Blog - Page 36 of 55 - Dr Jesse Green

In today’s competitive market, dental practice owners are embracing entrepreneurial habits and ideas to grow their businesses. In episode 99, I’ve invited Elijah Desmond, a serial entrepreneur who works in the dental space to share his insights around what it takes to be a successful dental entrepreneur.

Elijah Desmond is a serial entrepreneur who has worked in over 300 different dental offices over the years and garnered invaluable experience. He has seen first-hand what techniques worked for increasing production and motivating staff. Perhaps more importantly, he learned why such techniques worked and why others didn’t.

Plus, he is the founder of the unique Dental Conference, Smiles At Sea, and speaks regularly around the U.S. and internationally.

In this episode, we discuss:

4:22 What sets successful entrepreneurs apart from the rest
5:28 The power of following through
7:00 How to determine what you should commit to.
8:34 The key to success
9:25 How to find your passion
13:16 Elijah’s biggest mistake and how dentists often do exactly the same thing
17:58 Why most dentists are doing team huddles wrong and how to fix it.
24:09 The power of letting go of control
29:16 Why the future of marketing is in mobile/cell phone marketing
32:10 The common marketing mistakes made by dental practices

Find out more about Elijah Desmond

www.elijahdesmond.com

www.smilesatsea.com

Podcast: Play in new window | Download

Subscribe: Android | RSS

True or false? Patient communication is really important.

For me, when it comes to cranking up your dental business, patient communication ranks right up there with great marketing.

But if we’re honest, communication’s a pretty broad term, isn’t it?

Thanks to technology, today its scope is much broader than it once was.

And while have much to thank technology for, I don’t think we can assign it credit for improving the quality of communication in all applications.

On the contrary, in many ways, the reliance on technology has detracted from the quality.

Rather than sustaining patient relationships, it leaves them lacking. In loyalty, trust and appreciation.

For dentists who want to grow and scale their practice, mastering communication fundamentals is a must.

The good news is, any dentist can do it.

Like math or music, your patient communication skills can be learned, refined and mastered.

Read on to see how.

Be Aware

It sounds like yoga meditation, doesn’t it? Be aware.

But actually, I’m being serious.

Caught up in the day-to-day, we often skip right on past seemingly unimportant nuances of effective patient communication.

Most of us are just focused on doing our dental business.

Perhaps we’ve never given a first, let alone second thought, to our patient communication style.

Here’s my tip: even if you’ve thought about your patient communication, there’s always room for improvement.

Just ask your nearest and dearest.

Take a few moments and contemplate this: how you think you relate to patients (or significant others).

Then take a breath and honestly consider how you think they feel you relate to them.

Mmm.

If you’re like every other person on the planet, there’ll be a gap between these two perspectives.

Want your dental business to grow?

It’s wise to consider how you’ll close that gap and focus on enhancing your patient communication.

Think Triangles

Picture a triangle. In the middle is your message.

According to Dr Laura Sicola, each angle of the triangle represents a different channel of the communication triangle: verbal, vocal, visual.

Verbal relates to what you say. Does it make sense? Does it add value? Is it meaningful for your patient?

Vocal is the sound of the words as they come out of your mouth. Is your voice pleasant?

Does it have an even tone? Is it uplifting or grating?

The final channel of the communication triangle is visual.

All to do with the non-verbals, visual relates to your facial expressions, hand gestures, body language and posture.

It’s one thing to understand these three core aspects of communication; it’s another to ensure they’re all in alignment.

What does that mean?

It means your verbal, vocal and visual communication all need to deliver the same message.

If they don’t, well, it’s likely you’ll miss the mark.

Even if the smallest thing isn’t quite right – the chance to connect with your patient is diminished or lost.

The greatest opportunity for influencing patients to make change for good is to deliver our message with integrity across all channels of the communication triangle.

Listen Well

Answer this question honestly.

How many times have you sat with a person and not really listened to a word they’ve said.

More focused on framing up what you’ll say or do next, rather than listening, you miss a vital opportunity to understand the other person.

The truth is, most of us could benefit from a measurable improvement in our listening skills.

Think I’m wrong?

Just ask your other half.

Or your kids.

