Showing posts with label dental offices. Show all posts
Showing posts with label dental offices. Show all posts

Sunday

Niche Dental Periscope - Flashback - May 2018

*** I talk Twitter -- How We Think And Community Influence:

Twitter Marketing for Dentists:

1) Creating Local Community
2) Building Trust
3) Developing Loyalty
4) Increasing Value
____________________________

Additional Content

Welcome to Tuesday, May 21, 2018…

Niche Dental Twitter Marketing for Dentists Hour!

———————————
How the program ended yesterday, Monday, May 20, 2018…
M My approach is very conducive in helping dentists create a scope of awareness much more prominent than any posting of dental tweets ever can. It's a very intimate approach that forgoes the "international" value of tweeting. Dentists must be very local to get value on Twitter. ———————————

The value of local on Twitter for dentists that is what I'll tackle now. It's great to get Twitterers from all over the world to follow you. But for dentists, the value is tangential only. More followers anywhere can attract followers form near as well, but a circuitous route.

Local Twitterers are the main reason for dentists to be on Twitter. The SEO benefits are marginal compared to the other powers Twitter gives dentists. By using my Twitter services, which makes gaining local awareness the most vital part, dentists will get much greater notice!

Think about the local community and how many connections your dental practice has developed. Have you connected with 5%, 25%, or over 90% of community members and businesses? I'd imagine it's in the single digits. What if your reach could be doubled in a year? It's quite possible!

My approach is simple but consistent, frequent and continuous. I reach out directly to all local Twitterers. As long as their content does not conflict with the dentist's values, I develop a "barter" relationship via Twitter with local content providers, media and businesses.

Twitter is a very dynamic place. People appreciate when others recognize what they are doing. Whether it's a like, reply, mention or retweet, any positive comment goes a long way. What my approach does is piggyback with that reality, and turn it into a reciprocal relationship.

Dentists must utilize the dynamism of the interactions Twitter makes available to them. Merely using Twitter to fire off messages into the ether has much less effect than directly referring to other Twitterers. It is like sending emails to random, mostly bad email addresses.

Most every moment spent on Twitter should be focused on reaching out to local Twitterers. These people are often the best promoters in the area, on and off line many times. They are there to get their message heard, have many followers, and can help dentists gain a wider audience.

For dentists local Twitterers must identified, and interacted with a lot more. Twitter should be looked at less as technology, but more of a local community meeting place. When it comes to the dental practice Twitter, it makes more sense to reach out than to teach dental care.
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That's The End Of Today's…

Niche Dental Twitter Marketing for Dentists Hour!

Sincerely, 
Richard The Chwalek

Please contact me, RTC, via this email address:

–– Eco@nichedental•com for more info on my recognition to reciprocation strategy.



Also on Facebook.

Wednesday

Dental Marketing Video: Four Keys For Improving Value Appreciation





Four Tactical & Proactive Marketing Communication Strategies 

  1. Tactile: In Their Hands, Hard To Avoid Kitchen EnCounter… to move them forward

  2. Virtual: Social Media, … to gather up those already in the pool

  3. Contextual: Obvious, Almost Everyday, Nearly Impossible To Avoid…constant reminder

  4. Continual: Improve Your Skills, Practice Presentation, Brand, Communication, ETC.

Sincerely,
Richard The Chwalek
Cell Phone # Noted Near End Of Video

Thursday

Opening for Dental Hygienist at State of Art Practice

hygienist hygienists dental traverse city mi
We have an Immediate Opening for a highly motivated, dental hygienist and enthusiastic team member who knows how to treat our patients as family.
If you're reliable, competent, positive, and looking for ample career satisfaction performing dental prophylaxis for patients and other hygiene functions four days each week, we would like you on our team!
We know our success is driven by the talent and commitment of team members like you.
Please submit your resume in person and ask for Lori.
The dental practice of
Brian Klym, DDS | 10748 E. Traverse Highway | Traverse City, Michigan 49684 | (231) 947-7202
NorthwoodDentalTC.com

Tuesday

Job Opening: Dental Assistant, Traverse City

Northwood Dental TC - Traverse City,  Michigan Area

JOIN OUR TEAM! 


