Understanding And Utilizing Risk To Grow (Adversity Versus Tolerant)
Author: Sean Thomas
Published: 10/08/2021
Risk:
When you go to the casino or involve yourself in that fantasy football pick with your friends, you make an unconscious or conscious decision to involve yourself in an uncertain situation. Of course there’s some calculation or creative strategy involved even if the outcome is uncertain, but something could still go wrong. Risks can be understood as positive or negative consequences received from something. Risk is unavoidable, because there are always uncertainties, and being aware and respecting of risk makes you a better decision maker and leader. It’s also important to think about risk tolerance, which is the understanding there are multiple different consequences present and the initial one may not always be the best response for the circumstance. For example, there’s a situation at work where your boss comes to your team and requests a deliverable for a dedicated client your company has worked with before in the past, the deliverable needs to be broken down into a planning, conception, action and evaluation. The boss wants you to weigh multiple different risks because this client is known to be picky, and can pick a part things he does not like. There’s a lot of value to be had with this project, it’s a high priced client, so risk is present. But do you focus on the first initial thing the client might do, or weigh all the different consequences that may occur? We take risks in everything we do.
Luckily for our clients, we are unlike any other dental marketing company and our clients know that their risk is lessened when they decide to do business with Progressive Dental Marketing. Our clients at Progressive Dental know that we work with them to minimize risk by focusing on increasing their profit margin with proven custom business strategies that work. We measure success by focusing on the bottom line. We communicate regularly with our clients and go over their sales goals and come up with a customized marketing strategy to bring in qualified leads. However, we don’t stop there. In order to guarantee that they’ll see progress, we go far beyond marketing. We also coach and mentor the doctors and their team to make sure that the team is well equipped to close these leads.
Residual Risk:
Understanding and planning for risk is a huge factor as a decision maker, you have to plan for consequences. But even after planning for the consequences, you can run into unseen consequences that show themselves as residual risks. Residual risk are consequences not foreseen and circumstantial with the situation. These are the risks that present themselves after we plan for the foreseeable risks. They’re kind of like surprise consequences, but can also be more detrimental. For example, what happen if after that project gets finished your team member forgets to bring the business proposal that morning because they were running late and forgot their laptop or paperwork? That can be considered a residual risk.
Of course no one can avoid unforeseen circumstances and risk is unavoidable. The best way to tackle these situations is by being solution-based versus problem-based. We only hire the best of the best so our team focuses on coming up with solutions as soon as a problem arises. They don’t dwell in the problem and lose time and energy doing so, but instead put our clients and PD as their priority by coming up with a solution. Your marketing and business partners should always be able to pivot to overcome adversities. Our team is an extension of our client’s team which gives them peace of mind.
Probability:
The statistics that go into making a weighed and responsible decision. Probabilities usually are strategically formulated and help the decision maker identify trade-offs and calculated opportunities. Probabilities help you make confident choices and give a definitive yes or nos when it comes to hard to approach decisions. The statistics of financial paper work, figuring numbers, and experience allow the decision maker to draw the probability the perceived result of a situation will occur. For example, you could draw the probability in that situation with the important client that he will be likely to reinvest if you perform well, you are drawing a probability based on past results of this clients behavior from outcomes of former projects. You may also draw the probability that because he has been tough on people he’s worked with in the past, he’s bound to be critical even if he tends to ultimately trust your companies work.
Did you know that Progressive Dental was founded 13 years ago in 2009, and that we have helped thousands of practices? Therefore, we pride ourselves as the dental business experts and have the statistics down to the T, which means your probability of seeing success is very high. We have the experience every dental practice needs to increase their full arch production.
Uncertainty in Decision Making:
This is the process of weighing risks and probabilities while still acting on a definite decision, however though. Ultimately, we may have uncertainty of decision making, but as a decision maker and leader you still need to perform an action in adequate time to ensure a decision is made. Educated decision makers understand probabilities and risks are a normal part of making tough choices, and you cannot be so crippled by the uncertainties that you fail to act at all. For example, if during the project for that client, the team leader decided to just ignore the fact he will never be able to appease the tough inner critic of his client and just ignored it and let it unfold, they would not be taken a proactive or ProACT approach to the business situation. Failing to address a problem because you’re overthinking a situation is always a no, at least make an action and take a shot in the dark if you’re in misalignment with all of the options.