Or your team.

Yes, some people may be easier to listen to than others, but it’s not a reason for not listening properly.

We do that by wanting to understand more – about the patient’s concerns, motivations, challenges.

Just hearing the words won’t cut it.

Be Present

No, this is not a repeat of my first point.

If we’re to listen well, we must be present to the conversation and person first.

Consciousness or presence in conversation is not just the privilege of an enlightened few. We dentists can practise it too!

This means more custom conversations, less autopilot.

It also means more focused attention, less distraction; more full sentences, less abbreviation.

Face to face, look-me-in-the-eye communication will never be a commodity. It’s the stuff enduring patient relationships are made of.

And while it might challenge you to lift the lid on a more feeling-based response (you might even feel vulnerable), it will be worth it.

If you’ve read this blog before, you’ll almost certainly have seen my comment that at the end of a set of teeth is a human being.

He or she is just like you. They have hopes, fears, aspirations and frustrations.

They’re looking for connection too.

As their dentist, you’re perfectly positioned to deliver it – along with the impetus for positive change that affects their oral and general health.

All this just by finessing your communication skills.

Sounds like it’s a worthwhile exercise.

Final Words…

There’s so much more that could be shared in a blog about communication, but let’s stick with these points.

Like most things, it’s simple stuff that’s not so easy to implement.

From my perspective, our approach to communication is a work in progress, whether it’s with patients, partners or our team. It’s never done.

The key to success?

Just keep working on it.

Communication skills are an indicator for success in business.

We need to communicate effectively with our team to avoid or negotiate conflict, to improve our workplace culture and more.
But also, we need to communicate effectively with our patients for better case acceptance and behavioural change.

Communication is one of the backbones of our businesses, so it’s important to look closely at how we’re communicating and where we can step up our communication to align with our roles as leaders in our businesses.

This week, I’m joined by leadership communication coach, Dr Laura Sicola.

Dr. Laura Sicola is a professional speaker, leadership communication coach and the founder of Vocal Impact Productions in Philadelphia, PA. Her mission is to help people confidently and authentically master the 3Cs of “Vocal Executive Presence”: to command the room, connect with the audience, and close the deal in any context.

In this episode, we discuss:

3:00 Dr Laura Sicola’s journey from linguistics to leadership communication
5:00 How you can learn better communication skills
7:29 Finding the gaps in your communication skills so that you can improve them.
8:42 Why your words might be great, but the message just doesn’t get across
12:11 Using communication to navigate and resolve conflicts within teams
16:50 Getting out of sticky conflicts with a simple and honest approach
18:21 Listening and mindfulness are powerful communication tools
26:07 The pros and cons of written-based communication (is it all bad?)
28:53 Building trust through vulnerability in communication
36:16 How to improve behaviour change with our patients through the way that we communicate with them.

Find out more about Dr Laura Sicola

http://vocalimpactproductions.com/about/

Podcast: Play in new window | Download

Subscribe: Android | RSS

A while back, nobody had heard the term entrepreneurial dentist.

Among the dental fraternity, if you approached your dental practice as a business, well, let’s just say, it wasn’t the done thing.

Now all that’s changed.

Far more widely accepted, dentists are finding their inner entrepreneur and approaching business differently. Like entrepreneurs.

This evolution didn’t happen overnight.

And like most change, it was borne out of a need.

Adjustment to industry changes, increased competitiveness, and consumer expectations have all played a part.

For things to be different, there’s been an overwhelming need for dentists to look more broadly than dentistry for business solutions.

The point here?

Dentists can learn a lot from other industries; even those, like artificial intelligence, with no apparent connection.

On the Savvy Dentist podcast, we recently caught up with Matthew Michalewicz.

An outstandingly successful entrepreneur, Matthew shared his wisdom and insights during our interview.

The surprise?

What he’s learned in the commercialisation of artificial intelligence technology is just as relevant for entrepreneurial dentists who want to grow and scale their practice

#1 Change Is Guaranteed. Be Ready For It.

There are so few guarantees in life, but here’s one you can count on.

Change.

With humans being who they are, we’re always going to look for ways to innovate.

Innately, we’re wired to look for better, faster, more enjoyable.

