The biggest mistakes dentists make: Waiting too long to achieve success

Editor's Note: Based on his extensive experience with dentists over the past 30 years, Dr. Roger P. Levin has authored a new book entitled, "The 31 Biggest Mistakes Dentists Make." His premise is simple. As he says in the introduction, “We can learn from our mistakes. But isn’t it better to learn from other people’s mistakes?”  

The following is an excerpt from the forthcoming book...

I recently spoke with a new client who is doing extremely well. He wants to continue striving for greater success because he has no idea how long the growth will endure. This isn’t a pessimistic point of view but a realistic, strategic perspective. In the business world, the philosophy of accomplished CEOs is “strike while the iron is hot.” This dentist knows that everything changes, and that the best plan is for him to take advantage of a good situation while it lasts.  

Over the last 30 years, I have met many dentists who want their practice to be more profitable in a few years. Why would anyone wait to be more successful? Waiting is a mistake, one of the biggest dentists make, for the following reasons:

  1. The earlier you set money aside in savings or investments, the more earnings will accrue. Keep in mind that money doubles approximately every seven years at a 10% interest rate and every 10 years at 7%.

2. A practice that’s growing tends to maintain that momentum. In the more competitive world of dentistry today, increasing production and the number of new patients gets more difficult each year. You’ll find it much easier to grow your practice (and grow it faster) when it’s already performing well.

3. You don’t have as much time to reach your goals as you think. I’ve met many dentists in their late 50s and early 60s who now wish they had more time to grow their practices and add to their net worth. Many dentists today will be working until 75 years of age or later, partly because they waited too long to concentrate on business growth.

Just remember that striving for greater success should be a well thought-out process. For example, taking on heavy debt in the hope of expanding faster doesn’t make sense. Smart investing, on the other hand, may include upgrading management systems, staff training, and equipment that will help your practice achieve success sooner.

Note: Watch for "The 31 Biggest Mistakes Dentists Make" to be published later this year.