Episode 25: Toolbox Tuesday-Interview with Jennifer Paxton regarding Team Motivation for Achieving Practice Financial Goals

Toolbox Tuesday Episode Recap: On Target Tracking Series - Week 4 "Motivating Your Team for Financial Success" **Introduction**: Welcome to the final installment of our four-part On Target Tracking series on Toolbox Tuesday, brought to you by Pathway Dental Solutions! This week, we wrapped up the series with an essential discussion on motivating the team and engaging them in achieving the practice's financial goals. We had the pleasure of interviewing Jennifer Paxton, an expert in team dynamics and motivation. **Key Takeaways**: 1. **Understanding Team Dynamics**: Jennifer began by stressing the importance of understanding team perceptions and dynamics. "The team often feels that their hard work only makes the doctors richer. This perception can hinder motivation,” she explained. By addressing these misconceptions, you can create a more unified and motivated team. 2. **Open Conversations About Finances**: An integral part of motivating your team involves having open conversations about the practice’s finances. Jennifer noted, “When team members understand overhead costs and the true expenses involved in running a practice, they’re more likely to feel invested. Expenses don’t stop when the office is closed for holidays. Mortgage, rent, and loan payments are due regardless.” 3. **Implementing Financial Transparency**: Jennifer highlighted the importance of financial transparency to build trust and engagement. "We started by educating the team about what overhead expenses really mean," Jennifer said. "For instance, when we're closed for holidays, the mortgage payment is still due. This transparency helps the team understand the bigger picture and their role in the practice's success." 4. **Profit-Sharing and Bonus Plans**: A significant way to motivate the team is through profit-sharing and bonus plans. “Our profit-sharing plan isn’t a token gesture but a substantial reward that reflects the team's hard work and contributions,” Jennifer explained. This approach ensures that everyone benefits when the practice does well, creating a shared sense of purpose and goal alignment. 5. **Aligning Personal Goals with Practice Goals**: Jennifer delved into the necessity of aligning personal goals with practice goals. "Team members need to understand what’s in it for them—not just that they’re working harder for the doctors," she said. Whether it’s for family, personal development, or career advancement, aligning these personal ‘whys’ with practice goals is crucial. 6. **Building Morale and Team Engagement**: Positive reinforcement and celebrating wins were emphasized as key strategies for maintaining high morale and team engagement. “When the team knows they’re on track to hit goals, there’s a palpable excitement,” Jennifer remarked. “The focus shifts from wondering if we’ll hit the goal to seeing how high we can go beyond it.” 7. **Creating a Supportive Environment**: Jennifer also touched on the importance of creating an environment where team members feel supported and valued. “Highlighting core values in action and acknowledging individual contributions leads to a more cohesive and motivated team,” she said. 8. **Continual Nurturing of Team Culture**: Maintaining a positive and motivated team culture is an ongoing process. “Culture isn’t a set-it-and-forget-it thing. It’s a living, breathing organism that requires constant nurturing,” Jennifer emphasized. Regular check-ins and workshops help remind the team of their progress and continued growth. **Quotes Worth Remembering**: - “The team often feels that their hard work only makes the doctors richer. This perception can hinder motivation.” - “When the team understands overhead costs and the true expenses involved in running a practice, they’re more likely to feel invested.” - “Our profit-sharing plan isn’t a token gesture but a substantial reward that reflects the team's hard work and contributions.” **Key Actions for Dental Business Owners**: - Foster open conversations about the practice’s financials to build trust and transparency. - Implement profit-sharing and bonus plans to ensure everyone benefits from the practice’s success. - Align team members' personal goals with the practice's financial objectives. - Regularly celebrate wins and acknowledge individual contributions to maintain high morale and engagement. - Continuously nurture and maintain a positive team culture. **Closing Thoughts**: This episode highlighted the critical role of team motivation and engagement in achieving a practice’s financial goals. By fostering financial transparency, aligning personal and practice goals, and creating a supportive environment, dental business owners can drive both team satisfaction and practice success. If you found this episode valuable, please subscribe to our podcast, leave a review, and share it with your network. Stay tuned for more insightful episodes from Pathway Dental Solutions.