The AI industry shows what rapid response to change looks like.

A convergence of cheaper, more powerful technology, more sophisticated algorithms, and today’s volume of data, AI could only change to survive the current iteration of its development.

For an entrepreneur, this means understanding your business is dynamic too.

It will not stay the same, especially if you want to grow and scale your practice.

The thing about change is it often moves on us before we move on it.

However, a dental entrepreneur does things differently.

Not simply making change for the sake of it, she will accept change is part of business and respond instead of react.

#2 Change = Opportunity

It’s widely known the Chinese character for crisis is the same as opportunity.

Whoever came up with it was on to something.

While change is often synonymous with upheaval, it pays to remember this is often due to a more evolved version of the business emerging.

Rather than resist change because it brings challenge, be more welcoming of it because on the flip side, you’ll find opportunity as well.

#3 Expand Your Bandwidth Beyond Dentistry

There may not be many direct applications for AI in dentistry right now, but it doesn’t hurt to know a little bit about it.

Why?

Because AI is impacting many industries our patients and service providers operate in.

If we’re oblivious to what’s happening to them, we face our own demise.

Failing to adjust our approach as dental business owners, we could be blindsided i.e. not ready for change (refer to point #1).

We may also miss opportunities to provide better, more customer-centric, in-demand services.

#4 Focus On What People Want

This is a bit of a mind shift for most dentists.

We’re educated to deliver treatment patients need.

And there’s no doubt we’ll continue to do that.

What’s as important is finding out what patients want.

Today people seek customised experiences, tailored care, and personal connection. Our job is to work out how to deliver this through a dental business.

We can take the lead from AI in this regard.

AI isn’t a universal solution. However, it is ideally suited to specific applications.

It is only finding a place in the world because people are looking for better or faster ways to do things (what people want) in certain industries.

This translates to delivering what the market wants.

How is this relevant for dentistry?

We can package up services, offer payment flexibility, adjust opening hours, eliminate hurdles for people to step through the practice door, personalise an approach that is unique to our practice.

Be creative and innovate, just like AI has.

#5 Have A Clear Vision And Work It

We’ve talked a lot about vision in this blog so it’s no surprise to find it making another appearance.

A clear vision is ‘ground zero’ of your dental business.

It should encapsulate where you want to be in the future.

Maybe it’s two, three or five years’ time for you.

It should articulate what the business will look like and what you’ll be doing.

When the vision is clear, all other decisions become easier.

You can discern whether an idea or opportunity will move you in the direction of your vision or away from it, and then act accordingly.

Not clear on your business vision yet? No problem.

Take time away from the everyday and ask the questions that will clarify your vision.

Some people can do it themselves. Others need a coach, friend or mentor to keep them on track.

It doesn’t matter so much how you approach this exercise. It matters more that you do it.

What also matters is that you work hard to bring that vision to life.

Final Words…

Entrepreneurialism is a must for any dentist who wants more than a practice.

While success isn’t guaranteed, we can’t become entrepreneurial dentists without adopting a shift in mindset.

Delivering to what the market wants is essential. So too is looking beyond our own industry for better and more creative ways of doing things.

Underpinned by a vision and hard work, and we’re well on the way to becoming dental entrepreneurs.

Artificial intelligence and machine learning are on the rise in businesses, including the health space. As small business owners, we’re often curious about how these technological developments can help or hinder us. But as I always say, with change comes opportunity. In this episode, I bring AI expert and CEO of Complexica, Matthew Michalewicz on to the show to share his enormous insights around not just AI, but what actually makes businesses successful in an ever-changing landscape.

Matthew Michalewicz has more than 20 years of experience in starting and running high-growth tech companies, especially in the areas of predictive analytics and optimisation. He is currently the CEO of Complexica, a provider of Artificial Intelligence software for optimising sales & marketing activities, and a director of several ASX-listed companies, including Prophecy International (ASX: PRO), ComOps (ASX: COM), and LBT Innovations (ASX: LBT). He is also the author of several books, including Life in Half a Second, Winning Credibility, Puzzle-Based Learning, and Adaptive Business Intelligence.

