February 21


Key Meetings Pt 3: Quarterly, Annual and The 5-Year Plan

By Eric

February 21, 2024

The “Key Meetings” for business continues with our final chapter looking at the long-term vision of your company

Part 1 went over the essential daily and weekly meetings for ALL businesses (with high revenue AND high profit) 

Part 2 focused on the monthly meetings to focus on to make sure you’re making money and clients are happy

We begin Part 3 starting from way, way up high looking at long-term goals.

The 5 Year Plan

Do you have a 5 or 10 year vision that your entire staff knows, understands and believes in?

Most businesses DON’T have that…or don’t communicate it.

I believe in transparency and showing everyone on the team, the minute they’re hired, where we are going.  

It also helps screen for people who DON’T want to go there.

For each of my companies: LIFT Enrichment (which will do $5+ million this year and net me a nice 7-figure income) and Net Profit King (which provides business consulting for dentists to help them make more money and live their dream) all of my staff can clearly see the goal for 5 years.

For Net Profit King, as an example, we have a very specific 5 year goal that includes:

  • A revenue target for the company that shows how we have grown and are able to provide a great service.
  • A “Net Profit” goal that all of our clients will have earned since working with us that they can use to save for the future, go on a well-deserved vacation or travel the world.
  • An “employment” goal that shows how we are able to provide work to a remote internal team so they can live their best lives and have an amazing job to support their families

It’s very, very clear and everyone has access to this goal 24 hours a day.

Since I’m talking to dental practices, I’d like you to think

  • Do you have a crystal clear 5 or 10 year goal?
  • If you do, do your staff know about and are excited about?

If not, I will help you set these 5 and 10 year goals for FREE, if you book a 15 minute consultation with this link here

I ENJOY helping entrepreneurs live their dream life.

I’d like to work with your team, come up with a lofty BUT realistic 5 year goal and then share it with everyone on your staff.

It’s not hard to do, and it’s fun to dream out loud. .  

The Annual Planning Meeting

Around Mid-December, I like to meet with my team and set a plan for the next year.  Because most of my staff is remote, this is typically on zoom.  

In this meeting we will:

  • Review business wins and personal wins from the previous year AND business / personal mistakes as well.  It’s a good time to reflect and also bond.
  • Review last quarter’s rocks (aka 90 days goals)
  • Reflect on last year’s annual goals, revenue target and key metrics
  • Revisit and refine the company’s 5 year goal, 3 year goal and next year’s goal.  We won’t change things a lot, but we will make small adjustments because we now have a full year of experience to better plan for the future.  
  • Tweak the Core Values, Mission, Niche and service offerings.  
  • Plan next year’s key annual targets like revenue, profit, clients serviced, etc. and the next quarter’s rocks.

This meeting takes about 2-4 hours.  It’s better done in-person with your key staff, but zoom works as well.  Everyone should feel energized afterward.

I can help you plan this meeting, but only if you’re a dental practice looking to make more net profit.  Book a meeting here

The Quarterly Meeting

This meeting is around setting the Quarterly “Rocks,” which are 90 day goals.  Examples of these include:

  • Building a new software to run our team.
  • Planning and attending a conference to bring in new clients.
  • Hiring more salespeople
  • Hiring more operations people
  • Setting up a new marketing channel.

Each person has 1-3 rocks.  To better understand why we call them “rocks” then watch this video

Every week during our meeting, each person has to share their progress on their rocks and note if it’s “on or off track.”

If it’s off track, then we can brainstorm ways to move it forward.  This keeps everyone accountable.

Both of my companies do all of these meetings.    I like that a proper meeting can keep everyone focused on what’s important and free up my time as the CEO to focus on the big projects.

In my next post I’ll share how to properly set goals.

If you’re a dental practice who wants to make a 5 year, annual and quarterly plan for FREE, then book a quick consultation with me here

Eric Horwitz

Eric Horwitz

CEO And Founder

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