How would you answer the question, “Why isn’t my dental practice profitable enough?”
Many people would say the reason they aren’t profitable enough is that they aren’t growing enough. This is a natural assumption, but I would argue that equating profits with growth is an old formula. To truly grow your profits you have to know your profitability. When you have no idea what your profitability is, however, or what services or benefit plans you provide that are profitable–that’s a problem.
The solution? Take your profit first.
You need to operate under a new formula of Sales - Profits = Expenses, instead of Sales - Expenses = Profits. This new way of doing business will challenge you because you have to totally rethink how you’re doing business, but the challenge will be worth it in the end. You’ll need to be resourceful, honest with yourself, and ready to stop doing things that aren’t helping your profitability. But when you do, I promise you that your profits will grow. I’ve been coaching dentists through the profit-first system for 16 years and have seen countless practices increase their profits through the use of this system. That’s why I wrote my book, “Profit First for Dentists.” If you’re ready to take the next step towards profitability, or just interested in learning more, you can download the first two chapters of my book free on my website or order your own copy on Amazon.
Did you love this blog? Check out more of my past blogs: https://www.profitfirstdentist.com/blog
I would also love to talk more with you about this if you have questions or want to learn more. You can schedule a call with me at call.barbstackhouse.com. I look forward to hearing from you!