Pain Point 2 - Lack Of Profitability

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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.

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Pain Point 2 - Lack Of Profitability

  1. 1. 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 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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