Shared Practices | Your Dental Roadmap through Practice Ownership

In this episode, George discusses every dental practice owner's crucial decision: Should you prioritize profit or focus on growth? He breaks down the key differences between these strategies, explains how to assess which approach fits your practice, and shares the financial metrics that matter most. George also explores how practices can achieve profit and growth through the right balance. Key Highlights: Profit vs. Growth Strategy: Understand the differences between maximizing profit (cutting costs, optimizing cash flow) and growth (reinvesting profits to expand).Critical Metrics for Profit and Growth: Learn about the essential metrics to track, such as profit margin, overhead percentage, revenue growth, and patient acquisition.Choosing the Right Path: Get guidance on prioritizing profit or growth based on your practice's goals, financial health, and long-term vision.Balancing Profit and Growth: Discover strategies to balance profit and growth by optimizing current operations while reinvesting for the future.Have a question or topic you want us to cover?Reach out to us on social media or leave a comment on our website at www.sharedpractices.com. Don’t forget to subscribe and leave a review if you enjoyed this episode!

Dr. Andrew Clingan shares his rollercoaster journey of purchasing a dental practice right out of school and transforming it into a million-dollar business within a year. He opens up about the brutal realities of the first few months, the importance of finding the right team, and a mix of luck and leadership.Be sure to subscribe and leave us a review on your favorite podcast platform to help us reach more dental professionals like you. Visit our website for more episodes, join our community on Facebook, and follow us on Instagram for the latest updates and behind-the-scenes content.