Whether you’re starting up a new practice or have owned a practice for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most consummate professionals. Our primary focus at Schiff & Associates, CPA is to help you achieve complete financial freedom so that financial worries and concerns never interfere with your ability to provide the best quality care.
Below are some tips shared by our 21204 dental CPA you can follow on your own to help build a rock-solid foundation for your practice.
1. Set goals. Don’t hesitate to dream big. Your practice will only be as successful as you envision it. Setting goals allows you to have a clear ‘ruler’ to measure your success and can help you make better financial decisions in the present. By recognizing that every small decision you make now can have a true impact on the future, you’ll be able to start setting yourself up for success. Your future self and future team will thank you.
2. Have a plan. As the saying goes, “failing to plan is planning to fail.” In order to see true growth, you’ll need to have both short and long-term plans set in place for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow times or another unexpected shutdown? How are you budgeting for new purchases? If you don’t already have answers to these questions, this is a great place to start. Planning for the unexpected and for the future can help safeguard your profitability from being derailed by unplanned expenses.
3. Act wisely. When starting or growing your practice, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires a firm understanding of the returns you can expect on your investments. Don’t make big purchases without a plan, but instead weigh the potential benefits and risks of all your financial decisions.
4. Stay organized. Disorganization can be the quick downfall of any business. In order to ensure that you’re not letting anything slip through the cracks, it’s important to have systems in place that will guarantee that no details are missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to the forefront.
If you want to take steps towards achieving true financial freedom, [business name] is here for you. Our goal is to make the process of managing and running your practice as smooth as possible, allowing you to focus on delivering quality care to your patients and growing your business. Contact our dental accounting firm in Towson today to learn more.