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Once an entrepreneur starts funding the Profit and Tax Accounts, these funds begin to accumulate. Over time, as the cash grows, you might be tempted to reinvest it all back into the business....
There is a reason why sequence matters when it comes to your practice finances. In fact, this is the second core principle of Profit First for Dentists.
The Primacy Effect
First, let's talk about...
There are five Core Principles of Profit First for dental practices, and the first is known as the 'Small Plates' principle.
Let's cover some background information to provide context. In the early...
In the Profit First system, there are four core principles. In this blog, I'll give you a brief introduction to each, and over the next few weeks, I'll dive deeper into each one.
The First...
Dentists work hard, their dedication is remarkable and they deserve fair compensation, which, unfortunately, isn't always the reality.
Let’s understand how fair compensation can be achieved...
Do you find yourself in a situation where money seems to come in and go out of your dental practice at lightning speed? Bills never seem to stop, payroll sneaks up on you, and there's always a...
Every clinic wants to increase its patient base, but how do you manage that growth effectively without stretching your resources too thin?
When it comes to growing your practice, it’s vital...
Today, we're focusing on a particularly pertinent topic in the dental community: managing benefit plans. This subject is increasingly relevant, and many professionals dedicate their expertise to...
Many dentists I talk with think that the key to growing their practice is simply increasing how much they produce. They often have a yearly target, which is great for setting goals, but from what...
Feeling a bit burned out? Take a moment to think back to when you first started or bought your practice. Remember how excited and energized you were at that time? You were full of enthusiasm and...
When you own a dental practice, it is quite common to accumulate debt. Whether you are starting from scratch or purchasing an existing dental practice, taking out a loan is often necessary. In...
It's a well-known fact within the dental community, that the majority of dental schools focus heavily on technical training. This focus is important, as it equips future dentists with the skills...
