Running a business is hard even if you’re fresh out of business school. Chances are, however, you didn’t attend business school because you went to dental school instead, and now you have a practice to run and you’re not prepared enough for the business aspects.
You might be making financial mistakes every single day; you might be running a financially sick dental practice without even knowing it. Here are some of the signs:
Financial Decisions are Stressing You Out
Every financial decision, even the relatively routine ones, is causing you to feel panicky and stressed out. You feel that you don’t have enough money to confidently spend on some new equipment and other things you need to grow your practice.
Stress is avoidable; you just need to think that you can avoid it. This problem is not something you need to bear alone, so get help and find someone—an expert, maybe—to help you with your finances.
You Find Yourself “Not Busy Enough”
There is a growing population of working dentists, but the demand is shrinking. If you find yourself not busy enough or you have more time than your patients have, you might be in trouble. Dental care is dropping among adults. Most don’t even care to make regular visits to the dentist anymore.
With this looming problem in the industry, it’s important more than ever that you take control of your finances. Build a sound financial and marketing strategy. Include having a financing program for dental patients, for example.
You Can’t Afford to Retire
Your poor cash flow may lead to poor savings, and this can delay your retirement. It can reduce the quality of it, too. You’ll only experience this if you can’t put away anything closer to $100,000 a year. If this sounds impossible to you, you might be stuck in a financial rut.
That $100,000 for your savings may be difficult to achieve, but it’s possible.
Make you practice healthy and manage your money intelligently today—right now, before it’s too late. Only a comprehensive approach to your finances can earn you a good future.