Job description


We are seeking a Dental Assistant with well-rounded skills and relevant experience to support the level of clinical treatment we provide our patients. We are looking for an assistant that has high energy, a strong outgoing personality, is self-motivated and able to learn quickly and adapt. If you are reliable, highly competent, positive, and looking for a career that involves assistance with advanced procedures and offers job satisfaction, we would like you on our team!

Northwood Dental has a great benefit package including 401K program with full vesting after one year; vacation pay; and monthly healthcare cost reimbursement. Wage will be based on experience.

Desired Skills and Experience

  • 4-handed Dentistry
  • Surgical experience
  • Cosmetic experience
  • X-ray certification

About Northwood


Dr. Brian Klym and our entire Northwood Dental team focus throughout the day on exceeding patient comfort and providing individualized treatment. Our team works very efficiently. We are patient-centered and quality driven which creates a high level of trust with our patients and they know consistently that they are in good hands.

Dr. Brian Klym and the Northwood Dental team provide a full range of general and cosmetic dentistry services including I.V. sedation, implants, and root canals. Dr. Klym is backed by years of experience and ongoing, advanced education.

This Dental Assistant Job Opening is Also on LinkedIn.

Visit the practice website: NorthwoodDentalTC.com

Dental Office Phone: (231) 947-7202

___________________________

Listing posted by
Richard The Chwalek of NicheDental.com
On Twitter @ NicheDental

Job posted here January 14, 2014

Friday

Dental Logos or Dentists Brands: What Concept Should Be Focused On?

Practice owner dentists have two goals: serving their patients and making money. Dentists not making money will not be able to serve patients. Everything stops without proper cash flow.

Dental logos, no matter how artistically pleasing,are not cash machines. Dental branding on the other hand can be your PIN password to success.

Dentists, have you asked yourself this question: Are logos really needed for my practice? Actually, no dental office needs a logo.

However,  every business needs a brand.
Strategic dental branding helps the consumer make faster, more accurate decisions:

  • Is this the dental office that I should consider?
  • How should I think about the dentist's expertise and services?
  • Are the dental office's fees commensurate with the service, and treatment value provided?
Yes, some dental practices can build brands with heavy lifting, sweat equity, and elbow grease. Others locate in an area with economy on cruise control (growing, upscale, many families). Then, you also have the dentist as selling machine.

What about the dentist that lacks oodles of time, long community standing, and/or sales prowess?


  • The Economy has hit the dentist hard, compared to other dentists
  • Dentists who have built their practice with referrals, but referrals are dwindling.
  • They change their dental treatment approach, and patients are not accepting this strategy.
  • Revenues have slowed and the practice realizes this is real, not a fluke.
  • The area has changed, and patients have different expectations, and other options (new dentist competitors).
  • It is a startup dental practice, and many things have to go right to be successful.
  • Finally, the area has some cruise control elements, but dental consumers are unaware of YOU!


How Can You Get Things To Move In Your Direction?

  • Do some advertising in the local newspaper?
  • Send direct mail dental postcards?
  • Improve your dental team?
  • Relocate or remodel your dental practice?
  • Lower your fees? Offer half off smile whitening?
  • Run PPC Online Advertising or SEO to your dental website?
  • Add new advanced technology, cosmetic (botox) services and promote them?
  • Develop a new dental logo?

The answer to these dental marketing questions are yes and maybe no. Here are some ideas to give you a way forward.

FIRST, Do Something Consistent And Unique


Doing something consistent is vital, but which ones and why do them? You figure this out by determining what your dental brand is. To many people and dentists, branding sounds like pure marketing consultant hokum.

Sadly, it often is. Not because there is no value in dental branding, but because few dentists develop their brand adequately, using rationale data and appropriate examination of their dental practice development goals.

Many companies disappear before most of us know who they are because of a weak idea. Other “great” marketing ideas have a short lifespan: the pet rock or petfood Dot Come, my pet examples. Then there are companies like Wells Fargo and Microsoft with brands that were built over time rather than through a "branding process".

