How a financial planner can help scale your practice
Whether you want to scale your practice or just maintain stability, accounting is the foundation of your business. Financial planning is unique to the industry, due to the way that dentists grow their practices, find unsaturated markets, and work with other dental partners. Here are a few of the core benefits dentist have when working with a financial planner.
Review Your Financial Statements
A financial planner will help you determine when you’re ready to scale your business, by reviewing your income and expense sheets, as well as your balance statements.
Your income/expense sheets will show how your business is trending and a regular review will help you achieve financial stability. Scaling upwards is the most dangerous time for a business; it’s important to remain in control of your numbers.
Help You Create a Financial Plan
Based on your current financials, a financial planner can help you create a plan that will take you from A to B. Financial planners can tell you how to improve your revenue picture, by advising you regarding your income and your expenses, and identifying opportunities through which you can grow. They will also be able to discuss your major risk factors and help you in conducting market research for your practice’s next location.
Draw Up a Business Plan
To grow a practice, you first need to have a comprehensive business plan. Your financial planner will be able to put together a professional business plan for you, which include simulations and projections based on your existing financial statements. This business plan can be followed directly or used for the procurement of loans and investments.