When a new practice comes on board we want to minimize their uncertainty. Our team at Progressive Dental understands that marketing is a big investment, so we start off with a budget that our client feels comfortable with. Inevitably, with our custom marketing approaches they see revenue growth and as this happens, so do their goals. Our clients then start to increase their marketing budgets more and more comfortably while we work with us to keep consistently growing.
Structured Critical Reasoning:
Structured critical thinking is different than just pondering while questioning, SCR is the critical thinking method that helps you make conscious decisions about hard to approach questions. You look for all of the above, risks, probabilities of success and look for fallacies or flaws in your approach or another’s. You approach a document or problem and approach it methodically and critically, and structure it in a way where you can meet a means to an end. To example, you’ve got this problem put on you by your boss, and you’ve weighed the risks, probabilities, and uncertainty. However, because you’ve got a method to deal with the issue via planning, conception, action, evaluation. You’re confident in any fork in the road that may result because you’ll deal with it according to this route.
Each and every one of our clients is assigned to an Account Manager who is reachable daily to make sure any of their concerns or new goals are successfully communicated in a timely manner. Every account manager works with the dental practices to weigh all the risks, probabilities, and uncertainties. We are able to make any necessary changes at any point in time, our number one focus is the success of our clients so that they can keep helping to transform more and more lives. Our account managers are regularly managing all marketing, lead generation, and coach our client’s team to close more procedures. We treat their business as if it were our own business. This is why we believe in transparency when working together and implementing structured methods that work for each one of our customers.
Problem Solving Attitudes:
This comes down to understanding your mindset while approaching a problem and situation. If you approach with positivity and the mindset you’ve won before you win, you will win. Understanding a situation has multiple different avenues, and most of the time the initial choice and outlook is not the correct approach. You are proactive about your problem-solving application, you take the necessary causes to handle a problem and not just manage the problems after they arise. You do this in order to reduce problems from the beginning and to remain positive about your options available. For example, the client your boss is approaching you about may have a reputation for extreme criticism but if you approach it without a can-do attitude or positivity it won’t allow you to fully address the solution to solve the situation for the client. Instead, acknowledge that this problem exists and take active steps positively to address the root of the issues.
“Success will Naturally Come with Dedication, Attitude, and Performance,” says our Vice President Gerritt Cora, who is also one of our main speakers and coaches at The Closing Institute. We coach your team and teach them the techniques and strategies they need to close more dental procedures. Using these techniques consistently while having the right attitude is the key when it comes to growth. As mentioned previously, our team leads as an example when it comes to having a solution-based attitude.. We are very close to our clients and their staff because we all work tirelessly to ensure we help each and every practice we partner with to reach their goals. At our Continuing Education Course, The Closing Institute, many of our new clients have the opportunity to meet and network with some of our other clients who are seeing a lot of success and growth. They are able to connect and see what others in the industry are struggling with and/or what strategies are working very well for them. Our attitude is to always be the best of the best. We do this by working hard, being innovative, and always staying ahead of the market which is all done through a positive mindset to transform more lives.
To lower your risk and increase your success probability make sure to choose a marketing and consulting team that is so dedicated in their clients like we are! We would be honored in helping you grow your dental practice and reach your goals!
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Interested in learning more about closing high-dollar cases? Attend The Closing Institute and learn how to predictably scale implant production by implementing advanced marketing and sales strategies from the leading experts in the industry! With courses in Clearwater, FL and Las Vegas, NV, this isn’t just theory. This is a tried and true method to grow your full arch production and develop your team to strategically and consistently close high-revenue, dental implant procedures.
Dental specialists interested in learning more about Progressive Dental Marketing's award-winning services and continuing education seminars are invited to contact the dental marketing company in Clearwater, FL. Progressive Dental Marketing can be reached by calling (727) 286-6211 or by visiting progressivedentalmarketing.com. Or feel free to explore our website and the several case studies we have!
If you are interested in hearing more from Bart Knellinger, come to one of our upcoming dental continuing education courses. Visit boostfullarchcases.com today to reserve a spot for you and your team!
Progressive Dental is more than just a marketing company, we are a company located in Clearwater, FL dedicated to dental practice growth. Our team was founded on creativity, collaboration and hard work. We are constantly evolving and are passionate about providing the best suite of dental marketing services for our clients. They are the reason we jump out of bed!
