this episode features
About this episode
Key Takeways
- Everyone loves the idea of following your passion, but very few people can or will follow through
- What’s the purpose of business?
- 1 – Add value to the community around you
- 2 – Generate revenue and profit to feed the families of you and your team
- 3 – Create a place where the humans who are going to work there are going to become the best version they can be
- 50% of business fail in 5 years, 96% fail in 10 years
- Out of the 4% that survive, only 39% are profitable
- Good to Great is about companies who focus on meaning vs. making money
- In 10 years, the S&P 500 grew 122%, Good to Great companies grow 331%, Firm of Endearment companies grew 1,026% over same period of time
- Firm of Endearment companies focus on culture, people care about who you are and why you do it
- These firms do something beyond themselves for the world
- They take care of their people and they take care of their community
- Dentists have the unique opportunity to shape people in an area where people tend to have a lot of fear
- 10 tenets of a firm of endearment:
- 1 – Culture of learning
- 2 – Culture of trust
- You want your people to know the parameters in which they can operate autonomously and you can trust their decisions
- Authenticity, say what you mean and mean what you say, transparency
- 3 – Culture of respect
- 4 – Culture of caring
- 5 – Culture of interdependency
- 6 – Culture of integrity
- 7 – Culture of fun (be childlike, not childish)
- 8 – Culture of transparency
- 9 – Culture of belonging & oneness
- 10 – Culture of loyalty
- Values of companies have changed
- How you treat your team affects the profitability of the company
- Is your practice a firm of endearment? Click HERE for a free assessment!
Key References
Good to Great by Jim Collins
Firms of Endearment by Rajendra Sisodia, David Wolfe, & Jagdish N. Sheth
