How much is enough?
Is bigger better? Will having more make you happier or more successful?
The dentist who had by far the greatest influence on my career was Dr Omer Reed from Phoenix Arizona.
I remember when I was taking over my first practice listening to a set of his audio tapes until I practically wore them out. A vitally important question Omer asked was:
“How much is enough?”
That question caused me to think about two super useful questions:
How much do I need to earn?
How much do I need to work? (hours per week, weeks per year)
Once I answered those two questions everything fell into place for me.
I found that I was able to have a very good life-style, support my family comfortably and save generously for retirement by working 32 hours a week for 46 weeks a year.
I did not need multiple practices or a big staff.
Knowing “how much is enough” saved me from endless stress over the years. I did not need a huge staff. I did not need multiple practices. I did not need to employ a lot of dentists.
Knowing “how much is enough” gave me tremendous peace of mind. Every time I felt the urge to build an empire it slowed me down and made me look hard at what I was planning.
What I observe.
As I travel around practices I see many dentists who run multiple practices, employ large staffs and teams of dentists.
Maybe it works for some of them but for the big majority that I have seen they earn less than they could working alone.
They have made their lives exponentially more stressful, they work longer and harder than I did and are experiencing a worse outcome.
I’ve seen dentists run formerly excellent practices into the ground by being absentee owners.
Instead of running one highly-profitable practice superbly well, they run two or three or four slightly profitable practices. Some months of the year they may even lose money.
Have you ever asked yourself: How much is enough?
That one question can keep you grounded.
