Podcast Episode 17 – “How to Grow an Amazing Business in the Aftermath of COVID-19” with Dr. Glenn Vo
Episode 17 – Let’s face it, COVID-19 has destroyed a lot of businesses. A lot of people had their dreams and life savings invested in a business that is just gone. Even physicians have seen their business or entire hospital close. Is it impossible to just start over, or to grow your business following the COVID shutdown? Dr. Glenn Vo doesn’t think so!
Dr. Glenn Vo is a full-time dentist and thriving entrepreneur who started the group “Nifty Thrifty Dentists.” He has an entrepreneurial mindset and is experienced at starting and growing a business from scratch. In today’s podcast episode, Dr. Vo talks about how physicians and dentists can approach business in a way that will enable them to grow, even in the aftermath of COVID-19.
This pandemic doesn’t have to be the death of your business or your dreams! Dr. Vo and I had a great discussion on the philosophical and practical aspects of entrepreneurship that will help you get your business started, growing, and booming!
“Entrepreneurship: It’s all about your mindset. You’ve got to get your mindset right!”
– Dr. Glenn Vo
Meet Dr. Glenn Vo
Dr. Glenn Vo was born and raised in Pasadena, TX. After attending the University of Houston and University of Texas-Arlington for his undergraduate work, he attended Baylor College of Dentistry for his dental training. Dr. Vo co-owns Denton Smiles Dentistry with his wife Dr. Susan Tran, where they have achieved Best of Denton 3 years consecutively. He is also the founder of Nifty Thrifty Dentists, a website and Facebook group that is aimed to helping dentists pull resources together to save money by leveraging for group buys. Alongside with Nifty Thrifty, he hosts a podcast that is one of the top podcasts on iTunes. Additionally, he is the host of The Doctor Entrepreneur Podcast as well as a best selling author. He is a coach for Delivering WoW, an online coaching community for dentists, and is a speaker for various CE courses.
Join his Facebook Group by clicking here!
Check out his personal website by clicking here!
Free Resource: The Scope of Practice Reading List
Featured Online Community: Healthcare Business Management Association
Founded in 1993, the Healthcare Business Management Association (HBMA) is the only trade association representing healthcare revenue cycle management. HBMA members process medical billing, physician billing, insurance billing, and other claims integral to healthcare billing delivery system. HBMA members frequently perform all of the physician’s practice management functions, accounts receivable management, medical billing consulting, and proactive management services.
Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice. This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.
- How to build and implement a successful long-term finance strategy
- How to budget effectively without going crazy
- What to do in order to get you and your spouse on the same page with your finances
- Writing a resume
- How to find the right practice to join
- Or anything else related to business or personal finance
I’d love to help you so you can have the successful career and financial freedom you deserve. Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you.
I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.
FREE disability insurance quotes from Pattern: www.thescopeofpractice.com/pattern
Pattern Financial has an amazing platform for helping doctors easily navigate the world of disability insurance. They can find you true “own-occupation” disability insurance in minutes, and it’s completely free to get the quotes!
Unlike other companies, they are a true independent insurance broker, and one of very few that I trust to take care of physicians when they need it most.
Use this link to get the disability insurance quotes for free! Even if you’re not ready to buy disability insurance today, you can still get the free quotes so you’ll know how much to budget for it.
- 00:00 – Introduction to the episode
- 01:17 – Subscribe to the podcast, and please leave a review!
- 01:47 – Join the “Business and Personal Finance for Physicians and Dentists Facebook Group”
- 02:09 – Join the SoMeDocs Masterclass for Online Businesses.
- 03:12 – Introduction to Dr. Glenn Vo
- 03:47 – It’s a small world after all!
- 04:27 – Forming communities is really important, and the health care community is close and tight-knit.
- 05:16 – Dr. Vo shares the story behind the formation of the Nifty Thrifty Dentists.
- 08:06 – How do you become an industry influencer? Dr. Glenn Vo introduces us to the concept of the “Triangle of Genius.”
- 11:55 – Dr. Vo shares his toughest challenge in health care and entrepreneurship: focusing on getting better a little bit every day instead of focusing on beating yourself up over small errors.
- 13:30 – You have something important to say! There are people who need what you can provide. You just have to decide to go for it!
- 14:37 – Any physician can be an entrepreneur!
- 15:23 – If you want to be a good entrepreneur, you’ve got to get your mindset right!
- 16:01 – Your ego will kill your growth.
- 17:15 – You can try to figure everything out by yourself, but you’ll go farther faster if you get coaching and help from colleagues and mentors.
- 19:35 – COVID has wrecked a lot of people’s business plans, but if you can adapt, you can overcome!
- 22:29 – “No battle plan survives contact with the enemy.” – Sun Tzu
- 24:02 – As we go increasingly digital and virtual, we run the risk of losing the personal touch. How do we avoid that?
- 25:55 – Vidyard is a great service that allows you to send video messages to other people for free.
- 27:47 – How do you know when it’s time to change your fees? You should be changing at least once a year.you
- 29:40 – If you’re losing patients when you increase fees, that means you’re not doing a good enough job educating patients about how your business is providing value.
- 31:27 – Exploring different price models and ways to increase revenue.
- 34:04 – Think outside the box to come up with different ideas for new revenue streams for diversifying your business income.
- 38:20 – If you’re selling items to your patients, you need to only sell things you believe in. You are offering convenience and value to your patients!
- 39:47 – Dr. Glenn Vo likes using Asana and the Google Suite of products for keeping his team organized for project management.
- 43:31 – Dr. Vo argues for taking on more complex patients as a way to increase your business revenue.
- 46:14 – Are you developing your reputation? What are you known for?
- 49:06 – Dr. Glenn Vo asks, what is your ideal life? Figure that out, then reverse engineer your practice back to those patients.
- 50:38 – Connect to Dr. Glenn Vo and Nifty Thrifty Dentists!
- 52:29 – Summary of the episode
- 53:44- This week’s free resource: “The Scope of Practice Reading List”
- 54:24 – Featured online community this week: “Healthcare Business Management Association”
- 57:45 – signing off
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