PLANET, PURPOSE & YOUR DENTAL PRACTICE
Yes, you want to provide great dentistry for your patients. And what else?
A great service? Definitely a yes, and, in the process, hopefully, you'll create job security for your employees, allowing them to house, feed, and clothe themselves etc., and what else? How about profit? Well, yes, and according to some economists, maximising profits is the only Purpose of business. But in the 21st century, surely, we need a more enlightened purpose? Yes, profit is essential to pay the bills, fuel growth and pay for capital, but it's not the sole reason why you would want to open your own dental practice.
Making profit your Purpose is no longer a sufficient basis on which to look at opening any business, including a dental practice.
So what is your Purpose? How can you deliver excellent dentistry with excellent customer service and stand out over all the other dental practices?
At my practice, our Purpose is to Promote Wellbeing:
Wellbeing for our patients
Wellbeing for our team
Wellbeing for our environment [Click here to learn more about Green Dentistry: a Greener Practice Pathway].
It works well as everyone knows where they stand because our Purpose creates shared values from which we all operate. All decisions consider the wellbeing of all stakeholders and, so we don't make money at any price. In fact, there have been times when we put our Purpose before profit because aligning and staying true to our values was then and always will be the right thing to do. Generating long-term value for our business is far more important than a focus on short term profits.
So, ideally, a purpose-driven practice will benefit all stakeholders, including owners/shareholders, employees, patients, and the environment. Being purpose-driven means your practice will treat people with dignity and respect, and your shared values will hold you all together. There will be mutual respect between employers and employees, and your Purpose aligns everyone in your practice around a joint mission. It gives everyone a reason to look toward the goals of your practice as a whole rather than their personal goals.
How about goodwill? With 77% of consumers stating they have a stronger emotional connection to purpose-driven companies over traditional companies and 66% who would switch from a product they typically buy to a new product from a purpose-driven company, it makes good business sense to reflect on what you do and why you do it. And, by the way, the employees of purpose-driven businesses are more likely to be more productive, happier and more creative than those that more conventional ones, with the added bonus that they are three times more likely to stay in your employment over businesses that aren't purpose orientated. And, we all know how hard and expensive it can be to recruit and train new staff.
So it's not a matter of Purpose versus Profit. Purpose is profitable. And it’s not a fleeting fad.
Ok, so back to you:
What moves you?
What do you value above everything else?
How can you positively impact the community?
How can you mitigate your impact on he planet?
So, what is your Purpose?
Now go start creating and then building social, environmental and financial value to your practice.