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Dental Business Rule # 1

Posted on October 24, 2011 in Dental Business

Dental Business Rule # 1

You are the owner of a dental business, right?

How do you pay the salaries of your team members?

I am sure always on time.

What about paying yourself?

Do you pay your own salary on regular basis and always first?

Business rule # 1 is:

Always pay yourself first before paying others!

And there is a second part of this rule:

Regularly increase the amount of money you pay yourself on a weekly or monthly basis.

For example:

You usually pay yourself $1000 a week.

Now decide by how much you want to increase your payment – let us say by 2 %.

That would be $1020 for the following week.

2% of $1020, which is an additional $20, 40 adds up to $1040, 40 in the third week.

And so on…

Why is this important?

It is common practice for dentists to first take care of all the bills and salaries and then pay themselves with what is left. This is a huge risk!

Don’t you want to know how much money you and your family have at your disposal this week, this month? This will allow you to make plans with family or friends, like vacations, short trips, restaurant visits while feeling at ease with your finances.

Increasing your payments on a regular basis is the way you reward yourself for the hard work you do day in day out!

Remember what it used to feel like being rewarded. The lollipop you got for being a good child; the A you got in Math for studying hard; your boss’s praise at your first job – all of them rewards for your effort!

And what did they make you do? Be a better child, study more, and work even harder. What they did is motivate you!

It is just like the incentives you use to motivate your employees; only now the one you encourage and propel is you!

 

 



One Response to “Dental Business Rule # 1”

  1. Nice one. I am also guilty of doing this one – paying off the bills first then what’s left is what I take for myself. Thanks to you I now know how to balance things!

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