Welcome to the Dr. Fries with That Show. My name is Dr. Josh Renken, and I’m very glad you’re here. In this inaugural episode I’m going to talk a bit about myself and the journey I’ve taken in developing my dental practice. As I’ve built my business, and learned some hard lessons along the […]
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Welcome to the Dr. Fries with That Show. My name is Dr. Josh Renken, and I’m very glad you’re here.
In this inaugural episode I’m going to talk a bit about myself and the journey I’ve taken in developing my dental practice. As I’ve built my business, and learned some hard lessons along the way, there are a handful of key themes that I’ve found to be the guiding principles that I think make a dental practice a success.
So let’s dig in. Here are the themes that I think will set you and your practice up for financial success in the long run:
- Location, location, location: If there’s a dentist on every corner competition will be tough and standing out will be much more difficult. If you find a gem where there is low cost of living, fewer competitors, and high quality of life it makes everything else easier.
- Build a Team: Good suppliers, accountants, lawyers, and advisors will be key in setting your practice up for success. Adding these players to as if they are partners on your team will pay off big time in the long run.
- Spend the Money in the Right Places: Be frugal in certain places while spending good money on outcomes and profit for your practice. Increasing net profit by focusing on just the things that matter is a great metric when making purchasing decisions.
- Know Your Financing Options: Small banks want to lend on assets in place while large banks work off of well established algorithms of your practices expected success. Both have their merits, but when making these financial decisions keep your big picture in mind.
- Keep Personal Expenses Low, Low, Low: Maximizing your personal cash flow will allow you to minimize your business liabilities. Even then the financing you do have to extend for your practice will go directly towards building your practice the right way.
I’d love to hear your feedback on today’s episode. Send me a message over at practicewater.com.
If you enjoyed the show today please leave a review in iTunes. This really helps us spread the word to other dentists and helps make everyone’s practice a success.
