics like utilization rate, infrastructure, and cash flow can help determine the right time to expand.
- Balancing work and personal life during the expansion process is a challenge that requires open communication and support from family and team members.
- Having a clear vision and goals for the expansion can help guide decision-making and prioritize resources.
- Regularly tracking and analyzing key metrics can provide valuable insights and inform expansion decisions. Consider utilization rate, capacity, and future growth when deciding to expand a dental practice.
- Cannibalization can be a strategic move in expanding a practice.
- Continuous learning and skill development are essential for success in dentistry.
- Building strong relationships and team bonding can contribute to practice success.
CHAPTERS
00:00 - Introduction and Setting the Context
11:59 - Understanding the Craftsman Mentality in Dentistry
21:50 - Determining Utilization Capacity and Expansion Readiness
27:43 - Defining Utilization Capacity and Tracking Metrics
31:36 - Considering Utilization Rate and Capacity
33:01 - The Inspiring Example of Innovative Dental
34:23 - The Importance of Continuous Learning and Skill Development
37:33 - Factors to Consider in Expansion Decisions
43:07 - Utilization Rate and Multi-Location Practices
44:40 - Leveraging Existing Practices for Patient Count Growth
46:15 - The Strategy of Cannibalization in Market Domination
50:14 - Building Strong Relationships and Team Bonding
REFERENCES