Dentaltown August 2015 - (Page 82)

product profile feature Uncomplicate Business: All it Takes is People, Time, and Money I wrote "Uncomplicate Business: All it Takes is People, Time, and Money" because anted to help fello business o ners gro and thri e elo you ll ﬁnd an exclusive sneak peek of the book. I encourage you to explore the material whether you're a new entrepreneur or are looking to improve your existing business. -Dr. Howard Farran, DDS, MBA, Publisher, Dentaltown Magazine Excerpt from "Uncomplicate Business: All it Takes is People, Time and Money." As we've discussed, running a business doesn't have to be complicated if you focus on three things: people, time, and money. Here's an example of a business that missed the mark on the third item. A new restaurant opened up near my home in Phoenix, Arizona. They had been marketing in my area pretty strongly-billboards, advertisements in the local shopper, and direct-mail cards with "free dessert" coupons. Almost everywhere you turned, something displayed this restaurant's name. I'm a creature of habit, so despite all the advertising, I hadn't really considered going until a close friend of mine recommended it. I took my family on a Thursday night. It was a pretty place with a pleasant atmosphere, and the food was pretty decent. And the place was bustling. The friendly and helpful staff hurried from table to table, waiting on diners as quickly as possible so they could seat the people who had been waiting up front for an hour. It really seemed as though this place would take off. The manager came around to my table and asked me how I liked my meal and if I was enjoying myself. I told her everything was great, but that I was curious to know how many new customers her restaurant was getting each month. She appeared dumbfounded at first, but then she finally said: "I don't know. Probably around fifty?" The woman had no idea. I just let it go and decided I'd wait and see how things were going with this restaurant in a few months. My favorite restaurant happens to be located across the street from this place. It is one of four restaurants in my ZIP code that has stayed in business for all 25 years I have lived there. I know the managers of all four, and they know me. So one night when I was dining at my favorite restaurant, I asked the manager how many new customers he attracts in a month. He said, "On average, about forty, but last month we had forty-two." When I asked where his new customers came from, he said, "Well, fi ve came from our website, 10 came from a Google ad, 20 were word-of-mouth referrals" . . . He went on down the list. This guy didn't even have to check his data. He knew it cold. He even knew how many dollars per head his new customers cost him in advertising on his website, direct mail, Facebook, and in the newspaper. Why? Because he wanted to invest his money where he was getting the most bang for his buck. He was measuring his return on investment. A classic entrepreneur. "With Uncomplicate Business, Howard Farran has created a concise, must-read, easy-to-follow cookbook for any small-business owner, not just dentists, to operate successfully." Edward J. Zuckerberg, DDS Father of Facebook Founder, Mark Zuckerberg Eventually that other restaurant went out of business. When once no one could get in, now no one wanted to go. It was a shame, really, but I saw it coming from a mile away. Management cared more about how its "product" was made than about watching the numbers. If you're not passionate about running your business and watching your numbers, it won't matter whether you're making crowns, pizzas, or depositions, because you won't have a business at which to make it! ■ Preorder "Uncomplicate Business" now for only $19.95 at HowardFarran.com. 82 AUGUST 2015 // dentaltown.com http://www.HowardFarran.com http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown August 2015

On Dentaltown.com
HOWARD SPEAKS: Do You Need to Retire Your Views on Retirement?
PROFESSIONAL COURTESY: Product Perfection is Not Guaranteed
Continuing Education Update
The Chasolen Effect
Poll
5 Strategies for Maximizing New-Patient Referrals
Pediatric Dentistry, Parents, and Spoiled Kids
Finding the Hidden Treasure: Prevention = Treatment + Motivation + Compliance
The Three Dimensions of Endodontic CBCT: Treatment Planning, Patient Understanding and Referral Relationships
Implant Drivers and Driver Tips for Single-Torque Wrenches
Are the Top 1 Percent Safe?
Debt-Repayment Basics for Dentists
A Creative Approach to Retirement Funding
Diode Use in Orthodontic-Related Procedures
Thin Implants
Stick With It: A Systematic Approach for Bonding CAD/CAM Restorations
Product Profile: Uncomplicate Business
Establishing an Accounts Receivable System
Yoga for Dentists
Practice Solutions: Ivoclar Vivadent
Ad Index
Why Dentists Need to Be Mobile-Ready
Rehabilitation Case with CAD/CAM Design and Excellent Results
Industry News
Product Profi le: LocalMed
Dentally Incorrect

Dentaltown August 2015