Organize Your Finances
Hello there!
Today, we’re going to talk about organizing your money. First, I want you to think about how you organize things in your home or office. If you’re anything like me, you like all the little drawers and compartments to be perfectly organized with everything in its place. Personally, I like to put my dress clothes in one area of the closet, my workout clothes in another, etc., etc. My kitchen is also very organized. When I want to use a certain utensil or cooking pot, I know exactly where to find it. It’s gotten to the point where I don’t even have to think about it; I know where everything’s at!
Similar to my bedroom and kitchen, I also organize the money within my business and I do that using Profit First. I know how much is in each bank account and the purpose of that money. You can do the same for your dental practice finances by using the Profit First principles. It’s all about getting your money organized and having simple...
How to Increase Practice Value
Every dentist I speak with who owns their practice has high hopes of paying off their debts someday and then selling the practice. Paying off debt not only releases a tremendous amount of stress off their shoulders but there is also another reason for wanting to sell their practice. The sale of a practice is a boost to the retirement fund and most owner dentists depend on that money to see them through in their later years, allowing them to enjoy retirement with little to no stress!
Unfortunately, the ADA reports that the value of dental practices has been decreasing. Coupling that with the fact that the dentist retirement age is increasing means that dentists are working into their later years. Working later in life many times also means working at a bit of a slower pace. Now, this is not an ideal situation for most who want to work hard to later enjoy their retirement.
When the income and profits decrease, the value of the practice also decreases....
