South Miami FL Dental CPA | Claim Financial Freedom

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well.  

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help! 

1. Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses. 

2. Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you. 

3. Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions. 

4. Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used. 

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more. 

South Miami CPAs | Toxic Employees

CPA in South Miami

Hiring is time-consuming, stressful, and sometimes costly. In some cases, this causes business owners to avoid firing an employee long after it has become clear that the person is damaging the overall work environment. Finding the right person for your office can be challenging. However, continuing to retain a toxic employee can be far more costly for you and your business.

What is a “toxic employee?”

A toxic employee is easily recognized for exhibiting several, if not all, of the following behaviors:

  • Bad attitude: This includes eye-rolling, muttering, snide comments, complaints, confrontational tone, and passive-aggressive speech or actions.
  • Lack of engagement: This can include work-avoidance, lack of enthusiasm, unwillingness to accept responsibilities, and being inattentive in meetings and huddles.
  • Dishonesty: Whether this involves refusal to accept accountability, blaming others for mistakes, or outright lies and thefts, dishonesty is harmful to your business and your team.
  • Poor work performance: While a new team member may experience a learning curve at first, the toxic employee never rises above the bare minimum of what has been explicitly listed as expected. In many cases, they may not even be fully or properly completing work. They are uninterested in feedback or training and unwilling to work to improve.

Do you recognize anyone in your office from these descriptions? If so, it’s time to pull the plug.

When you continue to keep a toxic employee on your staff, you may avoid the headaches of the hiring process in the short term. However, you are creating a host of other problems for yourself that will cost you a great deal more time, money, and energy to solve in the long term.

One toxic employee in your office can cause:

  • Loss of new customers: If a toxic employee is interacting with potential customers, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
  • Loss of existing customers: If your clients are treated poorly even once, they may choose to take their business elsewhere – and they may tell others.
  • Loss of your best team members: Your best people want to work in a positive environment where they feel supported and appreciated. By tolerating the complaints or shoddy work of one toxic person, you risk losing team players to a company that maintains a better atmosphere.

Don’t compromise your business or your best team members by refusing to fire toxic employees. For more strategies to improve your business, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

33143 CPAs |Revitalize Revenues through Increased Investment

CPA Near Me

Every business experiences trends of increasing and decreasing revenues. When new business slows and income begins to dip, many business owners react by cutting back on the item in their budget they think is most expendable: marketing.

The unfortunate reality is that this is almost definitely the wrong step to take. When you cut your marketing budget, you reduce your revenues as well.

Today’s business cannot survive through only word of mouth referrals. Your company needs to attract new clientele on an ongoing basis, not just in the weeks following a postcard blast or mass email. In addition, you need to engage and maintain the loyalty of your existing customers.

Consistent, effective marketing helps you achieve both ends.

One recent study examined the marketing budgets of several publicly-traded companies. The researchers found that businesses that were spending an average of 16.5% of revenue grew up to 15% annually, and those that spent an average of 22% grew 16% – 30% annually.

When your marketing budget increases, your revenue follows suit.

There are several factors that can influence how much your business should be spending on marketing.

  • Are you a new startup company? You may need to invest more until you have established a client base.
  • Is business established and you want to maintain growth? Compare your current rates of new customers to those lost annually to determine how your current budget is doing.
  • Is business stagnant or decreasing? Consider investing an additional 5% or 10% above your current marketing budget, at least until the trend reverses.
  • How competitive is your local market? Higher competition requires greater investment to grow business.

For more advice regarding your marketing budget and business growth, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

South Miami Dental CPAs | Why You Should Join (or Start) a Dental Study Club

Dental CPA in South Miami

Science is a field where the only true constant is change. Dentistry is no different. With advances in techniques and new technologies every year, it can be challenging to stay current, especially without breaking your budget.

Study clubs can be an ideal solution to this inevitable problem. There are many reasons why you should be gaining the benefits of membership in a dental study club. Here are some of the most valuable advantages you stand to gain:

Continuing Education

By pooling the resources of a group of dental professionals, you can attend continuing education lectures and clinical hands-on training in your local area, without all the time and expense of travel. This added source of training and education can be invaluable for staying current with new techniques and new technological advances. If you have a desire to focus your practice on one or more specific areas of dentistry, such as implants or sleep apnea treatment, a targeted study group can help you find and attend the courses you need to develop the skills and qualifications to reach your goal.

Peer Support

With a dental study club, you are interacting with other dentists and specialists in your area. Group discussions have been shown to be one of the most effective ways to share experiences, techniques, challenges, and new ideas with like-minded individuals for the benefit of everyone involved. This informal venue can allow you to explore new ways of approaching a problem or a treatment and allows you to benefit from what another has already tried.

Networking While it is not the primary reason to join a study club, you should not overlook the importance of networking. Making other dental contacts in your area can be highly beneficial. Specialists, in particular, depend on referrals from other dentists. It can be much easier to refer a patient or gain a referral when you have developed a relationship with other professionals and know how they treat their patients, what technologies they use, and other such information.

For more information, contact our office.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400