Dental practices usually fall somewhere in the middle of the previous brand building examples. Waiting 5 years to build their dental brand is an eternity for some dentists. Most dentist brands also  don’t outlive the first dentist who develops it.

Many dental practices start up much like a new family owned restaurant. They have good food (clinical skills), a nice interior presentation, and excited people ready to serve. They can thrive for a while on this energy and with a healthy referral base. "Come to my dentist - she just opened a practice and is looking for new patients. She is very friendly and gentle." 

A few years later the schedule is full and “accepting” new patients are less of an issue. Maybe the dental practice is on cruise control on the wrong road and does not know it. Besides the economy hitting a wall, there also things like the community changing – younger competitors shake things up and newer suburbs pull people away.

Dental treatments, techniques, and strategies evolve. These complex concepts become a harder sell or just bewildering to present in a cohesive way. Financing and dental insurance add more issues and complexity to the relationship.

New dental patient referrals start diminishing. And face-to-face referrals often cannot provide the right mix of “education” to move consumers up the ladder to higher-level dentistry.


Patients still thinks the dentist is very nice, but $12,000 for a restorative or cosmetic case requires more than nice. Patients and other local consumers start seeing other dentists marketing and begin thinking the competitor has something their dentist does not have.

As dentists figure out how they will garner your portion of these dental patients, others are stumbling onto to these consumers by just doing something. These dentists slap together dental logos, ads, PPC advertising, SEO keyword content, DVDs, mailers and dental websites, Facebook, Twitter...

With shear force of doing something (and often being the first to do it), these doing something dentists find some success.

While dentists like you could jump into this fray with your own something here, something there dental marketing campaign (or possibly you already have) you stop short and say to yourself: "This is not for me. There should be a way I can have success, but still present the image I want." This is where dental branding is required!

Rather than "advertising" and hawking your dental wares, you want to communicate a different level of dental value and expertise. Your dental brand could be an upscale image or just an upgrade in expectations and results. An effective brand cannot be pulled from the shelf.

Make It Happen With Dynamic Dental Branding!

  • It’s an approach with more depth than artwork alone (a dental logo)
  • Determines who you should be (moving beyond the generic dentist concept)
  • Refines your image so you speak directly and efficiently to your target patients
  • Provides an effective background story to build memorable and genuine rapport

Communicating relevant aspects of who you are (your dental brand) helps consumers make quicker decisions about "what to do" as your patient. It prompts or cues dental patients to more easily accept what you emphasize.


Example of A Common Consumer Experience 


Coffee is an intrinsic part of the consumer culture. Service stations give it away with a fill up. Some restaurants give free coffee refills. It can be sold as a loss leader to get you to buy a meal. Now with one word, I will get many of you to pay $3.99 for one cup a joe: Starbucks! What does coffee have to do with dentistry or dental marketing?

Well, too many consumers think of dentistry healthcare’s loss leader. If the patient gets it with a fill up (it's covered by their dental insurance) they will consider it. When done properly, dental branding changes this dynamic and puts dentistry higher up on the priority ladder.

Yes, not every consumer will reprioritize his/her dentistry budget because of marketing. No matter what Starbucks does to their coffee, I won’t pay $3.99--because I do not like coffee. But Starbucks is focused more on the “coffee group” than me. They have defined their audience and are mining that vein. Targeting me is a waste of their time.

Furthermore, brands cue consumers on what to do, believe in, and ask for. Rather than a restaurant that sells generic coffee you become a coffee spa. Dentists like you need to refine who you are.
Otherwise it will be difficult to make "your latte´" seem more valuable than people currently perceive it (and possibly have a higher price) if you are promoting a large menu of other choices.

This is more than becoming a cosmetic dentist, which is still a generic concept and misunderstood at the same time. Good dental branding is about the dentist, their passion and how the dentist wants to serve patients.

