COVID-19 has increased the already growing level of competition that practices face. We encourage every practice to complete a five-year strategic plan with monthly reviews and annual updates to the plan. This is how good practices become great and stay there.
Establish clear goals for the next five years on an annual basis. Understanding what has to be achieved each year to move toward the vision is critical. Goals should be measured in a monthly strategic planning meeting for the next five years. Annually, a new strategic planning meeting should take place to identify whether the plan is on track or needs modification.
Don't forget to assign each strategy to a responsible party. We have learned that when no one is responsible for a specific strategy, there is a much higher likelihood that it will never be completed. Practices that want to successfully complete their strategic plan within five years must assign the right people to the right strategies. This doesn't necessarily mean that the individual has to do the work. It just means that he or she is responsible for ensuring that the work gets done.
Roger P. Levin, DDS, is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Dr. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
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