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...
Transitions always take time. Once you decide to make the change to the Profit First system and take action, you’ll likely meet some challenges. It’s all new.
When things get wonky and difficult, the natural reaction is to go back to the ‘old’ way of doing things. It’s familiar and we feel okay there. But is that what you want?
Give yourself some grace as you navigate new ways of handling your money. It’s best to start small. Putting 1% of collections in the Profit Account is better than 0%.
To build the Profit Account percentage or increase your Owners Compensation, you’ll need to begin the process of scrutinizing all expenses. Reducing the overhead may seem impossible right now but I’m here to tell you many have done it and you can too!
If your goal is to increase Profits, it will take working on Overhead reduction plus Revenue increases. In my experience if you...