In this episode of Dental Success Beyond Chairside, Michelle Pritchard speaks with Arthur Addinall, a chartered accountant specialising in helping dental professionals understand their financials. They discuss the importance of looking beyond tax time to manage a dental practice effectively, emphasising the need for strategic planning and the value of having a supportive team. Arthur shares insights on how to track key financial metrics, the significance of cash flow, and the necessity of investing in people to ensure long-term success and sustainability in the dental industry.
Timestamps:
01:00 Understanding Financials in Dental Practices
07:51 The Importance of Strategic Planning
13:58 Building a Supportive Team for Success
Takeaways
- Understanding financials is crucial for sustainable dental practices.
- Many dental owners overlook their numbers until tax time.
- Regularly reviewing financials helps limit risks and plan for the future.
- Strategic planning should encompass personal and business goals.
- Investing in advisors can save time and enhance business performance.
- Monthly reviews of business performance can guide strategic decisions.
- Cash flow management is essential for business sustainability.
- Tracking personnel costs is vital for understanding expenses.
- Building a supportive team is key to reducing stress and enhancing success.
- A proactive approach to business planning leads to better outcomes.
Connect with Arthur Addinall and Keays Forrest:
Website: https://keaysforrest.com.au/
Arthur Addinall - LinkedIn: https://www.linkedin.com/in/arthurjaddinall/
Helping Dental & Specialist Practice Owners Build Systems That Work—So You Can Focus on Dentistry.
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