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Uncategorized Aug 30, 2022

Use this Table to Complete the Self-Assessment

 

Last week’s blog post gave you the directions for gathering all the data (numbers) and now today I’m sharing with you what to do with those numbers to complete your own Profit First Assessment! 

Here’s the table I’m referring to.

 

ACTUAL $

CAPs

PFDentist TAPs

PFDentist $

COMPARE

FIX

Real Revenue

A1

100%

100%

D1

E1

F1

Profit

A2

B2

C2

D2

E2

F2

Owner’s Compensation

A3

B3

C3

D3

E3

F3

Tax

A4

B4

C4

D4

E4

F4

Operating Expenses

A5

B5

C5

D5

E5

F5 

 

If you’d like a printable copy of this form, go to my website here: https://www.profitfirstdentist.com/download-free-resources-sign-up

Column A – Please enter all of your Real Numbers from the prior year data that you have collected.  For example Real Revenue is the total amount of money collected in your business for the prior calendar year.  This goes in cell A1.  Profit would be any money you deposited into a savings account and it’s still there – true profit is set aside and taken out of the business so it’s not to be spent on overhead.  Owner’s Compensation is what you actually took home plus any benefits the company paid on your behalf.  Tax is the total income tax you paid during the previous year. Operating Expenses is the total of all business expenses including all loan payments made. 

Column B – calculate the percentage here. Real revenue is 100%. Then divide A2/A1 and multiply X 100. Enter result in B2 as a percentage.  Do the same for each row and enter the percentage in Column B

Column C – This is where you will set a target for each category.  You may refer back to my book for the ranges in percentage for dentistry.  All the tools and resources are available for download from my website listed above.

Column D – Using your own Target percentages now calculate the new dollar amount for each category (row).  For now just use the same real number for income that you entered in Column A. 

Column E – This column is the Compare Column.  This is where you will enter the difference between the actual (CAP) and the goal (TAP). 

Column F – This is the FIX column and you simply indicate if you need to increase or decrease this number. 

The purpose of this self-assessment is to bring clarity to you about your business.  If you find this mind boggling, I understand.  And that’s why I’m here.  If you want to chat sometime or need some additional help, I’m here for you. 

Use this link to book a call with me!

http://call.barbstackhouse.com/

 

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