Many times, it seems people complain about their dental business (I’m in that group too!). But when I realize that, many times, it is not business that needs a shot in the arm, it is me that needs it. I go back and review what makes a great leader in business (and in life) and many times I have failed to “sharpen the saw” in these areas! I suggest that you review these 5 categories and ask yourself, “Am I on top of my game?” You might soon realize that it isn’t your employees, your clients or vendors that need improvement. Passionate Communication: To inspire others, you must feel … [Read more...]
When is it Time to Sell?
Every dentist and, in fact, every business owner has asked themselves at some point in their lives, “When is the right time to sell my business?” Many factors go into this type of decision, including age, life situation, financial status, burn out, favorable selling market, etc. In many businesses, one is afforded the choice of selling or partnering with another company and continuing on with less responsibility of running the business. Dentistry is famous for this as many practices sell other dentists, to a group or a corporation and continue on as employees. This affords them the ability … [Read more...]
Is it Time for Employee Reviews?
How do you review or evaluate your employees? Do you meet with them at all? A fatal mistake for employers is never letting their employees know how they are doing, where they stand and what they need to do to improve. We are currently holding our employee reviews. Here is a guide you can use to help this process along. Action Step for You: Set up times to have reviews with your staff. … [Read more...]
New Tax Reform
By now everyone has heard about the new Tax Reform bill that has been signed into law. Taxes are the greatest “bill” you will have for the year and your lifetime. Using every opportunity to reduce this bill should be incorporated in your financial planning. Here is a reference sheet from McGill and Hill Group explaining some of the new tax changes. Action Step for You: Make sure you set aside time to review the new laws with your accountants. … [Read more...]
Business Tax Tips
It’s that time of year to make sure you have implemented and readied all the tax benefits that you could possibly muster. The best article I have ever viewed is The McGill Advisory article, Top 50 Year-End Tax Planning Strategies. It is prudent that we use every legal means to reduce our number one bill of the year - “taxes”. Enjoy. Action Step for You: Print the article, highlight the tips that pertain to you and share with your accountants. … [Read more...]