When targeted dental consumers (desired patients) are presented the dentist's brand, they will relate to it. If a dentist's audience sees another dentist doing the same thing, they will be grounded to the branded dentist because they will have self-selected the brand, not just stumbled into any dental office.

How does brand loyalty play out in the real world? Example: Few Starbucks' clientele are ever seen at McDonalds (or any other less refined competitor) getting their coffee.


While no dentist has the funds of a marketing behemoth like Starbucks, there are many strategies to develop and build your dental brand to make it standout. Most established practices only need 5 to 10 new "targeted" patients each month to be successful and new dental practices can develop a stronger following by going this route. A correctly positioned brand is able to "find" those new dental patients and draw them in.

So, do dentists like you NEED a dental logo or a dentistry brand? Not every dental practice does. Some dentists just plow ahead and get it done on their own terms.

However if I ask, "What is Nike's logo and what do you think when you see it?" Then you understand how a logo can change the dynamic of your dental marketing.

Dental logos makes communication visual, adding another dimension. Humans experience many things visually. It makes learning simpler. It gives us quick cues about our world. Colors, shapes, and the like speak to us emotionally, which is very powerful.


CONCLUSION: Still Don't Want A Dental Logo?


Still thinking dentists don’t need logos? First, it is your prerogative. Of course, many dentists tell me a person's smile can say a lot about them. My response, "And no one NEEDS a 'beautiful' smile! Do they?" So is visual experience important or not?

The logo is the "beautiful" on a dentist's marketing. Like bright, confident smiles, dental logos might not be "needed" but can be very persuasive at speaking in a way nothing else can. The dental logo also helps to integrate a dentist's marketing materials and message.


If the dentist's logo is designed to fit their dental brand, then it will be distinct enough to separate the dentist from the smiling teeth logos, generic toothbrush dentistry brands and other wannabes.

A dentistry brand is many things: the dentist, their dental team, and the practice environment. It is the patients wanted by the dentist. It is the community. It is people centered, not dental focused. And, it should have a complementary dental logo.

Don't get a wannabee dental logo, get a dental brand.

------------------------

For the depth and experience in dental branding, 

Contact Niche Dental - Email or

CALL Oli 1-888.380.0020 
Have him set up a consultation with me 
 
Dental Marketing Commentary by Dick Chwalek 
Dental Communication Integration Consultant

And Member, co-founder Northern Dental Alliance
 Original Dental Logos or Branding Article
Another Dental Branding Logos for Dentists Article

Wednesday

Still Finding A Way Into Homes, Hands, Minds: Dental Postcards

ExpressDM.com, NDC and NicheDental.com
The strategic value of online advertising platforms, social websites, Facebook, Google, SEO, PPC, Twitter, blogging, and the newest concept I probably have forgotten, cannot be denied.

Yet a tangible level of denial is in the ether in significant ways. It's the denial of what is still working.

As a promoter of dental postcards (NicheDental.com and NicheDentalCollaborate.com) for a seller of postcards for dentists' offices (ExpressDentalMarketing.com) dentists can assume as much conflict of interest as they want about my position. But if dentists can deal with that weight of potential perspective diminution, I will proceed with my goal of completely ending direct mail value denial!

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(ASIDE:) Since I am very cynical of over-hyped promotional techniques, dentists reading my work may notice statements such as the last sentence, which denotes elements of the ilk. I do this to display how unlikely over-hyped messages can quickly die on the vine or backfire, either in the near or long term.

If that line of hype I used doesn't work on most dentists reading this blog, and actually turns those dentists off, then you/dentists may get my drift. If you don't like it, then consumers don't like it.

Even though over-hyping 'might work' for various other selling ventures, in dentistry it too often builds on the old, negative stereotypes. Worse yet, it can put the dental profession at risk of media over simplification of the complexities of various treatments (causing problematic patient expectations) or conflating every dentist with what a small percentage may do or have done incorrectly.

Dentists, and dental office owners, should avoid going in this direction, and commit to finding real solutions. Be wary of dental marketing simplification of how results are achieved or over-hyped dentistry promotional gimmicks. 