In this episode we discuss:

3:55 Trends in AI and machine learning
5:15 What exactly is AI and “machine learning”
8:43 AI and machine learning the health space
10:11 How disruption is occurring (and how to stay ahead of it)
14:06 Embracing personalisation and on-demand as current trends
17:07 How small business can and should embrace competition and customer-centric services
19:13 Traits of successful entrepreneurs
And more!

Find out more about Matthew Michalewicz

http://www.michalewicz.com.au/

Podcast: Play in new window | Download

Subscribe: Android | RSS

There are few aspects of dental business that cause the concerns human relations do.

When personalities and people are at work, the potential for small issues to escalate into bigger problems multiplies.

This is especially true if the right human resource mechanisms aren’t in place.

Without robust structures and systems, dental business owners can find themselves in murky water.

So how do we avoid these situations?

By taking the same approach we do with our patients, namely one that espouses prevention over cure.

Here are some simple preventive guiding principles to adopt when it comes to dental human resources.

Have A Clear Strategy

I’m a firm believer in the value of strategy in business. It’s an approach that applies to human resources.

Without a clear strategy, there’s a greater chance small issues morph into larger, unwieldy problems with no easy solution.

A human resources strategy is not one you try to develop solo.

Instead, it is wise to seek counsel from an experienced professional.

They will take time to understand your specific business. Then show how a human resources strategy should support it.

Set And Maintain Clear Boundaries

For the best dental human relations, it is critical clear boundaries are set and maintained – from day one.

Why?

Because the biggest problems emerge when there’s no documentation against which people and performance are held accountable.

Clear boundaries that articulate roles and responsibilities are written into position descriptions.

The way things get down is documented in procedures.

How things work in your dental business are communicated in policies.

Together, all parties arrive at a shared understanding.

Avoiding human resource catastrophes means documenting the employee or contractor relationship in a formal agreement you understand.

That way terms and conditions are clear to both parties.

A regularised process of performance and conduct management is just another piece of the puzzle.

Clear boundaries leave no doubt in the mind of your employee or contractor about where they stand.

While not a complete safeguard against poor performance, you’ll have the tools by which it can be addressed.

Understand Your Legal Obligations

A highly contentious topic discussed in dental forums is the question around contractor versus employee dentists.

I don’t intend putting forward a view in support of one over another.

What I will say is, while the Health Professionals and Support Services Award 2010 was intended to simplify things, understanding its nuances is complicated.

Your best bet here is finding a qualified lawyer who knows what they’re doing.

He or she can help navigate the tricky waters around the award or an enterprise agreement, if you choose that instead.

In terms of your obligations within award, and as it applies to a contract and each employee, this is essential information.

The bottom line here is: know your obligations.

And get the right help to understand what they mean

Act Sooner Instead of Later

In my recent podcast interview with Canberra-based employment lawyer John Wilson, he confirmed what I already knew.

Human resource issues rarely arise overnight.

Rather, they generally percolate over a period of time, starting with some seemingly innocuous incident that goes unaddressed.

A single event is followed by others, until your back’s up against the wall.

Sound familiar?

Apparently, you’re not alone.

John says there is one question he asks people when they come to him.

What have you done before now to address this situation?

In the majority of cases, people – business owners – have done very little.

They’ve let things slide because they’re too busy, don’t enjoy confrontation, the employee is ‘too valuable’, or they hope it will just go away.

Unfortunately, the head-in-the-sand approach doesn’t work. Ever.

The answer?

Act sooner instead of later.

Use Documentation Wisely

Contracts, policies, procedures and position descriptions means there is something written down you can refer to when calling people to account.

So make sure that’s what you do.

Surprisingly, it’s common for high functioning dental practices to have the right documentation in place, but never refer to it.

There are practical ways this can be done.

Regular performance reviews, policy revision at team meetings, focused sessions on specific topics – these are all doable in the context of any busy dental business.

Be An Employer Not A Friend

It’s tempting to establish a strong personal connection when a new employee joins the team.

While rapport is important, especially in the clinical setting, it’s more important the new team member learns how your business works first.

And this takes time.

New employees must build understanding and observe how things get down first.

Only then is it reasonable to foster more relaxed interaction within the parameters of contractual and legal obligations.

