Business owners know a lot about investments and risks, but not everyone knows the value of whatever they spend their money on. More than just keeping up with the Joneses, you have to make sure that the money you use not only improves your business efficiency, but also the patient experience.
How do you know if the benefits not only outweigh the risks but also touch your customers? When should you update a piece of equipment? How many should you add to your team for it to have an effect on your practice?
In today’s episode, I share my thoughts on setting your financial priorities according to the value your practice will get from them. I discuss the three questions you should ask before you spend money. I explain why I think most equipment should only be maintained for five years. I also describe some examples of investments that will directly improve the patient experience.
"Borrowing money should provide a return because you're taking a risk."
This week on T-Bone Speaks Dentistry Podcast:
? What you can expect from the podcast in the coming weeks.
? How the money you spend will be noticed by your customers.
? What you can purchase or afford that can positively affect the patient experience.
? The important decisions you can make for maximum practice efficiency.
? Knowing your return on investments before you borrow money.
? How long you should finance any type of equipment.
? Why you should invest in your team members before your tools.
Our Favorite Quotes:
? "My return on investments should be based on the risks I take. Because if it doesn't go right, I'm on the hook."
? "Efficiencies are important, but it has to result in a change in the way you schedule treatment."
? "If we know a piece of technology changes every five years, then don't finance it for more than five years."
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