In this episode of Practice Growth HQ, we’re talking about your business finances as a new practice owner and what you need to be aware of if you want your new practice to thrive.
You’ll meet Michael Dinsio, a Dental Practice Management Consultant who has helped hundreds of doctors in the dental and veterinary fields create the practices of their dreams.
In this episode Michael unpacks business finances for both startups and those looking to acquire an existing practice. He also unpacks the two major reasons new practice owners struggle in their first few years of doing business.
If you’re thinking about opening your own practice in the near future, this episode is essential listening!
What you’ll learn:
- (06:11) What led Michael into consulting and why he’s so passionate about helping Dentists grow their practices
- (11:00) The biggest hurdles most health professionals face when getting into practice ownership
- (13:52) Why it’s critical to understand your financial position before acquiring an existing practice or launching a startup
- (17:56) The hidden costs you need to be aware of as a new practice owner
- (22:29) Michael shares his best financial tips for practice owners, no matter what industry you’re in
- (29:20) Discover why Michael recommends doing your own books as a new practice owner
- (32:06) Learn what to do when business is NOT going well (no matter how long you’ve been in business, you’ll want to listen to this part!)
- (41:39) Find out how a secret shopper could save your business
- (44:30) Michael shares his final tips for health professionals thinking about getting into practice ownership
- Plus loads more!
Links and Resources: