In a recent survey, Orthodontic Products asked our readers, "What’s the best thing you’ve ever done for your practice?" Here’s this week’s featured answer, from Robert "Pete" Pickron, DDS, Atlanta:
"The best thing I ever did for my practice was set up a budget. Yourbudget is just an estimate of what you think you will spend against what youthink you will make. Both are estimates and will not prevent you fromdoing whatever you want as circumstances change. But it will also tellyou what will remain that you can spend on your life and save for yourfuture.
When you do this, you begin to covet the bottom line number and youbecome a part of the team that you lead. It allows you to challenge yourstaff to meet the financial goals that you agree on and provide theopportunity, through a bonus system, for them to share in the additionalnet income if they exceed the goals of the budget."
To read more orthodontists’ answers to this question, click here.