As to this dental marketing consulting blog post, dentists need to fend off the tendency everyone has to deny the realities of how communication actually works, especially when new technology seems to supersede them merely as a new trend - supposedly everyone is now wedded to - and have shed all other marketing vehicles.
-------------------

VIRTUAL TECHNOLOGY REALITY BLOW BACK

www.ExpressDentalMarketing.com
So dentists and the rest of us are excited about the new online marketing technology. Of course, this would only be dentists doing, or wanting to do, public communication of their dental services. Yet, for all the excitement, these ideas unfortunately have their blow back.

The blow back is the relinquishing of reality. Or at least the virtual reality of relinquishing reality. Besides those semantics, my word antics and less than academic pun-dantics, the Internet is still about humans beings and less about Neo and the Matrix.

And yes, there is also the likelihood that any new technology is fraught with the value of getting in too soon with those so-called early adopters. This means dentists, and dental office personnel must take into account how many actual potential patients will be available on any one, new online marketing platform.

Twitter.com for example is less about numbers than it is about advocating for specific causes, news and product promotion, and a fun, unique way to communicate. While there is still value in the Twitter platform for dentists, it just does not have the volume of participation and awareness (by the 'general' public) that some more traditional marketing media still has.

That gets this dentistry marketing consultant to the concept of dental postcards, and how they are perceived by dentists, and dental office staff (sometimes the marketing decision makers) as well as the general public. Denial of the value direct mail has in the public mind, is quite a bit of urban mystical history, and most of it anecdotal, which ironically is very powerful, and extremely hard to overcome in general.

Maybe dentists or other readers noticed how I just gave away the colonel, or actually the kernel idea of what is missed by most consumers, and dentists, as to how direct mailers work their magical reality. It is the major point I want to get across. Again, what I should say, it is the general point. Basically, general is the point persona in this war on reality denial. General is not the individual consumer.

Communication is never a general force, it has a mind numbing singularity of purpose. Just as most people have an anecdotal generalized understanding of marketing, marketing has an equal but opposite individualized effect. Marketing is only effectual when it works, it only works when there is someone ready to accept the effect.

This concept of individualized effect is so real and significant when personalized, but counter-intuitive and not relevant in the aggregate public mind. As a public and as dentists, we make say things like: "I hate getting postcards. It just piles of paper. Why do them dastardly mailing people send me all this stuff?" And then the categorical killer, "It's all just junk mail!"

While this relieves some tension in our lives, like a Zen moment tinged with some corporal punishment of marketers, the tension is a symptom of our need to get/see something we want.

What if it was a postcard was sent to us with Ed McMahon saying he would be visiting soon to hand us a $10 million check from Publisher's Clearinghouse of Lots of Paper Filled Envelopes? Besides being creeped out, and wondering if seances were surreal, that notification of winner-hood postcard would be like the 2nd humming of Dean Martin. You would sing out, That's Amore´ at the first sight of that postcard in your mailbox! Right?

PROOF of Real LIFE Story To Make Postcard Point


TRUE tale, virtually written: As I am writing this marketing mumble and mutter of all blogs, the phone rings. To be clear it was my land-line. Yes, I still have one, which proves my point above about how holding onto technology varies.

Anyway, the call was from a marketer! Damn them @#4#@432! Don't they know I am trying to work. Oops... I should be on their side.

No, actually I don't need to be on their side right now. Being a father of two teenagers, I am used to being hypocritical when I need to take a parental stand. For those dentists or others now leaving this blog after putting up with my conflict interest, thinking being hypocritical is the last straw...

Please hold on till you find out how many free gifts you will get with each Ginsu Knife Set purchased. Actually, everyone, whether they buy something or not, will get a chance to chat live with Ed McMahon after the blog sign off.

Of course, only you will be live, unless I've lost you with my hummer back there. (Remember Dean?) Again, that should have been humor not hummer. But obviously, it was not. :-)

So I take the marketer's call. What is she selling? Broken windows fixing.

Thinking it was an important call for my teenager, from a number I did not recognize, I was perturbed about wasting my time answering this call. However, the marketer said something that kept me from lambasting, chiding and assailing her for bothering me.