Extending too much leniency opens the door for waters to become murky and expectations confused.

Final Words….

A clear human resources strategy is something often placed on the backburner, but it’s never too soon to take firm steps to implement one.

Rather than working through it alone, get help from a professional with expertise in this area.

Maintain a focus on establishing and maintaining clear boundaries in solid legal documentation you understand.

That way you’ll be well positioned to face any human resources challenge with confidence.

The information contained in this blog is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this article. Before making any decision or taking any action, you should consult a legal professional.

If you get your employment legals wrong, it could cost you thousands upon thousands. In this episode, Dr Jesse Green invites employment lawyer John Wilson to discuss some common mistakes employers make when taking on employees and more.

John Wilson is Canberra’s leading employment lawyer. He is the Managing Legal Director at Bradley Allen Love and has been a NSW Law Society accredited specialist in Industrial Relations and Employment Law for over a decade. In 2017, John became a member of the NSW Specialist Accreditation Employment and Industrial Law Advisory Committee.

For five consecutive years John has been named in the Australian Financial Review’s Best Lawyer list for his employment law expertise. He has acted in numerous precedent-setting cases, regularly advising individuals, local businesses and international companies in high-profile disputes. Such is John’s recognition as the ‘expert’s expert’ that many of his clients are referred by lawyers at other firms.

John is a thought leader in the workplace relations space. He is a prolific author, writing for The Canberra Times, The Mandarin, Ethos: Journal of the ACT Law Society, the NSW Law Society Journal, HR Monthly and the Australian Financial Review alongside appearances on ABC Radio National and 3AW. John chairs the ACT Law Society’s industrial relations committee, and formerly lectured on employment law at the University of Canberra.

In this episode, they discuss:

3:00 The one thing most business owners get wrong when it comes to employment law
4:43 A three point system for general business employment related issues
5:45 How to start setting expected behaviour from your staff
8:55 Enterprise agreements vs individual contracts
16:03 What constitutes “ordinary hours”
23:15 Employees vs independent contractors
34:30 Who owns the “goodwill” in a business
And more

Find out more about John Wilson:

ballawyers.com.au

Podcast: Play in new window | Download

Subscribe: Android | RSS

A dental business is a great personal development course.

By some mysterious design, dental business takes us up a steady pathway of growth punctuated by what can feel like deliberately divined challenges.

Patient numbers, marketing, personnel, cashflow, you name it. In business, it seems nothing is off limits.

Rarely easy, these experiences galvanise and propel us forward.

When facing the challenges, we have a professional tendency (and it’s a generalisation) to want to craft the perfect solution.

And why wouldn’t we? As dentists, it’s drummed into us.

If we haven’t yet finessed this trait before university, we certainly hone it to perfection during that time.

Unleashed into practice, our perfectionism takes full flight; undoubtedly, a wonderful thing for the people we help.

Neither we nor our patients would have it any other way.

But in business, perfectionism is a serious rate limiting factor.

Perfectionism slows progress.

It stymies creativity.

And it shuts down possibility and potential.

In the sphere of dental business, we want to be more bold, less bland; get more done, rather than wait for perfect.

My quick tip for 2018?

Lighten up on perfectionism.

To get business moving, bolder action – however imperfectly executed – is required.

Here are my tips for enjoying some imperfect wins sooner.

Have Simple Systems

I’m a big believer in systems.

I’m an even bigger believer in simple systems that work and can be implemented with ease.

Systems are intended to make dental business easier, not harder.

They should support your team, make things flow, keep business moving.

My team know we work to systems made up of speedy standard operating procedures – or SOPs.

Presented on a single page, it is entirely possible for your dental business to be systemised this way.

Does this mean you need to write every SOP?

Definitely not.

Yes, you’ll want to have input, but you don’t need to write it yourself.

Try recording a procedure. Then send the recording to a virtual assistant or switched on team member.

Let them transpose the audio into the SOP format so it’s ready for review.

I know, I know. A dental practice must have a hundred or more different SOPs, right?!

I get it.

Make a list. Start with five. Get them done.

Why?

Because getting stuff done is better than waiting for perfect.

