Finalize Your Self-Assessment

Utilize this table to finalize your self-assessment!

In our previous blog post, we provided instructions on collecting the necessary data. Today, we are excited to guide you on how to use that data to complete your Profit First Assessment. Let's take control of your finances together.

Here’s the table I’m referring to. 

 Instructions for Using the Profit First Assessment Form

If you’d like a printable copy of this form, you can download it from my website here:  profitfirstdentist.com/download-free-resources

 Column A – Enter Your Real Numbers

Input all your actual numbers from the previous year:

- Real Revenue: Total money collected in your business for the prior calendar year (goes in cell A1).

- Profit: Any money deposited into a savings account that remains untouched.

- Owner’s Compensation: The amount you took home plus any benefits the company paid on your behalf.

- Tax: Total income tax paid during the previous year.

- Operating Expenses: Total of all business expenses, including loan payments.

 Column B – Calculate Percentages

Real Revenue is 100%. For each category, divide the amount in Column A by Real Revenue and multiply by 100 to get the percentage. Enter this percentage in Column B.

 Column C – Set Your Targets

Determine target percentages for each category. Refer to my book for recommended ranges in dentistry. All resources are available for download on my website.

 Column D – Calculate New Dollar Amounts

Using your target percentages, calculate the new dollar amount for each category. For now, use the same Real Revenue number you entered in Column A.

 Column E – Compare Actuals to Targets

Enter the difference between the actual (Column A) and the target (Column D) in Column E.

 Column F – Identify Adjustments

Indicate whether you need to increase or decrease the numbers in each category based on your targets.

 Purpose of the Self-Assessment

This self-assessment is designed to provide clarity about your business finances. If you find this overwhelming, don’t worry – that’s why I’m here. If you need additional help or want to chat, feel free to reach out. Let’s explore how you can grow your practice!

USA:

-Barb Stackhouse, RDH, M.ED.

Mastery Profit First Professional

"I’m Barb Stackhouse, author of Profit First for Dentists. You might recognize me as the professional behind the Profit First approach for dental practices. I’m passionate about helping dentists implement this effective cash flow system, which is why I wrote the book. My goal is for more dentists to read it and integrate this system into their practices because it genuinely works." 

Canada:

-April Stroink, BComm, RHU, EPC, PFP

Advanced Profit First Professional

With over 25 years of financial expertise, April Stroink helps in transforming the financial health of dental practices across Canada. As an experienced Profit First coach, April is committed to helping you increase your profits, optimize your cash flow, and achieve financial peace. She believes that your business should enrich your life—enabling you to create the life and business of your dreams without compromise.