This is blog number four in the Business of Owning a Dental Practice series. So far we’ve talked about Technical Training vs Business Training in the first blog and last week was all about Debt in a Dental Practice and how to pay it down quicker.
Today’s topic is for any Dentist who feels stuck at the chair having to produce more and the idea of beginning to plan for an exit strategy some day – so you no longer keep feeling stuck.
If you’re beginning to feel some burnout, think back to when you first started or purchased your practice. Remember how exciting of a time it was. Your energy was probably high and you were willing to do anything to get this practice producing more. Then comes the day when you realize the daily grind is getting to you. Maybe you feel tired. Maybe your back hurts. This is when you start to feel stuck at the chair. And it’s common to start wondering about how...
This is the third blogpost in the Business of Owning a Dental Practice series. Today’s topic is Debt. Primarily I’m going to talk about Business Debt but you could apply the same principles to personal debt as well.
Owning a dental practice generally comes with acquiring debt, at least for most dentists. Whether you do a scratch start or you purchase an established dental practice, to pay for it, there will likely be a loan.
Add to this business debt, any personal debt you may have such as dental school debt, a home mortgage, vehicle loans, and possible credit card debt, and you find yourself swimming in debt.
It can feel heavy or even stifling to think about all the debt.
Let’s first break it down into ‘good’ debt and ‘bad’ debt. Debt incurred that increases your revenue and does not cause a bigger burden for your business could be considered ‘good’ debt. ...
This is the second blogpost in the Business of Owning a Dental Practice series. Today’s topic is to talk about Technical Training vs Business Training in a dental practice.
I don’t want to sound cliché because I know you’ve heard it before that most dental schools don’t spend enough time training dentists on the business side of owning a practice. Some schools do a better job than others, however, most dentists still share with me they feel ill prepared for stepping out in business. And this is not to put down any of the schools. They have a job to do and that is to train up dentists in the technical skills so they can confidently go out into the public and do dentistry.
I love the technical side as well. I’m a dental hygienist and have also done my share of assisting on some technically advanced dental care. It’s amazing to see a patient love their smile again or be able to function...
I’m starting a new blog series about The Business of Owning a Dental Practice.
Beginning next week and for 8 more weeks, I’ll post a new blog on a specific topic of business and how it relates to dentistry along with some of the challenges I see dentists face.
If you’re like many of the dentists I speak with, there a always multiple things going on at any given moment. Dentistry has a lot of moving parts making a day in the life happen. Time seems to slip away faster and faster and its seems almost impossible to manage all the business stuff.
My goal is to share with you how to simplify the money management in a dental practice by using the Profit First system. It's so important for dentists to completely know where they stand with regards to their finances, learn how to pay themselves first, and pay their taxes with ease.
The Profit First for Dentists System allows dentists to truly see the overhead picture. It's possible...