Know Your Key Performance Indicators (KPI)

We talk a lot about dental business KPIs at Savvy Dentist.

If we’re serious about moving from practice owners to dental business entrepreneur, it’s vital to know your KPIs.

Again, we’re not talking anything complex here.

Just simple things done consistently.

Why?

Because too many KPIs means you’re aiming for perfect.

And guess what?

You won’t find that kind of perfect at the end of a special KPI rainbow.

A KPI is something you’re measuring right now; something you’re aiming for each week.

Is it new patient numbers?

Maybe it’s the number of patients asked for a referral.

It could be reactivations.

But Jesse, they’re all my KPIs! And I have about another twenty.

That could be true, but pick your highest priorities. Think about what will give you the biggest bang for buck?

Just start with one, two or three KPIs, not ten.

Here’s why: ten KPIs will send you into perfectionism overwhelm.

Trust me. You don’t want to go there.

Once you’ve got a handle on one KPI, only then consider upping them to a maximum of six.

Making this shift in mindset will not only help you overcome the dilemma that there’s too much to do and not enough time.

It will also put you on track for true dental business ownership.

Practice Makes Perfect

I know what you’re thinking.

Isn’t this post about letting go of perfectionism and getting stuff done.

Now here I am suggesting you practise to make it perfect.

Let me explain.

Giving up habits we’ve developed and hung onto for a long time takes practice.

Like any muscle, only through challenge will it strengthen.

Which is why you will need to practice not wanting everything to be perfect.

I’m not suggesting you relax your professional standards in clinical practice.

What I mean is find ways to engage the 80 percent rule in development of your business, rather than strive for perfection.

If it’s 80 percent there, finish it off. And move on.

One area this applies for most dentists I encounter is in their marketing.

Yes, they know producing content is important.

But they confuse the need for content with the need for perfect content.

If you wait for the perfect words or image, you’ll never write a blog, so go with 80 percent.

Record your thoughts on a topic. Have it transcribed and then tweak it.

Take your own photos and get creative with headlines. Have fun.

Just get it done and share it.

Final Words…

At its core, perfectionism is about control.

We think we can control many things we can’t. Ironically, the more we try to control something, the more out of control it gets.

While it’s counter intuitive, letting go of some of that control and perfectionism takes the pressure off.

It allows other solutions to emerge, often making life easier than if we’d controlled it every step of the way.

In my experience, perfectionism in business has slows things down. Don’t let it do that for you.

Let’s learn from it and let perfectionism go in 2018.

Dr Tyson Franklin is a podiatrist, author, speaker and host of the It’s No Secret with Dr T. podcast.

Systematising his business was a key factor in winning the 2003 Telstra Business Award and he now takes great pleasure in sharing what he’s learnt with other podiatrists, health professionals and small business owners, through mentoring, workshops, weekend conferences and other speaking engagements.

Tyson Franklin loves small business, marketing, writing and helping others, which is why he wrote his first book, It’s No Secret…There’s Money In Podiatry, in 2014. This book was a logical place to start but my next book, It’s No Secret…There’s Money in Small Business, released in Oct 2017.

In 2017 Tyson started the IT’S NO SECRET WITH DR T. podcast, which is aimed at helping small business owners earn more, work less and enjoy what they do more each day. There are no secrets in small business; you just need to be open to new ideas.

In this episode, we discuss:

6:41 – How bad habits form in business and how to prevent them
13:20 – Why you need to be keeping your eye on KPIs
16:00 – How to avoid OVER systemising your business
22:39 – How to come up with endless blog ideas and titles (even when you’re not a copywriter)
29:00 – Tyson’s method for extracting business lessons from other industries
35:15 – How to avoid perfectionism in a business setting
38:35 – Mitigating risks in your business

Find out more about Tyson Franklin

www.tysonfranklin.com

Podcast: Play in new window | Download

Subscribe: Android | RSS

Dentists are generally a hardworking bunch.

On any given day, we’re found buried deep in clinical practice.

We’re all over restorations, new patient numbers, and Mrs Smith’s new dentures.

Our personal finances, however?

Mmm.

I’ve found dentists can sometimes be their own worst enemy.