I am kidding, of course. No, for real. Remember, I have two teenagers so I have learned to control my anger. Okay, that's is a lie. But I wanted to present an air of perfection, stability and rigidness of virtue.

Now that I also lie, as well as not perfect, many readers may have lost faith in me. But again, as a father of two teenagers, I am hoping at least the pitiful sympathy you have toward me will staunch your dismay for a short while longer. 

What did the marketer say that stopped me from being so angry about the Junk Calls I am always getting? She said, "Have you had any trouble with windows since the last time we serviced your vehicle?" Darn! I used their service. How can I react negatively at them/her, now?

Yes, I have had a tough day is a good reason, but I kick my wet frog to deal with those issues. (Again that should have been pet dog, but my dog bites so I am afraid of her. And it is embarrassing to explain publicly, so I lying once more was the only option.)

Having used their fixing chipped or cracked windows service, I am trapped in a world of my personalized, individualized, singularity sized making, forsaking, confidence in my ability to lash out shaking. Therefore, I actually truly fully needed of their service the last time I got one of their dam... friendly question calls. Irony or ironies, their bothering of me was beneficial for both sides of the equation. Almighty Bruce Dern! My ability to foil them, spoiled again!

Yet, they need to call me regularly to 'catch me' at the right time. This despicable plan is paradoxically aggravating with disturbingly helpful results. Chipped and cracked windshields be Hoover Dammed! Vacuumed up like dust in the bin!

Okay, I need marketers (cursed as they are calling all the time). Similar to being a parent of teenagers. I love them more than life itself, but why do they need to be texting friends all the time... and how many years before they leave for college?

This paradox lives on in dental postcards and other direct mail marketing (unlike Ed). Anecdotal 'data' developed by dentists, dental team members and the public centers on direct mail being a nuisance. It sometimes even seems like some in the dental field have a visceral hatred for postal worker unions, or maybe it is philatelist collectivist community. The conflict of interest stamp lick curs conspiracy of it all!

First of all, calm down. Lick a toad if you get frustrated, and need to tongue lash out. Again, I meant to write, kick a wet frog (hint: frogs have no teeth, won't bite back).


All this rambling has a point to it. The point is that dentists can't virtually deny the reality of dental postcard mailings by merely pointing toward online advertising as having superseded the value and communication punch this 'traditional technology' still provides.

As I stomp around, demanding dentists avoid this, "because I said so!" there are other reasons as well... I am now stalling until those reasons come to me. But dentists can be assured I will take delivery of those answers soon.

Whew. Hi, Mr. McFeeley. Thanks for getting here just in time-delivery, as they say.  Say hello to Mr. Roy  for me. Oh, I didn't know he hangs out with Ed now. Learn something new everyday. Happy trails to you to.

Speaking of learning something. Knew I would use that phrase here, didn't you? Well, how about this:

When someone needs dentistry, let's say they have a chipped or crack tooth, don't you think getting a postcard might stand out for them, have a lot of value to them in that one individual instance, and not be a nuisance? Even though every other day your prospective dental patient might bemoan it, each want what they want when they want it.

Until you have a web cam on every consumer* sending out postcards consistently to promote your dental care services is the best way to tactically engage consumers who are geographically and demographically most likely to choose your dentistry office.

(*The technology is available now - just prohibitively expensive. As soon as DARPA and Homeland Security sells every-home-reverse-webcam technology to Google for mass exploitation and intrusion, I will send out a postcard to verify it for you. As Bill Maher would, say "I just kid you Google".)

CONCLUSIVE SOLUTION

Dental Postcards Marketing
There all you dentists go. Problem solved!

Some lies, truths, conflicts, sour pun mints, kicks and tales may have gotten in our way, but as everyone can now see, each and every living dentist, consumer and Star Search MC have all come to see my way about the value of direct mail, postcards marketing. Denial has been abolished and life can now go on in a more favorable way.

