Transitions take time. When you decide to switch to the Profit First system and start taking action, you’ll likely face some challenges. It’s a new approach, and new things can be tough.

When things get difficult, it’s natural to want to revert to the old way of doing things because it’s familiar. But is that really what you want?

Give yourself some grace as you adjust to new money management practices. Start small – even putting 1% of collections into the Profit Account is a step in the right direction.

To build your Profit Account or increase your Owner’s Compensation, begin by scrutinizing all expenses. Reducing overhead might seem daunting, but many have done it successfully, and you can too!

Increasing profits requires both reducing overhead and increasing revenue. If you only focus on revenue growth, expenses often rise too, leaving you no better off. That’s not what we want.

Start by evaluating every dollar that leaves your practice. Ask yourself if each expense is essential. Nothing should be off-limits. Every expense needs to be reviewed.

Sometimes, getting a fresh perspective can help because we often get stuck in our past decisions. Don’t be hard on yourself – everyone makes mistakes with money. The important thing is to start making better decisions now.

Begin by allocating a small percentage, like 1 or 2%, of collections to the Profit Account. At the same time, work on reducing your current expenses by 1 or 2%. If you need help or have questions, I’m here for you.

 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! 

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.