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About this episode
Key Takeways
- GOTT stands for Get Off The Treadmill, the annual summit is all about creating a dental practice that produces BOTH time and money.
- 70% of business is similar/generic. Problems are the same across industries. Business has little to do with the craft itself, but everything to do with the way people work.
- Dentists really need to get off the treadmill of working in business to work on business and be free to do the things they love.
- Separation of work and private life is false.
- Practice owner’s game is about how to make more money in less time.
- Need to demand both time and money from your career.
- Research shows there is a proportional link between happiness and money up to $70-80k, above that the level of happiness diminishes with each additional dollar.
- Key questions: What do I want out of life? What kind of practice do I need to build to give me that kind of life? What kind of stuff do I need (or not) to support that lifestyle?
- Chase your end, use time and money to get what you want.
- Your dental career and/or practice should be an expression of your own vision.
- 2/3 of all people who’ve lived to be 65 – in the history of the earth – are alive right now. The first person who is going to live to the age of 150 has already been born.
- For thousands of years the #1 motivation was survival. We’re now entering the participation age, where the #1 motivation is significance.
- 70% of people in your practice are phoning it in. Only 30% are engaged.
- 51% of everyone at work in the US is actively looking for a job.
- 86% of people at work in the US would take a job that dropped into their lap. Only 14% would not take another job and are happy with their current position.
- If you believe people are stupid and lazy, you will end up with a practice where everyone is stupid and lazy. If you believe people are smart and motivated, 4 out of 5 people will respond as smart and motivated.
- Cost of turnover is between 50-800% of annual salary. It’s a cost no business should plan to afford. Great hiring is KEY.
- We want leaders, not managers. Managers tell, leaders ask.
- 50% of businesses fail in 5 years, 80% fail in 10 years. 98% of the reason businesses fail is because somebody got tired, and it’s because they had the right motivation and the wrong process.
- How do you get to the point where your practice continues to grow, while you are being strategic as a leader?
- Most of us tend to make decisions based on the short term, and that’s the #1 issue in our lives.
- Are you making decisions based on where you are, or on where you want to be?
- So, what’s the magic formula? Step 1 is to change your mindset and intention.
Key References
