Self-Funding Growth

Learn the power of coaching in dentistry – another step to an All-Star practice. Discover rapid results and flexible, month-to-month support.

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About Alex Nottingham JD MBA

Alex is the CEO and Founder of All-Star Dental Academy®. He is a former Tony Robbins top coach and consultant, having worked with companies upwards of $100 million. His passion is to help others create personal wealth and make a positive impact on the people around them. Alex received his Juris Doctor (JD) and Master of Business Administration (MBA) from Florida International University.

Episode Transcript

Transcript performed by A.I. Please excuse the typos.

00:00

This is Dental All-Stars, where we bring you the best in dentistry on marketing, management, and training. Here’s your host, Alex Nottingham. Coaching for success. That’s the topic for today. And just to review, we’re talking about the five steps to an All-Star practice. The first being your vision, the second the team, third is training, fourth is coaching. To recap vision. Your vision is…

00:30

what outlines your aspirations and goals. It’s a way of you expressing yourself and your purpose into the world. You wanna make sure that you’re running every decision you make through your vision. Write it down, tell the world. In our second episode, we talked about the four elements of a great team member. Committed to patient service, takes initiative, loves learning, loves feedback. The team must match your values

00:58

or they bring your entire team down. We talked briefly about the five steps to hiring. In our third episode, we talked about training. Onboarding was one of them. Getting a big impact within 90 days of a hire. Comprehensive training as your competitive advantage. The tortoise versus the hare. We all know who won that race, and if you don’t know, see the episode, you can find out who won. What’s it, the tortoise or the hare? We also saw that just 20 minutes a week of training can have a huge impact.

01:28

on your business. We talked about the training effect where we will see improvement once we train, but then a sharp decline. So we have to keep training to keep that energy up, to keep that knowledge base up. We also talked about our online training system, the number one phone and scheduling training system on the market. You can learn more about that at allstartdentalacademy.com or you can check out our free webinar, allstartdentalacademy.com slash free dash training. And what happens is,

01:57

When you’re following these five steps to an all-star practice in order, you’re seeing a stacking effect. So your clear vision aligns with your team because your team is on board with your vision. And then when you’re training your team properly, they’re more enthusiastic. They’re getting better with their skills. So now you go into coaching and you’re even more primed for greater success.

02:27

What dentists often tell me is we’re not the best leader. We have trouble delegating and holding our team accountable. They’ll say to me, I’m not sure about my KPIs or key performance indicators. They’ll say, well, I get QuickBooks data or I get EagleSoft or Dentrix data, but it’s not telling me what I need to grow. Often dentists are telling me that they’re seeing inconsistent growth and their systems are breaking down. Some dentists are not even getting a paycheck.

02:56

Did you know that 75% of Fortune 500 CEOs state coaching as one of their three factors to success? And Fortune Magazine conservatively estimates that the monetary payoff from coaching is six times what the company invests. So they’re getting a 600% ROI. Why is coaching so valuable? Well, you have specialized knowledge from the coach. The coach is working

03:25

with multiple practices and they can share that specialized knowledge. You’re getting a unique perspective. The coach is working on the business with you, not just in the business. They’re not myopic. They’re not stuck with seeing the branches. If you will, they can see the entire tree. They have a broader perspective and they can literally see gaps in your business. No pun intended. And those gaps are the areas where you can grow and you can improve your.

03:55

business. Here’s the problem with traditional dental consulting. And sometimes they use the word coaching too. They can be extremely expensive, $60,000 a year, $100,000 a year. They take a long time to get results and they have one way of doing it. And sometimes that one way of doing things can have the reverse effect where you’re losing money from consulting or coaching.

04:21

This is why we at All-Star Dental Academy believe in self-funding coaching. This is something that I learned when I worked with Tony Robbins and how it works is we expect coaching to pay for itself within 90 days. So how does self-funding work? Well, we’re going to pick one or two tactics that we know make money right away, and we have about two dozen of them. They do not affect the business negatively. They’re very easy to install and to achieve. They’re

04:50

paying for coaching. Then we feel more confident to continue to work on more of those self-funding tactics and on richer and newer goals of practice growth. We also track everything. We provide you a tracker that we will see the improvement. We will see the areas that need improvement for growth. And here’s what’s great about our coaching. It’s month to month. We don’t need long-term contracts because we’re getting results very quickly.

05:19

The average term of one of our coaching clients is five plus years. Because when you’re having an investment, when you’re getting coaching that’s helping you and paying for itself, you’re going to stay. And that’s our goal. Our goal is to have a great relationship with you and help you grow. Probably the number one lesson I learned from Tony Robbins is to model the best. So what are the best dentists doing? Dentists often ask me this question. And that’s why I put together…

05:48

the five steps to an all-star practice. What are the best in business doing? Same concept, let’s model what they’re doing. This is what I do. I have a coach for everything. I have a mindfulness coach, I have a tennis coach, I have a business coach. So it’s always good to be coaching because the best are coaching, the best are being coached, and so you gotta do what the best are doing. Look, it’s hard for dentists. I would say it’s harder for dentists to do what they do than what I do because I get to be CEO all the time.

06:18

You have to be a dentist and producer, and you also have to be a business leader, a visionary. So there’s always room for help and growth with respect to that. To learn more about coaching, go to allstradentallacademy.com slash coaching. We have testimonials and case studies on the website. For example, one client had a 40% increase in revenue from coaching. Another one had 150,000 increase in collections, and another one had a 384% increase in new patients.

06:47

Whether you’re using an outside company to coach you like All-Star Dental Academy, or you’re doing it in-house, always be coaching. What would it look like if it’s in-house? You as a dentist might be leading your team, mentoring your team, or having team leaders provide feedback, additional analysis. So something you can also do is do retreats just so you have a fresh perspective. In our next episode, we’re going to talk about the fifth step to the five steps to an All-Star practice.

07:16

how to transform your practice with events. Remember to follow, subscribe, like, comment, and share. And until next time, go out there and be an All-Star. We hope you enjoyed this episode of Dental All-Stars. Visit us online at allstardentalacademy.com.

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