Month: June 2023

Tips For Your New Dental Career | Dental CPA Near Me

Starting your new dental career can be one of the most exciting (and nerve-wracking) times of your life. Whether you are starting your own practice from scratch or joining

one that is already established, there are several important aspects to keep in mind.

We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence and ease. 

  1.  Protect Your Work-Life Balance– While you might be used to a heavy schedule during your years in school, don’t let yourself burn out. You deserve a healthy work-life balance. By setting boundaries and following them, you can enjoy your time with friends, family, or hobbies without feeling overwhelmed by your work schedule.
  2. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service.\
  3. Manage Your Debt– Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday.
  4. Successful Practice Management– A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed.
  5. Continue Your Education– The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice.

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team will be the resource you need to secure your future in success. Contact Schiff & Associates today to schedule a consultation.

The Achievement of Financial Freedom | Dental CPA

It’s no secret that, as a dental practice owner, you take on a great deal of responsibility and overwhelming  financial stress. Here in our office, one of our main goals is to help you achieve financial freedom so that you can completely focus on leadership and business growth. The following tips will help you create a more solid foundation for your dental practice and help you along in your financial journey.

  1. Organization is key. It is important to make sure that you always have systems in place. This will ensure that no details are missed and that everyone has a protocol to follow. Disorganization can quickly lead to unhappy customers, and ultimately, the downfall of a business. Efficient organization can also help bring opportunities for improvement to your attention. 

      2. Dream big.  Your dental practice will only be as successful as you envision it to be. Set   

          clear goals with deadlines to use as a ruler for your success. Goals will help with financial         

          decisions that present themselves. By setting goals with clear expectations, you will be 

          able to assess how small decisions can have a true impact on your practice in the future. 

          It will help you define a clear path toward your financial freedom. 

       3. Always have a plan. Without both short-term and long-term financial plans in place, you   

       will be setting yourself up to fail. How will new earnings be allocated; how much will go    

       toward savings? Are you budgeting for new purchases? Where will money come from if 

       business gets slow?  If you don’t already have the answers to these questions, this is a 

       great place to start. Planning for the unexpected helps to ensure that your dental practice  

       will survive surprise expenses. 

       4. Make wise financial decisions. When starting a dental practice, it is inevitable that you   

      will acquire some strategic debt. The key to success in the business will be an analysis of  

      your return on investment. Don’t make big purchases without a thorough analysis of the 

      value that it will bring to your practice. 

If you need help creating a plan or making a financial decision, our office is available to help. Our goal is to put you on the path toward financial freedom. We want to help take some of the financial stress away so that you can focus on your community, patients, and business growth. Contact Schiff & Associates today for a business consultation.