At school we are all taught to do well academically, or to excel at sport or the arts. We are measured by our success in academia by our grades or the height we reach in our sports. However, we are never measured on our emotional strength.
I know so many individuals who are great at sport or who have the best degrees possible, yet emotionally they are weak. Weak? Yes, weak in a sense that they have not trained their emotions. They have trained their academic brains, or sporting prowess but not their emotional strength.
Yet, if you look at some of the most successful entrepreneurs and individuals they are emotionally in control. They have been through the ups and downs of running their own show, but by constantly challenging their emotions they have created the emotional strength they require to succeed in life today. Being a successful entrepreneur requires emotional strength...do you have it? Or do you need to develop it?
Tuesday, June 30, 2009
Monday, June 29, 2009
The Truth About Your Accountant
Face facts, your accountant probably knows very little about your business. Yes they may have prepared your annual accounts, told you how much tax to pay, but do they know the impact of a closed lunch hour on your annual profits? Or the impact of changing the price of your crowns on your annual take home pay?
Probably not.
As a general dentist you probably are not going to carry out complex orthodontic work, or specialist endodontic work, you would refer this to a specialist colleagues of yours.
Well the same principle applies to your choice of accountants you use to advise you. Small or big, in these changing dental times, it is now more important than ever to have advisors who know their subject. I can proudly say, at Samera we eat, live and breath dentistry. By having our dental practices, we see and experience many of the same problems our clients face every day, so not only can we relate to you, we are always looking for ways to overcome the many problems you face daily, just like we do.
If you are unsure if your accountant knows his stuff about dentistry, ask him (or her), amongst many other, the following questions:
1. Does he know what Invisalign is and how much should you be charging for it in your practice?
2. What treatments provide you with 80% of your profit in your business?
3. What non financial Key Performance Indicators should you be monitoring in your practice?
4. How can you increase chair occupancy through low cost marketing strategies?
5. What gross profit margin does a hygienist generate compared to an associate dentist in your practice?
6. What patient cancellation policy should you have in practice?
7. What hourly rate should your fees be set at to ensure a profit margin you desire?
8. What remuneration strategies should you have in place for your Dental Associates? Should you be paying 50% of gross fees or higher/lower?
9. As a % of turnover, what should your staffing costs be?
10. How can you make more money, than you currently are, in dentistry?
These are just the tip of the iceberg. In today's climate your accountant should be able to answer all of these questions easily along with the pre-requisite tax advice. If not, then perhaps it is time for you to demand more or make a change.
Probably not.
As a general dentist you probably are not going to carry out complex orthodontic work, or specialist endodontic work, you would refer this to a specialist colleagues of yours.
Well the same principle applies to your choice of accountants you use to advise you. Small or big, in these changing dental times, it is now more important than ever to have advisors who know their subject. I can proudly say, at Samera we eat, live and breath dentistry. By having our dental practices, we see and experience many of the same problems our clients face every day, so not only can we relate to you, we are always looking for ways to overcome the many problems you face daily, just like we do.
If you are unsure if your accountant knows his stuff about dentistry, ask him (or her), amongst many other, the following questions:
1. Does he know what Invisalign is and how much should you be charging for it in your practice?
2. What treatments provide you with 80% of your profit in your business?
3. What non financial Key Performance Indicators should you be monitoring in your practice?
4. How can you increase chair occupancy through low cost marketing strategies?
5. What gross profit margin does a hygienist generate compared to an associate dentist in your practice?
6. What patient cancellation policy should you have in practice?
7. What hourly rate should your fees be set at to ensure a profit margin you desire?
8. What remuneration strategies should you have in place for your Dental Associates? Should you be paying 50% of gross fees or higher/lower?
9. As a % of turnover, what should your staffing costs be?
10. How can you make more money, than you currently are, in dentistry?
These are just the tip of the iceberg. In today's climate your accountant should be able to answer all of these questions easily along with the pre-requisite tax advice. If not, then perhaps it is time for you to demand more or make a change.
Monday, June 15, 2009
Calling the Market
As some of you maybe aware, over the last few months i have been going back to my roots, of financial analysis and trading. I have got so back into it, very excited, and are in fact now teaching courses on my expertise. This has been one of the main reasons i have not had time to write this blog, as i have been poring over charts, and online information
My expertise which was learnt several years back is now stronger than ever. I have been watching the UK and US markets closely, and have seen my portfolio grow in double digit % figures in the last 3 months. I feel i managed to call the market at the beginning of March. However, at the moment i do feel the market may well be going through a small correction, with certain stocks due a correction, whilst more defensive stocks may start growing at better rates.
With so much volatility in the market, this is a great time to be in the markets. You can make a lot of wealth create in these times.
Watch this space on all aspects financial, as over the last 12 months, i have realised my forte is in 3 areas:
1. business, marketing and entrepreneurship
2. internet marketing concepts
3. investment and trading
so this blog will increasingly become come dedicated to these areas, plus a few more issues that maybe playing on my mind!
Have fun
arun
My expertise which was learnt several years back is now stronger than ever. I have been watching the UK and US markets closely, and have seen my portfolio grow in double digit % figures in the last 3 months. I feel i managed to call the market at the beginning of March. However, at the moment i do feel the market may well be going through a small correction, with certain stocks due a correction, whilst more defensive stocks may start growing at better rates.
With so much volatility in the market, this is a great time to be in the markets. You can make a lot of wealth create in these times.
Watch this space on all aspects financial, as over the last 12 months, i have realised my forte is in 3 areas:
1. business, marketing and entrepreneurship
2. internet marketing concepts
3. investment and trading
so this blog will increasingly become come dedicated to these areas, plus a few more issues that maybe playing on my mind!
Have fun
arun
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