Payroll<\/strong><\/p>\n\n\n\nOften one of the largest expenses that any dentistry office faces, payroll should typically be the first line item in your budget. This not only includes salaries of your staff, but also accounts for training costs, workplace insurance, employee incentives, and benefits.<\/p>\n\n\n\n
Building Costs<\/strong><\/p>\n\n\n\nWhether you rent or own the building your practice is in, it is important to include the expenses and upkeep within your budget. Your monthly building payments are a part of it, as are your utility and maintenance costs, insurance, taxes, and any necessary repairs.<\/p>\n\n\n\n
Itemized Supply Costs<\/strong><\/p>\n\n\n\nThe cost of equipment and specialized supplies can be significant in the dental field, so carefully considering your spending in this category is key. Budgeting with an itemized supply list can be a great way to see where your money is going and help alert you to anywhere you may be able to save on supplies.<\/p>\n\n\n\n
Lab Work<\/strong><\/p>\n\n\n\nSending off for lab work is a necessary part of operating a practice, but it can also be a costly element of operations. Researching different labs is a good way to find potential savings so you can bring down the annual costs of these expenses.<\/p>\n\n\n\n
Marketing Expenses<\/strong><\/p>\n\n\n\nIt\u2019s crucial to invest in marketing for your practice to ensure you are able to bring new customers in, and the best way to ensure you allocate sufficient funds to this is by including it in your annual budget. For many dentists, marketing and advertising is seen as an afterthought which is not conducive to creating sustainable growth.<\/p>\n\n\n\n
Miscellaneous Costs<\/strong><\/p>\n\n\n\nNot every expense can fit into its own category, but it is still important to take every cost into account\u2014which is where a miscellaneous or discretionary category can come in handy. This category can also be where any excess money goes, so you can then allocate it for sudden repairs or expenses that might pop up during the year.<\/p>\n\n\n\n
If you need help crafting a budget for your dentistry or medical practice, we are here to help. <\/em>Contact Huskey Financial today<\/em> to learn more about our services.<\/em><\/p>\n\n\n\nMaterial discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Links to external sites are provided for your convenience in locating related information and services. Guardian, its subsidiaries, agents and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services and make no representation as to the completeness, suitability, or quality thereof. <\/em><\/p>\n\n\n\nMichael Huskey is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 4201 Congress St., Ste. 295, Charlotte, NC 28209; 704.552.8507. Securities products offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America\u00ae (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Huskey Financial Group LLC is not an affiliate or subsidiary of PAS or Guardian. 2020-111544 Exp 09\/22<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"While many people may not think of money management as an integral part of a dentist\u2019s job, for those who are in private practice, they are all too aware of its importance. It is estimated that around 80% of dentists end up working in private practice eventually, meaning budgeting know-how is a vital part of keeping your […]<\/p>\n","protected":false},"author":1,"featured_media":1473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,7],"tags":[],"yoast_head":"\n
HOW TO MAKE A BUDGET FOR YOUR DENTAL PRACTICE - Bluewater Dental Advisors<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n