Percentages: The Great Equalizer

Being Profit First Professionals, we deal with percentages a lot. Our allocations into the profit account, tax account, opex account, and others are all done based on percentages. Although it seems mundane, this is a very important distinction. It prevents us from allocating based on feelings. It doesn’t matter how much you make, your profit account always gets 2%, or 5%, or whatever it may be. This applies to all of our clients. If we instead did it by income amount, we would be allocating an arbitrary amount to each account based on what we feel we need. Percentages prevent us from allocating too much or too little into each account. Big numbers can often hypnotize us and confuse us. For e

Are Meetings a Waste of Your Time?

I don’t think any of us really like meetings. Half the time, it doesn’t feel like anything gets done, and everyone is just talking into the wind. If that’s how you feel, why do you still have them? You understand that there is value here, otherwise you would have cut it out like the rest of your unnecessary expenses. Meetings are important for your practice, but they don’t need to be a waste. Ask yourself why you still do meetings at all. Hopefully, your answer is something along the lines of checking the pulse of your business or keeping everyone on track. How long should it take for you to accomplish these things? It shouldn’t really take you very long. You just ask your employees if they’

Optimizing your Marketing Budget

Are you dumping money into marketing only to get little or no returns? Why do you think that is? When you do marketing, you should be targeting areas that have the best return on investment. For example, video game advertisements have been most successful with Youtube, and least successful with websites. What’s the dental industry’s best platform? I don’t know what platform your audience is on, but I do know a great way to find out: ask your patients how they found you. That’s it. If it’s Facebook, invest in Facebook. If it’s google reviews, encourage your patients to post reviews online. Once you figure out what platform gives you the most traffic, you can put your money there instead of so

Auto-Payments:The Silent Killer

Auto-Payments are really convenient; you sign up for something, then forget about it. Unless of course you’re the bookkeeper and you’re wondering where all the money is going. Auto-payments can be sucking your business dry without you ever realizing it. One of the first things we do when we sign on new clients is check any subscriptions that they may have that they don’t use. You may have been through this process with us already. However, just because we’ve already done it, doesn’t mean you shouldn’t do it again. Also be aware of the subscriptions you have and ask yourself if they are still a good investment. They might be, but it never hurts to check. Here’s a recommendation, take some tim

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