Tim Caudrelier looks at how the introduction of a Non-executive or Interim Director can benefit dental practices of various size, structure and development.
Generally speaking, businesses fall into three categories, bronze, silver and gold. Those in the bronze group are the ‘Easyjets’ of the world – those who have the desire to offer their services or products at the lowest possible rate, who search for an ever-enhanced efficiency.
Gold businesses focus on being the best in whichever specific market they are in – the Virgin Atlantic’s who focus on their service / product and customers first, relying on the fact that profit will result from the quality provided.
Those in the silver group are sat in the middle, not entirely sure who their target market is, who they are serving or what their main focus should be in order to better themselves.
There are many dental practices in the UK, and indeed around the world, that express a desire to join the gold category and to become champion league practices opposed to simply increasing profitability. But in reality, there is a GAP between where they are now and where they want to or could be.
Any individual practice may believe their GAP is in their turnover or profit, but find that it is in fact in their:
- Business model
- Branding and brand standards
- Company culture
- Marketing
- Product range
- Customer relationship management
- Staff
- Or systems.
A solution to this can be the employment of a Non-executive or Interim Director.
What is Non-executive or Interim MD?
A Non-executive is a part-time role as opposed to the normal full-time Director of a company. A professional in such a role brings expertise, skills, contacts and guidance to the business, normally with the aim of driving growth, industry excellence or both.
Traditionally, larger companies have been more suitable for the concept of introducing a Non-executive. In recent years however, many smaller companies, start-ups and specifically professional practices have experienced the significant financial and performance benefits that Interim Directors can provide.
What are the benefits?
Firstly it is important to recognise that Non-executives really become a part of your existing management team, and therefore they are usually more integrated than consultants or even mentors. With their specified knowledge, broad experience and extensive professional networks, Non-executive Directors can deliver a spectrum of benefits.
- They provide crucial guidance at critical stages of business development that you may otherwise not be able to reasonably afford or financially justify.
- They fill particular skill gaps, which the owners or founders of a young company may have.
- They can help to prepare, structure and systemise your practice for efficient growth and management changes.
- They can set up the position so it is ready for the appointment of a new, permanent Managing Director.
- Having worked in this position in different businesses, Non-executives can offer sound advice when looking at proposed business plans and analysing options for growth and future investment.
- They are often more committed than business consultants or professional advisors as they frequently have a legal obligation to the business.
- They may already be a part of a network that facilitates sales, understanding the market or establishing suppliers. This can help develop strategic alliances within the profession and market sector.
- They have experience in structuring and creating performance environments specifically for dental teams to flourish.
- Remuneration for a Non-executive is often dependant on the practice’s performance, so you can be sure to get the very most from your money.
With all this in mind, a Non-executive Director should work both strategically and tactically to become the custodian of accountability within your business. Whether your practice requires a sequential approach with a narrow focus on the development of one area, or a wider and more holistic approach, Non-executives establish an effective strategy and help your business stick to it. This also involves ensuring proactive leadership, installing a suitable management structure tailored for your particular business, identifying your market positioning, promoting a clear set of brand standards and ensuring systems are in place to sustain such development.
A Non-executive does this with the desired end result in mind, consistently analysing your business’s progress and ensuring it is on the correct course at all times. In turn, this can have a very tangible effect on the growth of your business and its profitability, in a relatively short space of time. And as you can pass the responsibility onto someone else with the skills and expertise to ensure success, you can get back to what you do best – treating your patients.
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