Technically, the finances of a dental practice are not within the scope of dental marketing - but they undoubtedly have an impact on the marketing that practice carries out.
Currently, not many dental practices are set up as limited companies - largely because until a couple of years ago they were not allowed to be. In our view, this is something that needs to change. Setting aside all the pros and cons that your accountant will give you, there is one other simple, but compelling reason for going limited - it will change the way you view your business.
As things stand, you are probably operating under self-employed/sole trader status. Which means that you probably view any money coming in or going out as YOUR money. So any investment that could benefit your business is in direct competition with your personal expenditure and lifestyle desires. Should you refurbish your dental practice, or buy a new car? Carry out marketing to attract new patients, or go on holiday?
Becoming a limited company changes this mindset. Investments for the business are paid for by the business. They are viewed as a means to boost profits, not as an alternative to a fortnight in the Caribbean. Which means - on the assumption of course that one of those investments includes effective marketing - that your business prospers, your profits increase, and you end up able to afford both that luxury holiday and the new motor.....