Why isn’t my dental practice profitable enough?
Jun 18, 2022
How would you answer the question, “Why isn’t my dental practice profitable enough?”
This week, I sat down with Michael Arias of The Dental Marketer to discuss my Profit First model for building profitability in your practice.
We talked through some of the key concepts of the model and other good business practices such as:
- Instead of pointing fingers at team members, work together to change the system!
- Make sure to have a defined structure for team meetings so they don’t turn into gripe sessions.
- With designated financial accounts, you’ll know your exact financial standing at any point.
- Changing behavior and building good habits is essential for motivation!
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. 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? Check out the full podcast episode here.
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!
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