CDA Essentials 2018 • Volume 5 • Issue 3

S upporting Y our P ractice What I Know Now… Advice for New Graduates “What was the dumbest professional move youmade 5 years after graduation?” This question was posed by Dr. John O’Keefe on the Oasis Discussions website, and the responses from dentists across Canada flooded in. Here are some replies: The dumbest thing I did was assume that because I was a new grad, “I knew everything.” This could not have been farther from the truth. New grads need lots of mentoring and actually “know nothing” (LOL). I never found enough mentors in my early years. Find good, well-respected mentors and learn from them in any way you can. ✸ The dumbest thing I ever did was to work five clinic days a week, thinking it will “just be for a while…then I’ll cut back once the loans are paid back!” I am still trying to kick that habit nearly 19 years later. Take time to live and leave time for all else that matters. ✸ 37 Issue 3 | 2018 | The dumbest thing I did was to not take time to learn proper business management skills. After two maternity leaves (of three months each) within the first two years of the new practice, I found myself close to bankruptcy. I sought the advice of a practical office manager (who had no formal training but knew about money balances) and it took me six years of hard work and learning the business side of things to turn things around. I have enjoyed 28 years of ownership and recently just sold three practices I built from this start-up. ✸ The dumbest thing I did was to not take the time to really figure out how to find truly excellent staff. I used to believe that almost everyone had it in them to be a great team member, but I’ve discovered that it’s not that easy. Learning how to weed out the good from the bad took a lot of work and time but was well worth it. My staff members are the most important asset at my office. ✸ I regret not buying a practice sooner! And not learning enough about how a business operates. Any mistakes I made stemmed from a lack of business knowledge to go along with my dentistry knowledge. Yes, buying that new piece of equipment might be the best clinical decision, but the business component needs to be understood in order to avoid costly mistakes during the first five years. Consider the timing of the purchase, whether to lease or buy outright, or what the return on investment window looks like. ✸