Yes, Ed will not join us in this, but I still have my $10 million envelope, and feel lucky today, punk'd.  Have I been? :-)

PS: Truth is stranger than my fictional elements. Postcards work! I do not kid you about that.

FOR the Real Truth to Success:

Contact Oli,

Niche Dental Co-Consultant, Strategic Partner from Fallbrook, CA.

1+888.380.0020 • EMAIL Oliver (Oli) Gonsalves

Also posted on Dental Postcards Marketing blogspot.

Written, Edited, Posted by,

Dick Chwalek
www.NicheDental.com




Dick Chwalek is a member, co-founder of NorthernDentalAlliance.com


Thursday

Dental Magazine Chooses Rick Epple, Wayzata, MN as one of Best Financial Advisors in America

Rick Epple, CFP®
Epple Financial Advisors, LLC. is pleased to announce that Rick Epple, CFP®, has been selected by Dental Practice Report magazine as one of the “2012 Best Financial Advisers for Dentists” list in their April 2012 edition. Mr. Epple is one of only three financial advisors in the State of Minnesota to be included in this year’s rankings and is his second straight year of being named to the list.

Candidates were selected to the list based upon knowledge and experience, geography, and in good standing with no disciplinary action against them through the Securities and Exchange Commission, Certified Financial Planner Board of Standards Inc., and Financial Industry Regulatory Authority.

Mr. Epple has been very involved in helping dentists including as a founder and member of the Northern Dental Alliance (www.NorthernDentalAlliance.com). “Our dental alliance was conceived as a resource for dentists. Each member was looking for a way to attain long-term and overall success for our dentist clients.

Personally, I wanted to both assist dentists in achieving their personal financial goals and have the resources readily available to enhance the business and professional side as well. Linking with dental experts in many areas makes that possible.”

Epple Financial Advisors provides comprehensive, Fee-Only financial planning and ongoing wealth management services for families, small business owners and dentists who are looking to delegate some level of responsibility for managing their financial affairs.

Simply, Epple Financial Advisors help our clients achieve financial independence quicker than they would on their own.

About Rick Epple CFP®
My focus as a Certified Financial Planner is to help business owners reach their personal and financial goals, and this blog will provide objective information on a wide variety of related topics, from goal setting to estate planning.
-------------------------------

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Story Reposted here by
  • Dentist Marketing Coach 
  • Dental Communication Consultant
  • and developer of Connective Communication©
Dick Chwalek, owner of NicheDental.com
Follow his Tweets @NicheDental

Call and have Oli Gonsalves set up a meeting.
1.800.380.0020
(Oil is a Co-Consultant for Niche Dental 
& Owner of ExpressDentalMarketing.com/The Other Office)

Also Posted @NicheDental.com

Also Posted @NorthernDentalAlliance.com

Wednesday

Seven Steps to Financial Freedom for Dentists, Business Owners

As you prepare for tax day, are you thinking, I have been working as a business owner for a number of years and while I make a good income, I have no idea if I am on track for retirement? How do I take control of my future? The following process can be used to start you on your way.

Step 1: Determine where you are at…

Gather all your investment statements, checking account statements, latest tax returns, insurance documents, business documents including profit/loss statements, loan documents, spending history, and current estate documents. From this information, a net worth statement can be generated plus cash flow and income projections.

These documents can be used to look at where you are today and make projections for the future. A Business Owner can use one of the following tools to create these helpful documents: www.mint.com, www.mvelopes.com, Quicken, or Microsoft Money.

Step 2: Set Goal for Financial Independence

The next step for business owner is to determine how much extra savings is needed to achieve their retirement and financial independence goals. There are a number of calculators available on the web that can help identify the target savings number. Just be careful because the assumptions used in the calculators can have a big impact on the results. Another way to look at determining a target number is to use 4% “safe” withdrawal rate in retirement. The 4% rule in my opinion is a pretty good indicator of preparedness for financial independence.

