Business Lessons from Jack Welch: 3 metrics to start measuring TODAY!

Have you ever paused to ponder what lessons we, in the dental industry, can glean from the titans of other sectors? I recently stumbled upon an intriguing insight from Jack Welch, the visionary CEO and chairman of General Electric, which resonated deeply with me:

“There are only three measurements that tell you nearly everything you need to know about your organisation’s overall performance: employee engagement, customer satisfaction, and cash flow… It goes without saying that no company, small or large, can win over the long run without energised employees who believe in the mission and understand how to achieve it.”

Now, imagine your dental practice as a dazzling GE of the oral world! 🚀Let’s break it down with a touch of toothsome humour:

Employee Engagement: Imagine your dental team as a crew of superheroes! Their energy and enthusiasm light up your practice like a dental lamp. If they’re as engaged as a toothbrush in the hands of a motivated brusher, you’re on the right track! How are you inspiring this energy in them? Do you invest in their training and development, giving them the opportunity to take accountability and demonstrate leadership? What are your turnover rates like? Do you measure and track your employee engagement?

Customer Satisfaction: Remember that feeling when your patient leaves your chair with a beaming smile? Or when they see their beautiful smile for the first time upon reveal? That’s your dental practice high-fiving customer satisfaction and creating patient experiences that refer your practice to their friends and family. What are you investing into your workflows to create the 5-star patient experience? Do you consider Google reviews as important for your business? How confident are your team at asking for and following through with customer feedback and testimonials?

Cash Flow: Cash flow is like oxygen. Steady, predictable cash flow each month doesn’t just let you sleep well, it allows you to plan for and execute on practice growth. What levers are available for you to increase cash flow? Do you track your new patient and active patient numbers? What are your recall rates? What is your chair efficiency? What is the average patient lifetime spent in your practice? Do you measure profitability?

So there it is… 3 easy metrics to run your business thanks to the legendary Jack Welch.

Remember, if you can conquer teeth, you can conquer the world! 🌍

Keep smiling wide, and keep those molars motivated!

Here’s to growing better businesses, together 🙌

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