Being a dentist is difficult. Being a dentist who owns their dental practice is even more challenging. Burnouts are very common in the dental industry, both among business owners and team members.
If you’re a dental practice owner, who’s burnt out and looking for some help, then read on. We’ll help you deal with your burnout and give you ideas on how you can free up your time while delegating administrative tasks to a professional dental accountant.
Tip #1 – Identify The Signs And Root Cause Of Your Burnout
Being bored, tired, or having trouble concentrating are all symptoms that indicate you are starting to burn out. If you ever find yourself or your team feeling demotivated or lacking enthusiasm, you know you’re on the path to burnout.
If you don’t act the moment you notice these signs, you may land in deep trouble. Studies show that burnt-out business owners lose 60% of their recurring revenue within 2 years of burnout.
If you’re able to identify the root cause of your condition, you can fix it before things go south. In our experience, usually, it’s the business administration part that takes a toll on dentists. Are you troubled by it as well? Allow us to help.
We offer comprehensive dental accounting and dental bookkeeping services at Sigma that help dentists free up their time for more important things in life, like spending time with the family. Please speak to us today to understand how we can help you.
Tip #2 – Identify Problems To Address
Managing a dental practice is difficult enough already, and the recent pandemic has exacerbated the difficulties even more. Many dentists find themselves exasperated by various challenges like lack of cash flow, a low number of loyal repeat patients, etc.
If your dental practice is facing these issues, you need professional help. Please speak to a specialist Dental CPA today to learn how you can fix these internal issues and get your dental practice back to its former glory.
Tip #3 – Identify New Things To Keep You Interested
A routine of repetition is the cause of burnout in multiple cases. Humans need novelty to keep them interested and engaged, and as dentists, novelty in practice is hard to come by. So, what’s the solution?
Learning new things or skills, attending conferences, even expanding your business practice with the help of loans and borrowings (It’s not always bad! read here) can all rekindle your spark in you.
Consider signing up with your local business and networking club, which is another excellent way to meet and learn from like-minded people.
The Impact Of COVID On Dental Practices
Covid lockdowns have been devastating for so many dental business owners. It has changed the way we do business. New and additional challenges that dental practices now face can also lead to burnout. Here are some things you can do to ensure your business tides over this situation unscathed.
- Developing a pre-appointment screening process
- Allowing plenty of time between patients for cleaning and decontamination
- Developing and implementing staff protection strategies
- Ensuring that anyone entering the facility is identified
- Preventing a large number of patients from being in the waiting room simultaneously
- Using tele-dental technologies, such as real-time video consultations
Save Time And Grow Your Revenues With Professional Help
Dental bookkeeping and dental practice accounting are best left to professional dental CPAs. Why? It’s simple, by offloading these tasks from your time, you can regain control of your focus and spend it on things that matter the most, family and growing your business.
As dentists, you’re experts at caring for your patients. So why not let accounting experts help you save your time? Speak to us today to learn how our Dental CFO services can help you grow your practice on autopilot while professionals handle your day to day administrative duties.
Our Dental Accounting Services Include
- Dental Practice Bookkeeping
- Outsourced Accounting And Bookkeeping
- Preparation Of Monthly Financial Statements
- Tax Preparation
- Tax Planning Strategies
- Cash Flow Analysis And Management
- Forecasting And Budgeting
- Quickbooks™ Set-Up And Support
- Help With Starting A New Practice
Wrapping It Up
Everyone will suffer from burnout at some point within their careers. Identifying early signs of burnout is the most effective way of getting back on track.
We do much more than balance our clients’ books and prepare their dental tax returns at Sigma. We take care of all your bookkeeping and accounting needs for you so that you can focus on your work. In addition, our company has provided outsourced CFO and Controller services to numerous dentists from the tri-state area and across the country, providing all aspects of financial auditing and reporting, from bookkeeping to strategic consulting.