10 All Time Best Business and Financial Tips For Dentists

In this post, we will discuss 7 Business Tips by Warren Buffet and how dentists can use these amazing business tips in their dental practice. Dentistry and business are very similar in nature and to be successful a dentist has to manage the business aspect properly.

#3. Business Advice For Dentists

Financial & business tips in dentistry

Take Away Points for Dentists:

The above rule is the cardinal truth of finance. It doesn’t matter if you are starting your dental practice or you are an experienced dental practitioner with very good monthly revenues.

Always be alert to save money first.

Think about any additional expenditures, only after saving money as per your requirements. That includes first covering your monthly fixed expenditures for your personal needs and requirements of your practice. And then if you have surplus money left with you, make a habit to save half of it.

Such a habit will have great dividends in the near future.

It is a time-tested formula to control your expenditure, have the optimal spendings that are required and at the same time the best way for saving finance consistently.

#4. Business Advice For Dentists

Financial & business tips in dentistry

Take Away Points for Dentists:

Every business venture that also includes investing or opening a dental practice, involves financial risks. Many times you need to take certain decisions related to your dental practice. These decisions have the power make a profound impact on your practice, either positive or negative.

So, always think twice weighing all pros & cons before jumping into any decision.

Never rush into unplanned investments.

Take a pen and paper. List down the pros and cons of your decisions in two columns. If you are feeling the prospects of gaining from the decision is more, then assess what’s the risk involved if you do not succeed.

Yes,  it’s true that most successful people have taken risks. They credit their success to that one risk taken at that one crucial point in their career. But at the same time, there will be hundreds of stories where unplanned financial decisions or investments have resulted in bankruptcy.

For example, Let’s say, you have been in dental practice for more than a year and you feel that its time to expand to multiple clinics. For that, you will need finance to get location, office, equipment and pay salary to your team. So, is it the right time to raise a lot of finance from the banks? Will you be able to scale up fast and keep paying the interest to the banks?

So, as Warren Buffett said, never take a decision and jump into it. Keep one foot out of the water so you have the leverage to get back to land for safety in case the depth is more than you can handle.

See Next Slide for Points #5 & #6

Business and Financial Tips for Dentists