Importance of Advisors
Starting your own dental practice can seem like a huge dream with so many different, complicated steps you need to take to make it a reality. But, it doesn’t need to seem that way! With a team of trusted advisors at your side, the process to owning your own dental practice can be much easier. Advisors are a key part of your future practice’s success because they help fill gaps where you may not have as much expertise.
There are four key advisors every future dental practice owner should have to succeed: a mentor, a financial advisor, a legal advisor, and a strategic consultant. It is important to begin identifying these advisors now so when the time is right for you to launch your dental practice, you and your team of advisors will be ready.
1. A mentor or more-experienced dentist
When you are just setting out in any career, it is important to have a mentor to answer questions and guide you along the way. This mentor can help navigate difficult situations, decide on the next career move, or share any industry expertise. More experienced dentists, especially ones that already own their own practice, can share years of wisdom with you. They know what it takes to start a dental practice, what pitfalls to avoid along the way, and how to ensure your practice is successful in the long-term. Look around at your current practice or during networking opportunities and identify a more-established dentist that could be this mentor for you.
2. Financial advisor
As a dental practice owner, you will be dealing with dozens of things each day. At the most basic level, your practice runs on capital, so it is important to know your money is in reliable hands. This advisor, often also an accountant, can help ensure you are properly managing cash flow, vendor accounts, payroll, tax payments, etc. In the early stages of starting your practice, they can be especially helpful in mitigating risk, promoting efficiencies, and identifying opportunities. They can also help create accurate projections to help establish and own your dental practice.
3. Legal advisor
A trusted legal advisor is the safety net for your practice. This advisor will help you navigate any possible situation where you could be sued, if someone slips and falls, a staff member accidently hurts a patient, or a procedure goes wrong. Your legal advisor will help protect the practice you worked so hard to build. The potential of these legal issues also demonstrates how your legal paperwork is the backbone of your dental practice. Make sure these documents are created correctly so you can be confident in your ability to manage any of the risks that come with being a dental practice owner. Look for a legal team that has experience with dental practices and can truly be a partner with you when starting your new business.
4. Strategic consultant
Having a well-defined business strategy is key to establishing your dental practice’s presence in your community and expanding into new markets in the future. A strategic advisor can help develop anything from a marketing strategy to enhancing your management skills. Make sure this consultant can supplement any business-specific skillset you may not be as well-versed in. By finding this balance, it will the establishment of your practice and solidify future growth.
These four advisors are instrumental to ensuring your future dental practice is a success. Many of the tasks you need to accomplish before starting your dental practice can seem daunting or overwhelming. With these trusted advisors by your side, it will be a manageable and smoother process. For more information on how you can begin identifying the right advisors for your future dental practice, contact the
Business Banking team at Bankers Trust.