In part one of this three-part series for dentists, find out why 2021 is the best year to invest in your dental practice. But before making snap decisions, learn how to create a personal roadmap for growth.
Speedy recovery and loan forgiveness help dentists stay on track when weathering the coronavirus pandemic.
Millions of small businesses – five percent of them dentists and dental practice owners – were able to access Payroll Protection Program (PPP) loans from the federal government in two rounds, earmarked to help business owners meet payroll, pay rent and cover utilities and operations expenses.
“On average, most dentists opened up relatively quickly and recovered nicely.”Dan Wicker, a CPA, registered investment advisor, personal financial specialist and partner at Cain Watters & Associates, on how dental practices experienced fewer extended closures compared to other businesses during the pandemic
Of the 10,627 dental practices that according to federal data received loans of at least $150,000 in the first round of PPP loans, 160 received loans of $1 million to $2 million. Sixty-nine received between $2 million and $5 million, and 12 received loans of $5 million or more.
As long as dentists can show that they spent their PPP money on qualified expenses, their loans are eligible for complete forgiveness.
How can that help dentists boost their earning potential and increase their appeal to current and prospective patients? They can reinvest into their practices. Learn more HERE.
How should dentists make the best strategic decision about how to invest in their dental practice? Start with these three steps.
- Devote even an hour to focused strategic thinking pays off in many ways.
- Create a roadmap for the next 36 to 60 months helps guide decisions such as hiring and practice areas.
- Make smarter choices about financial investments in equipment and real estate.
A newly released white paper/report can equip dentists with the knowledge and steps to make thoughtful and financially sound choices that will benefit their practice now and well into the future.
Review the complete report HERE.
What are 5 big-picture questions dental practice owners should ask themselves to analyze their practices and guide investment decisions?
Learn which five big-picture questions Dan Wicker, CPA, of Cain Watters & Associates recommends that dental practice owners ask themselves to begin an analysis that will guide their strategic investment decisions.
Find the 5 questions HERE.