Example: A business owner’s $3 million dollar investment portfolio can create a $120,000 income stream (before taxes) increasing each year with inflation. At this rate, the portfolio should last 30 years or longer without running out of money. Besides the retirement goal, other goals need to be included and can increase the amount that is required. Examples of other goals include paying for college for children or grand children, extensive traveling, charitable intentions, vacation properties, etc.

Step 3: Determine what your “gap” is…

After determining the gap between the expected income in retirement and the projected expenses, a plan to fill in the gaps is necessary. Following are areas to look at and consider.

Step 4: Maximize your savings!

Business owners have a number of vehicles to help build savings!
  • Maximize contributions to your defined contribution plan. Up to $50,000 can be contributed for 2012. If you are over age 50, $55,500 is the maximum allowed contribution.
  • Explore the possible use of a defined benefit plan. This type of plan allows for higher contributions to make up ground for retirement savings if needed. The downside is that it can be very complicated to setup and administer.
  • Contribute to Roth IRA, Spousal IRA, or Non-Deductible IRAs as allowed depending on income.
  • Other possibilities – Use Health Savings Accounts (HSA) accounts, 529 college savings accounts, or build a taxable savings account.

Step 5: Review the insurance element…

Conduct a thorough review of your insurance program. In my experience, business owners typically have huge gaps in their personal and/or business insurance programs.
  • Meet with insurance agents to have a risk assessment and evaluation of your insurance program.
  • Determine needs for life insurance, disability insurance, long term care insurance, business insurances, property & casualty insurance, health insurance, etc.
  • Shop around to verify that you are receiving good value for the premium dollars you are spending.
  • Implement appropriate and recommended coverage.

Step 6: Do some basic business planning

  • Run your business like a business. First, develop a business plan and marketing plan.
  • Determine measures to benchmark the practice and monitor progress to the plans. Might be profit, patient satisfaction, employee satisfaction, new patients, expenses, etc.
  • Areas to look at:
    • Do you want to focus a niche for your business and then develop it?
    • Do you need help with Marketing?
    • Do you have the systems and procedures in place to manage the practice? Think “E-Myth Revisited” by Michael E Gerber.
    • Does customer retention need to be improved?
    • Review insurance to improve value for the premium dollars spent and to protect the practice.
    • Most employers don’t realize the costs of maintaining their retirement plans. Costs can have a significant impact on account growth. If you don’t know the costs, investigate to determine you have a plan with the features you want and are paying a fair fee(s).
    • Do you have a place where the people you work with enjoy coming to work? A good working team.
    • Are you utilizing outsourcing as a tool to improve profitability?
    • Maximize all deductions available to the business.
    • Consider owning the building your business is in instead of paying rent.
    • Do you have contingency plans in place should you or a key employee becomes disabled or dies?
    • Do you have an exit strategy for your business? Buy/sell agreement or plans to bring in a future buyer of your practice?
    • The bottom line is that you want to maximize the amount you take out of the business while providing the necessary investment back into the business to achieve your goals.

Step 7: Here are other areas of your plan to consider…

  • Determine personal cash flow and income needs. Planning cash flow can be very difficult. However, having an accurate picture of expenses now and in retirement can ensure a successful retirement.
  • Implementing a pay yourself first philosophy can help jump start retirement savings if needed.
  • Manage debt – Review all personal and business debt. This is often an overlooked aspect for business owners.
  • Appropriate strategies can help increase net worth in the long run. Having consumer debt in retirement can also make it very difficult.
  • Determine if your investment strategies include balancing risk, maximizing return and preserving capital.
  • Conduct a tax planning review to verify all available opportunities are being taken advantage of.
  • Do you have a plan in place to pay for your children’s college education? Utilize pre-tax dollars to pay for college.
  • Review that appropriate estate planning documents are in place.
There really aren’t any short cuts and you will need to invest time in determining where you are at and then implementing a plan to help achieve your goals. If you do so, you can take control.
Proper planning can provide business owners and their families with Peace of Mind.
Sincerely, Rick Epple, CFP®
Financial Article Originally Posted Here


Watch his video: YouTube, NDA Website
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Posted by Dick Chwalek
Nichedental.com
and Member Northern Dental Alliance