Establishing a Rhythm in Your Dental Practice
Aug 26, 2024
When you think about your dental practice, you’ll likely notice a daily rhythm to your activities. Similarly, most of us have personal routines that we follow each day. These rhythms create an unwritten structure that helps maintain consistency.
The same concept applies to your dental practice. Implementing a pattern of behavior in a consistent cycle increases the likelihood of continued action. This is where the magic of Profit First happens.
A weekly rhythm of allocations and transfers works best for a dental practice. Income flows daily, and once a week, you allocate by percentage and transfer money to your designated bank accounts for Profit, Owner’s Compensation, Taxes, and Operating Expenses.
Each account serves its specific purpose. The Profit Account will accumulate funds, and at the end of each quarter, you release money from the Profit Account to the owner. This is the Quarterly Rhythm of Profit First, and it’s a time to celebrate!
These simple weekly and quarterly actions can transform your business's profitability. The structure and rhythm, combined with your mindset and beliefs about money, make a significant impact. As you see your Profit Account grow, you’ll realize what’s possible.
And truly, anything is possible!
I assist dentists in achieving this freedom through the Profit First system. If you’re curious to learn more about balancing profit and growth, visit www.profitfirstdentist.com and tap the 'Free Resources' tab to download the first two chapters of my book for FREE!
-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."
-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.
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