The Four Scarce Resources in Any Business

Running a growing business requires plenty of resources, arguably much more than starting one. The only difference is, you already know what you’re doing once you’re in the growth phase, and the problem now has shifted to resource management. Just like any business, dental practices also have a scarcity issue when it comes to four key resources: Time, mental bandwidth, physical strength, and economics. How should a business owner manage these four key resources? Today, I discuss my thoughts on the four scarce resources in any business and what many business owners should focus on to manage them. I share what I think most practitioners get wrong when it comes to business efficiency and explain why the ultimate goal of a business owner shouldn’t be to get more patients. I describe what ‘survival mode’ is in business and why it’s not advisable to be hyper focused on survival. I also share the reason why the economics of a business should be the last priority."There's a lot of focus on efficiencies in a dental practice, but efficiencies don't matter if you don't schedule differently."This week on T-Bone Speaks Dentistry Podcast:Updates on 3D-Dentists and what we're planning for the podcast in 2021.My thoughts on how many define balance and how we should define it.How to keep your balance as consistent as possible.What a real efficient practice should look like for many practitioners.The one flaw that efficiencies are built around.Why dentists shouldn't aim for more patients in their practice.Why the brain should be thought of as a pipe.The importance of maintaining physical strength as we age.Why I believe economics should be the last thing we think about.How survival mode kills businesses... and people.Our Favorite Quotes:"Economic well-being is the outcome of doing all the right things." - Tarun Agarwal"We should all reach that point where we're not as economically worried." - Tarun AgarwalSubscribe, Connect & Share Your Favorite EpisodesThanks for tuning into this week’s episode of T-Bone Speaks Dentistry. If you enjoyed this episode, please head over to Apple Podcasts or Google Play Music to subscribe to the show and leave your honest review. For more great content and helpful tips to grow your dental practice, visit our website. Follow us on Facebook and LinkedIn, subscribe on YouTube, and don’t forget to share your favorite episodes with other dental practitioners.