July 20, 2017, 8:47 am

Dr. Stan Park: “Have a Budget, Stick With It”.  How To Build a Financially Successful Dentist Practice

by: The Financial Blogger    Category: Business
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Building an independent dentistry practice can be both exhilarating and terrifying at the same time.

On the one hand, the freedom of having your own business and operating your practice exactly as you’ve always envisioned is incredibly exciting.  But, any time someone starts a new business, the stress of getting it off the ground is daunting. There are so many factors to consider: marketing, client loyalty, and most important of all, finances. The relative freedom of going it on your own is the same freedom that can lead to a massive financial downfall — if you don’t make intelligent business decisions.

Dr. Stan Park of Dr. Stan Park Family Dentistry in Ontario, Canada says it doesn’t have to be as scary as it seems. In fact, there are several habits that Dr. Stan Park and several other dentists would agree can help lead to a successful independent dentistry career for anyone in the field.

 

“The most basic, essential tip I can offer is to have a budget and stick with it,” Dr. Stan Park explains. By tracking spending, balancing expenses and revenue, and being careful to craft a budget each month that you work to follow as much as possible, you’re off on the right foot.

 

Another important habit that many financially successful people in general follow is to not be complacent, and to always look for opportunities. Dr. Douglas Carlsen in dentaltown.com adds to this point, saying: “Don’t just hang out in the corporate clinic break room and wait for opportunity to fall in your lap. Look for opportunity.”

 

As a dentist, you may be able to get by on just your skill and word of mouth from your clients, but why not put yourself out there a little more? Look for purchase deals for equipment. Make connections with older, experienced dentists who may need to recommend their clients to someone if and when they retire.

 

Speaking of making connections, networking is key. In May of 2014, Time published a piece on what the world’s most successful people have in common, and one of the things it listed was building networks. Networking with fellow dentists can be especially helpful in everything from gaining advice to educational opportunities to client referrals.

 

And when it comes to connecting with people, building loyalty and fostering satisfaction in your clients is extremely important as well. Offering a service that is above-and-beyond for your patients not only keeps them coming back, but it will encourage them to suggest your practice to friends or family members as well.

 

“The happiness of our clients is so important,” Dr. Park adds. “No one wants to go to the dentist, but everyone should.  And if you can make the visit as stress-free as possible, your patients will continue to come to you, and recommend you to everyone they know.”

 

And if you work on that loyalty, there’s a chance that your client base will grow. Assume that your production and patient list will both grow, and plan accordingly. You don’t want to fall short and have to scramble to keep up, especially because that could result in lost business.

 

The truth is, every dentist operates differently. But, many successful dentists have the same habits listed above, which can help anyone looking for financial success in their practice and profession.

 

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