You've likely got a mission statement (or at least you should) for your practice. But have you written down your "personal practice goals?"
I'm not talking about how many new patients you want each month or what production level you need to achieve. I'm talking about writing down what YOU want to achieve and do... personally.
Why did you go into dentistry? Besides the pleasure of being your own boss and the satisfaction that comes from the artistry and challenges of the work, you most likely also considered the financial rewards of the profession.
Here are a few goals that, if you haven't done so already, you should absolutely have written down and even carry with you:
1. What do you want to do in the next 6 months that will require money? In the next 18 months? In the next 5 years? These are UNRELATED to your practice. These are personal goals that will motivate you to create and stick to a spending plan. If you're married, you and your spouse should discuss them together and both agree to them. Again, post them where you both can see them. It's the single most important thing you can do to find common ground and "stay on track" financially.
2. How much of the money required from goal #1 will need to come from your practice? Let your personal goals guide your practice goals.
Too often, we let our business goals detract us from or even set our personal goals. We falsely assume that if we're making as much money as our practice possibly can, we'll find financial satisfaction in our personal lives. But without the written personal goals to guide us and to measure our progress, such satisfaction will frequently remain illusory.
I may be a practice appraiser, but I am also a certified personal finance counselor. As such, I will also use this blog from time to time to provide you with ideas and suggestions for increasing and determining not only your practice's value but also your net worth.
Best wishes for practical success!
