For most dentists, their primary focus throughout their career has been on developing the knowledge and technical skills needed to excel in dentistry. However, as a practice owner, one must also possess a strong business acumen and entrepreneurial spirit to thrive. Schiff & Associates LLC is a dental CPA firm that’s dedicated to helping dentists thrive in their profession. By offering CPA services and business advice unique to the needs of dentists, we’re able to help practice owners focus on delivering quality care to their patients.
Below are some of the characteristics of a business-minded dentist. If you recognize a need for improvement in any of these areas, contact our firm. We’re here to help!
Clear Vision and Goals
One thing that will hugely benefit a dentist is the ability to vision cast for the future. By setting clear goals for themselves and their practice, a business-minded dentist will be able to set and enact plans to help those goals become a reality.
While it’s not necessary for practice owners to manage their own finances, a basic understanding of the different aspects of practice finances is hugely beneficial in helping you manage your practice well.
The more detailed and specific you are in your record keeping, the more you’re able to ensure you’re using resources efficiently, maximizing profits, and minimizing liability. Your whole team should be strong in this area.
As an owner dentist, you have a lot on your plate. It’s unrealistic to expect to be able to oversee everything yourself. The way that you manage your team will have a huge impact on the success of your practice. It’s important to remember that good leaders create other leaders.
An Entrepreneurial Drive
In order to have a truly successful practice, you must recognize that it’s a business at its core. Losing sight of this simple fact can have a negative impact on your ability to grow. This is not to say that you should care more about profits than patients. Rather, it’s a reminder that putting a value to your expertise can be beneficial to your financial and practice growth goals.