This week, Heather Driscoll and Drew Schaefer talk about how to build a company strategy around compensation, and how to communicate skillset tiers, pay bands, and the details of compensation with your team members. The most important element in compensation is clarity, being clear about how your compensation structure works, where the limits are, and where you can be flexible.

One of the key lessons we learned after going through the COVID-19 health crisis and the resulting economic impacts is that standard business structures and practices that were true in 2019 are not necessarily true or relevant in 2021. This is true of dental functions as well as external businesses that influence your dental organization’s success. Despite the dental industry coming out of the COVID-19 period as strong as ever, there are external forces out of our control that influence the way we do business and the profitability we hope to realize. 

In an attempt to promote team collaboration and the feel of a democracy, you may bring topics to your leadership team or your full practice team for discussion. We believe that people support what they help to create, and when collaboration is done correctly it results in successful teamwork and buy-in. However, if done incorrectly you risk injuring team morale and frustrating your team members. 

This is a special episode of The Strategic Thinker. Dr. John Meis and Melissa Thomas are sharing the greatest lessons they learned from the leaders in their careers. Leadership is often a hard-won skill, and the greatest lessons we learn from exceptional leaders stay with us throughout the years. Learn the biggest takeaways from their favorite leaders in this conversation.

To know your financial opportunities is to know where your profits are coming from. Accounting for dentistry in its most basic form is very simple relative to most other industries. There is no inventory to keep track of or complicated revenue recognition procedures. It’s very easy to put accounting systems in place to bring visibility to your cash flows and understand your greatest financial successes and obstacles on an organizational basis.