Pain Point 2 - Lack Of Profitability
1
Lack of Profitability Lack Of Profitability Lack of profitability results in the uncertainty of not knowing Your numbers or the certainty of knowing that the numbers just don’t add up. You might be working very hard, only to find there is no money to show for it. contact 7connections on 01647 478145 or visit us at www.7connections.com FOR PAIN-FREE DENTAL BUSINESS Inadequate monitoring of accounts Running the business by looking at the bank balance every day No future cash flow forecasting and no monitoring of budget versus actual income and expenses on a month by month basis Accepting existing associate % remuneration without calculating the individual profitability of fee-earners Ignoring key performance indicators and industry benchmarks for lab costs, materials, implant components, staff wages and payments to travel Living above your means – financing a lifestyle that you cannot afford Working too many hours! 24-28 hours per week clinical is recommended Working 5 days a week clinically, instead of 4 days clinical and 1 day of business leadership Failure to business - manage associates, therapists and hygienists Failure to save for tax Special offers that haven’t been accurately thought through Failure to supervise treatment planning by associates - who often under-price, discount and deliver treatment free of charge Deep discount offers such as Groupon attracts short-term price shoppers Failure to be confident with your own treatment planning and pricing Failure to manage the appointment book carefully so that surgery down-time is minimised Offering interest-free finance without calculating the cost to the business and taking appropriate action How does this happen? A business coach to hold you accountable to insist that you collect, collate and analyse all the numbers every month to encourage you to take action to bring the profits back on course to assist you in making the tough decisions that are sometimes necessary Get organised around money and profits - and your confidence will soar, your sleep will be sounder and your business won’t just survive - it will thrive! The way out? Failure to calculate operating costs per surgery per day Created by
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www.7connections.com Lack of profitability results in the uncertainty of not knowing your numbers or the certainty of knowing that the numbers just don’t add up. You might be working very hard, only to find there is no money to show for it.
Transcript of Pain Point 2 - Lack Of Profitability
L a c k o f P r o fi t a b i l i t yL a c k O f P r o fi t a b i l i t y
Lack of profitability results in the uncertainty of not knowing Your numbers or the certainty of knowing that the numbers just don’t add up.
You might be working very hard, only to find there is no money to show for it.
contact 7connections on 01647 478145 or visit us at www.7connections.com
FOR PAIN-FREE DENTAL BUSINESS
Inadequate monitoring of accounts
Running the business by looking at the bank
balance every day
No future cash flow forecasting and no
monitoring of budget versus actual income
and expenses on a month by month basis
Accepting existing associate % remuneration without calculating the individual
profitability of fee-earners
Ignoring key performance indicators and industry benchmarks for lab costs, materials, implant components, staff wages and payments to travel
Living above your means – financing a
lifestyle that youcannot afford
Working too many hours! 24-28 hours per week clinical is
recommended
Working 5 days a week clinically, instead of 4 days clinical and 1
day of business leadership
Failure to business - manageassociates, therapists
and hygienists
Failure to save for tax
Special offers that haven’t been accurately
thought through
Failure to supervise treatment planning by associates
- who often under-price, discount and deliver treatment
free of charge
Deep discount offers such as Groupon attracts
short-term price shoppers
Failure to be confident with your own treatment
planning and pricing
Failure to manage the appointment book
carefully so that surgery down-time is minimised
Offering interest-free finance without calculating the cost to
the business and taking appropriate action
How does this happen?
A business coach
to hold you accountable
to insist that you collect, collate and analyse all the numbers every month
to encourage you to take action to bring the profits back on course
to assist you in making the tough decisions that are sometimes necessary
Get organised around money and profits
- and your confidence will soar, your sleep
will be sounder and your
business won’t just survive - it will thrive!
The way out?
Failure to calculate operating costs per
surgery per day
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