South Miami FL Healthcare CPA | Top Three Tips for a Profitable Dental Practice

Part of what makes being a dentist so exciting and fulfilling is establishing your own practice. Dentists can work on their own or in a partnership setting. In either case, though, they’re at the top of their business. Being the CEO of a small business comes with responsibilities outside of the appointment rooms. Dentists need to invest time making sure their practices are profitable. This means having a grasp of things like overhead, revenue, and marketing strategies. Here are some of the most important tips to help dental practices become more profitable.

Analyze Your Expenses

This should be the first priority for any practice focused on widening profit margins. Dentists should produce a detailed list of their monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes. Carefully scrutinize this list for anything that’s not strictly necessary, or that your practice spends an excessive amount on. You may be able to reduce your overhead by cutting down on specific supplies, finding savvy ways to limit your insurance payments, or even writing off more expenses to reduce your taxes. There are myriad routes to pulling down your overhead. They all start with patiently poring over your expenses. Having a certified dental accountant is a great way to make sure this work is done accurately and effectively. 

Establish Growth Objectives

Businesses without specific goals are often their own worst enemy. That’s because when you lack concrete objectives, you’re more likely to fall into a state of complacency with your company. It goes without saying, of course, that complacency leads to stagnation and lost profits. Dental practices that want to be as profitable as possible should map out where they want their business to be in three months, six months, a year, and five years. Have a clear sense of the number of patients you want to gain within each time frame, and start developing strategies that help get you there.

Master Online Marketing

In 2019, the majority of people looking for a dentist in their area will use the internet to find one. In fact, statistics show that 90 percent of Americans use internet search engines to find local businesses. That includes dental practices. So how can dentists gain a foothold in these searches and put their practice’s website in front of as many eyes as possible? The answer is online marketing. More specifically, search engine optimization (SEO) marketing. SEO marketing has one simple, powerful objective: get a business’s website and content to rank as high on search engines as possible. In today’s marketplace, where Google, Bing, and Yahoo dominate the way we discover small businesses, this is a critical step in boosting profits.

For expert help in making your business as profitable as possible, contact our office today. We know how to help your business generate all new levels of success.

Miami FL Healthcare CPA | 4 Ways to Grow Your Confidence as a Business Leader

The up and down nature of confidence can be exemplified as a business leader because of the stressful nature of maintaining a high-ranking position. Confidence can grow with practice and effort. Here are four ways to grow confidence as a business leader. 

Miami FL Healthcare CPA | 4 Ways to Grow Your Confidence as a Business Leader

Consistency is Key 

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the business leader, not the other way around. Gaining a sense of consistency and stability with schedules, rules, and realistic expectations can lead to an increase in confidence that the business will run smoothly. Know and understand the key parts of the business, important dates, and the function of each role. You can only become confident in your business operations when you fully grasp the nature of the entire business. 

Be Yourself 

Being afraid to say what you think can be viewed as a lack of confidence. Speaking your mind, while still having a professional filter, can build confidence as it shows you are part of a team and contributing. Being yourself will also dispel any notion coworkers might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your employees, but are also essential traits for effective leadership. 

Be Open to Criticism 

Change cannot come from one person alone, and not all criticism should be seen as a slight against you. Listen to feedback from coworkers and customers and tailor that feedback into something positive. Do not let the criticism fester and destroy your confidence, take it and use it to grow as a person. Accepting constructive criticism and negative comments can help increase your confidence.  

Know What You Are Talking About 

Fully understanding what you are talking about can help improve your confidence. If you are a business leader, strive to know everything you can about the business and its operations. If you are speaking about a topic, research everything you can about that topic. Become the expert. You will be better positioned to demonstrate confidence when it is clear that you are invested in what you are discussing. 

Confidence can not only make or break your career, it can impact the business as a whole. You can take your confidence to the next level, while learning how to prevent situations from arising that can be detrimental to your confidence.  

For a consultation, contact our team

Dental CPA | Think Before You Buy New Equipment

It’s inevitable. Eventually, your dental equipment will need to be replaced. Sometimes it is because newer technology has made your equipment obsolete. Purchasing new equipment is an investment that should be taken with caution and critical thinking. Here are a few tips to help you get started on making an informed and practical decision regarding your office’s equipment. 

Take Your Time 

Never rush into a purchase as crucial as new equipment. We strongly suggest you meet with our team to discuss the implications a purchase might have, particularly on your practice’s taxes. There may be an optimal time of the year to make a purchase. 

Consider Its Use 

How often will you utilize this equipment? Where will it fit in your office? Carefully consider how this new piece of equipment will be used in your day-to-day operations. If you are struggling to answer these questions, it may be a sign that the new equipment is not needed immediately. 

Will This Help My Practice Grow? 

Ask yourself if investing in new equipment will allow your practice to grow. Will it expand the available services you offer your patients? Perhaps it will improve the comfort, efficiency, and amount of time it takes to treat or serve patients. When marketed effectively, these can be excellent sources for driving new patient numbers or improving loyalty among your existing patients.  

What About Cost? 

You should never buy equipment if you are unsure how you will receive a return on investment from it. Consider how your pricing structure will offset the costs of the investment. Can you still be competitive in your market if you must raise costs?  

Your office equipment plays a central role in allowing you to deliver quality care for your patients. New technologies are constantly making the patient experience more comfortable and safe. Before you rush to purchase new equipment, it is vital that you consider how the investment will impact your business. 

Our team is here to help you make these decisions. For a consultation, contact us today.