RKL Financial has recently picked-up accounting, tax, business coaching and personal coaching for a local dentist. We found this article by Damon Adams, DDS and Editor-in-Chief of Dentist's Today. I have included a portion of the article for this post and for discussion:
Are Dentists Prepared for the Business World?By Damon Adams, DDS
"Dentists are required to be excellent clinicians, and at the same time they are challenged with developing, leading, and growing viable businesses. This is a formidable task for those entering a world far different from one filled with only scientific and clinical experiences. Most dental schools are challenge to find the time to develop sound clinicians, leaving little or no time for courses teaching the business principles needed to build and maintain a small business."
"Upon graduation, how many dentists understand the principles needed to set up and run a business properly? Do young clinicians know, when, why, how and what to charge to be fairly compensation for their services? How is a fee schedule created, by simply asking other dentists what they charge? Or, worse yet by what insurance companies allow as a scheduled benefit? Do they understand how to balance their fees based on time and relative difficultly of procedures? These questions pertain to the knowledge that one must attain to ensure a positive financial outcome that should coincide with a successful clinical career."
"Deciding on a business plan, how to execute that plan, and how it be fairly compensated for a job well done is more than just a "shoe in the dark"; decisions must be made with strategic business and basic accounting principles in mind."
I find it interesting that while this article talks about dentists in particular the inference can be made for most small business owners. You as the owner are good/great at what you do, whether that is being a dentist, a tree service company, a doctor, or a manufacturing faculty. Even with those skills you have obtained, generally you need the help of trusted advisors who can help you make the right decisions from a business, accounting, marketing, and cash flow stand point. Let other professionals help you grow your business and it is time that we all admit that we are better when we are surrounded by a great team them trying to be a superstar on our own. Even LeBron James has learned this fact. Even as a great athlete (maybe the best of all time) he needs key help from his team to win a championship. Help your business grow and flourish and get your team in place today!