While we generate great cashflow, we don’t use the cash well.

We make less than ideal business and personal financing decisions.

And we study dentistry at weekend courses, but we don’t research dental business.

What is frequently forgotten is dentists must also be entrepreneurs too.

That means muscling up on personal finances.

As the year kicks off, I’m challenging you to implement a financial resolution or two.

By focusing your personal financial efforts, this time in twelve months, you’ll be a different dentist.

And your personal finances will be in better shape too.

#1 I Will Make My Cash Work For Me

Dentists have a reputation for being cash machines.

Terrific for revenue numbers, but it’s important to do something with the cashflow.

Not doing good things with your cash is a big mistake.

Aside from a cash buffer for emergencies, there’s a logic in keeping cash moving.

This applies both in business and in personal life.

Rather than have it sit in a low to no interest bank or savings account, it’s wise to look for other high interest financial vehicles.

You may need to research or seek advice from experts in this area. They will help you understand what you probably know inherently.

Where you sit on the investment spectrum.

Are you conservative with your cash?

Or more aggressive, speculating on every new shiny big thing.

Regardless of where you sit on the financial management spectrum, resolve to work wisely with your cash this year.

#2 I Will Crush My Mortgage (Or Start To)

The biggest debt most people have is their mortgage.

Dentists are no exceptions.

What most people don’t realise is it’s possible to pay down this debt much more quickly than the typical 30 year loan term.

In fact, with a clear strategy, it’s possible to pay off your home loan in five to seven years.

Imagine being mortgage-free at 40 instead of 65. Love it!

For most of us, it would make a huge difference.

Freeing up cash to apply elsewhere, a strategy to pay down your mortgage makes good financial sense.

Start it this year and be inspired by your progress in twelve months time.

#3 I Will Reduce My Non-deductible Debt ASAP

Many younger dentists striving to make their way as graduates or dental business owners carry the burden of study costs before they’ve even started practice.

Any wonder given the average cost of a dental degree in Australia is between $50k to $60k.

Starting out with debt and getting into your own practice is not impossible.

However, it will take some financial savvy.

If you’re an aspiring dental business owner, or you’re already operating in that space, make a resolution to crush your non-deductible debt as fast as you can.

This could mean consolidating loans or refinancing debt under a lower interest rate.

In 2018, do whatever it takes to crush debt. You’ll be happy you did.

#4 I Will Automate My Money

Once a dental business is making good cashflow, the trick is to optimise cash performance.

A solid financial fundamental at this point is to automate your money.

More than just set and forget, the idea behind automating your money is to establish automated payments.

These payments are made into specific financial vehicles.

In terms of creating leverage, super, indexed funds and an emergency buffer account all fall into this category.

It really is as simple as nominating an amount to be deposited regularly, say each month, and then watching the cash accumulate.

Far from the Bitcoin pathway to financial freedom, automated payments are a slow and steady approach to saving.

Automated payments eliminate the thinking and emotion from saving.

When done automatically, you’re not wondering each month whether you’re going to put aside that cash or not.

It’s done for you.

This year: automate your payments.

#5 I Will Get Smart About Business Finance

Whether you’re already in business, or just thinking about it, you can never be too smart about financing options.

In the past, dentists have tended to rely on banks for business finance.

In Australia, there are now specialised health industry fund providers, meaning other lending options are available.

Regardless of your choice for finance, the key is ensuring the finance offers the best possible value, i.e. you’re not paying more than necessary.

Reviewing your business finance is a worthwhile exercise.

Do it this year.

#6 I Will Look For Leverage

Leverage.

I talk about it a lot with my coaching clients.

And I don’t just mean financial leverage.

What I’m referring to is the ways you can create leverage across a whole host of areas.

Consider ways you can leverage expertise and skills to further your business.

What about suppliers or local vendors? Who could you logically partner up with and then create leverage in your business?

#7 I Will Stick With It

Savvy personal finance management is about consistency.

Nothing will take the place of doing the fundamentals well and doing them often.

This translates as regular savings, timely checks and balances, annual forward planning.

Our objective at Savvy Dentist is to bring together the best of great dentistry and great business.

And sticking with financial resolutions is how you do it.