On this week’s episode of the Growing A Dental Practice podcast, host Mike Hennan is joined by business advisor, Matt Fox, from Cultivate Advisors. Cultivate is a Chicago-based consultancy offering small business owners tailored 1:1 advice, access to hundreds of resources, and connecting them to a community of like-minded business owners to help them grow their business at an exponential rate.
Matt describes some of the common challenges facing entrepreneurs, including wearing all the hats and starting a “passion” business. He then explains how digging into a business – particularly where a business currently is, where the owner wants to get to, and how fast – is important for creating a roadmap to move forward.
Mike & Matt discuss how accountability plays a big role in the success of a business, especially when the owner seeks outside assistance. Matt then stresses the importance of making business decisions based on financials; does this make financial sense? Will it get an ROI?
He talks about the need to hire or partner with people that compliment your own skill set; no one is good at everything. Matt explains the need for any business owner to spend time working “on” the business and not just “in” the business and how the business owner’s exit strategy can have a huge influence on how business is approached.
Matt points out that sometimes just getting someone with a different perspective to look at your business can be a game changer and how dangerous it can be to make decisions based on emotions.
He highlights three red flags when looking to find the right business advisor for your business, before sharing a few success stories of his own.
Finally, Mike & Matt chat about how a shift in mindset can unlock the full potential of a business.
If you’d like Matt’s help to grow your dental practice, then reach out to him: