Know Your Walk Away Point
Knowing your “walk-away point” is important because we like to start with the end in mind. The walk-away point is where you have enough money invested so that it’s providing dividends to you and it’s growing without any time or effort from you. At this point, you never have to worry about money for the rest of your life and you never have. This how a Dentist should be.
Understand Your Personal Baseline
The reason this is really important is because if you are truly committed to taking home more money, becoming wealthy faster, you need to get that personal baseline to almost become inert – meaning it does not move up.
Create Your “Accelerated Margin”
The accelerated margin is an amount of money that you put on a monthly basis towards your walk-away point, which goes, usually, into investable assets. Now, I want you to know that we don’t provide any of these financial services, so I’m not selling you anything. I’m just sharing the strategy you need in order to get there and I’ll get to the profit-driven strategies that you can control, here you can find uk dentist. See, I can’t control what percentage my stock portfolio does.
Focus on Your “Practice Economic Denominator”
Something you can be working on every day is what I call your “practice economic denominator.” This is something you know personally, your staff doesn’t need to know. You want to know on a yearly basis what you want your take-home income to be.
Concentrate on Your Three Most Profitable Activities
This is something that all wealthy business owners do. If you fill out this activity, you’ll be way ahead of everybody else. Simply ask yourself what are the three most profitable activities you do on a daily basis that will lead you towards generating more profits for your practice.
Delegate Your Three Least Profitable Activities
I’d like you to really ask yourself what three or four things suck up your time and your energy and prevent you from doing the three most profitable activities in your practice of doing your job as a dental doctor. What you’ll find is that you probably spend a lot of your time putting out fires or answering questions that others should be able to answer on their own. If you look at your lowest profitable activities, there may be some patients you deal with that you might not want to deal with any more. Perhaps.
Identify Your Top 10 Goals
You should identify your top 10 goals. And when you identify your top 10 goals within your practice, you should have in there your personal, your business and your financial goals minimum. You can also have spiritual goals and other goals such as health goals in there. When you have identified your top 10 goals.
Identify the Three Most Critical Limiting Factors Preventing You from Hitting the Number 1 Goal
Once you have identified your number one goal, the next step is to identify the three most critical limiting factors that are preventing you from hitting it. And then with all the energy, power, resources, knowledge and everything that you have in becoming a great dentist, you go to work on a daily basis on solving that. So, what’s something you might see in your office?
The “Magic Wand” Experience
This is a great one that I think everybody should do on a quarterly basis. You should look at your practice, and ask yourself: “If I had a magic wand, if I could design my practice any way I want, solve any problem, achieve any goal, and I had no limitations, what would I do?” Whatever the first, second and third things that come to your mind.
Leverage Yourself in Every Single Point
Every millionaire I know, and every smart business owner and entrepreneur that I know, leverages themselves in every single possible point. The book Rich Dad, Poor Dad is one of the first places I heard about that, but if you study any billionaire, or multi-millionaire, you’ll discover they identify their unique strengths and then they delegate everything else to people around them. So they utilize other people’s money, other people’s.