10 Ways to Improve Profitability and Drive Growth in Your Dental Practice
Profitability is the critical success factor for every practice. Productivity is important, but profitability is the true measure of your practice’s financial health. Implementing and aligning strategies to measure profitability and growth in your practice doesn’t have to be complicated.
Clarifying the Rules on Sales and Use Tax
Understanding what is taxable can be complicated. Do you know when you need to collect and pay sales and use tax? It is not as straightforward as you might think. Some dental products and services are taxable and some are not. Make sure you understand the difference so you don’t pay too much or too little sales tax.
Hidden Tax Opportunities for Dental Professionals
As a successful dentist, you’ll certainly pay your share of taxes but without a good understanding of tax benefit strategies, you may be paying too much! Navigating the nuances of tax reform can be time consuming. In this webinar, we will cover some tax saving tips for dental practices to help determine if you’re maximizing the options available to you.
Top 5 Things You Need to Know as a New Dental Practice Owner
Is owning a dental practice in your future? You’re passionate about your career and now you are ready to create a thriving and successful practice. Choosing the right entity to create a sound financial framework and minimize taxes is the first step. This webinar will cover a few of the things you need to know to get started on the right path.
Looking to Purchase a Dental Practice?
When you purchase an existing dental practice, you adopt the staff, the client base and a reputation in the community. It’s an exciting time in your career. Start the process early, as there are many considerations to ensure you achieve your financial goals and objectives.
Looking to Transition Out of Your Dental Practice?
Whether you are reaching the point of retirement or are transitioning to another stage in your career, planning and preparation will help with a smooth transition of your dental practice. From valuation to contract terms, there are many considerations to ensure you achieve your financial goals and objectives.
What to Consider When Hiring an Associate
Hiring an associate is a big step so before you take the leap, spend some time analyzing how it will impact your patient service and practice bottom line.
Maximize Your Practice Retirement Plans for Your Employees and Yourself
Establishing a retirement plan for your practice will benefit you and your employees. Not only will it help everyone save for their future, but it may also help you attract and retain qualified employees. And don’t forget the tax advantages of a properly established plan. If you already have a plan, take the time to review and compare your plan to other options. Do you have the best plan option for your practice?
Employee Incentive Plans and Bonus Structures
Bonus plans can be an effective way to incentivize staff to help your practice meet their goals. The bonus structure must be attainable and flexible enough to keep the bonus motivating for employees. Know what your goals are, and the financial impact, before you set a plan in motion.
What is My Practice Worth? Valuations as Value Drivers Before a Transition
Each dental practice is unique and has many differentiating factors to consider when determining the true value. Knowing the value of your practice, how that value was arrived at and how to maximize that value are important value drivers for owners of dental practices. Arriving at a value for your dental practice is an integral part of your succession and retirement planning. Get a valuation in time to make changes that could impact your sale price.
