I'm always amazed at the number of dentists that listen to the show. It's always very humbling when I meet one of you in person and you tell me how much you enjoy our content and how it has helped you in your businesses. So, with this episode, I want to pay special attention to all of the dental entrepreneurs out there.
In this episode, I look at what it takes to grow your dental practice. From calculating the cost of capital to determining your year-over-year average growth rate, I walk dental entrepreneurs through the factors that go into deciding how and when to reinvest in their practices. However, the principles I'm discussing can also be applied to any business. Therefore, this episode is for all entrepreneurs who are ready to maximize their greatest asset... their business!
This week on The Financially Simple Podcast:
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(2:17) A few basic assumptions before we begin
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(5:20) Opportunity Cost
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(7:21) Calculating Opportunity Cost
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(8:27) Highest and Best Use of Reinvestment
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(10:51) What High Revenue Growth practices do differently
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(14:03) Maximize the number of patients seen each day (throughput)
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(16:22) Viewing your practice through a buyer's eyes
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