First Time Dentist

09/03/2023

3 Myths About Inflation and It's Impact to Financial Freedom

👉 #1 - It's 'unprecedented'
Nope, not by a long shot.

👉 #2 - Inflation pressure is 'easing'
Inflation is a rate of growth, just because it's moving slower doesn't mean the pain has stopped.

👉 #3 - It will stop you from achieving financial freedom
Only if you're not allocating your portfolio properly.

Check out my blog post on First Time Dentist dot Com (link in comments), for the full article.

07/03/2023

Discipline = Freedom

Discipline is not a matter of getting something done by the due date. It's not 'willing' yourself through an all-nighter. Discipline is creating the systems and processes that create freedom.

Creating structure in your professional life is important because it affords you more time to work on your business, instead of in your business. It can literally create time for you to reinvest into creative solutions which only propel the cycle further

More Discipline = More freedom = More Solutions = Even More Freedom

What can you do, today, to create systems and habits that will power your future productivity? What will you do with the additional time that you create?

03/03/2023

'All Leaders are Readers'...one of my favorite quotes of all time. This quote comes from Howard Farran's book called 'Uncomplicate Business'. I'm working on putting together a short list of 'must-read' books to get you started in your dental career and this is definitely my top pick.

Why?

Because he covers so much more than just the numbers and math behind practice ownership. He covers the personal and emotional toll that small businesses can take on you and your family. He covers the importance of connecting with people, whether patients or employees, on a personal level. And, of course, he covers the two most scarce resources - time and money.

Happy reading!

Note: This post contains affiliate links. Thanks in advance for your support. Howard Farran. Like him or not, he’s a Dental Industry giant. Howard started DentalTown.com and has created a dental media and content empire via his podcast, Dental Town Forums (the Reddit dental equivalent), and free m...

28/02/2023

Buying a practice requires planning and organization. One tool I recently discovered (and love) is called Trello. Trello is a great way of organizing your list of to-dos to ensure you know what is important and what can wait.

Trello works by allowing you to create categories with sub-items for each category.

For example, with Trello, you can...
1. Create categories for Legal, Accounting, Insurance, credentialing, etc.
2. Then create sub-tasks like read closing documents, call lawyer back, and ask a question about XYZ topic.
3. You can color code high-priority items
4. Lastly you can set respective dates allowing you to better plan for closing

Closing on a practice requires some project management skills which, with the right tools, can make it much easier. What tools do you already use or can you start learning to help you along your journey?

26/02/2023

5 things to understand when buying a practice and family is involved:

1. Every Business is a family business
2. Financials Get Complex
3. Operations Need Consideration
4. Culture is Key
5. Previous Owner - Will you stay or will you go now?

Family is involved in every business, like it or not. Why? Because small business owners typically work more hours than their 9-5 counterparts.

18/12/2022

http://firsttimedentist.com/the-cost-of-doing-business/