It’s The End Of The Financial Year

It’s the end of the financial year.

Well actually, today is the first day of a new financial year.

There are three types of business owners:

1- Those business owners who are on top of their numbers

These business owners know where they are financially at any point in time.

They are abreast of their incoming dollars and revenues, and they know their expenses.

They have daily goals for production, and they have hourly goals that they want to, and expect to hit.

They know when they have hit their targets, and they know when they are underperforming.

They understand their expenses as a percentage of turnover, and they understand their monthly profit targets.

2- Those business owners who guess their numbers

These business owners are easy to spot.

Just like wildebeest in the wild, they think they are safe but they really do expose themselves.

When you ask them for figures they speak in round numbers, which is an absolute giveaway that they are guessing.

Q. “How much is your monthly income?”

A. “About sixty thousand”

Sometimes they are more specific:

Q. “How much is your monthly income?”

A. “Sixty thousand”

The four zeros in their answer is a dead set giveaway.

These business owners have a vague idea where they are financially at best, and no idea at worst.

They FEEL that they have some idea about their incoming dollars and revenues, and their expenses. But it’s a ghost at best.

They have no daily goals for production, and they have no hourly goals that they want to reach. Again, they speak in very round numbers:

Q. “How much is your daily production?”

A. “Around three thousand”

They don’t know when they have hit their targets, because they have no targets, and they review their numbers occasionally. They do not know when they are underperforming.

They understand their expenses need to be lower than their  turnover, but they’re not on top of this because they do not forecast and review their monthly profit targets.


3. Those business owners who have no idea of their numbers

It’s a wonder these people are even in business…

They wait until their accountant sends them figures to show them how well or how poorly their business is performing, and they have ZERO IDEA about forecasting and planning.

They retrospectively tighten their belts when instructed, and they spend money based on FEELINGS and not on true data.

These business owners are all smoke and mirrors.

When you ask them for figures they also speak in round numbers, because they too are guessing.

Q. “How much is your monthly income?”

A. “About sixty thousand”

There is always a pause, and an upward look…

These business owners have absolutely no idea where they are financially.

They have never set daily goals nor hourly goals for production. They don’t know how to pre-block their appointment books.`

They live on hope.

There is no planning.

They do not know when they are underperforming because they have no measure of performance, only an annual review of results [or lack of results] from their accountant.

They hope that their expenses end up being lower than their  turnover, but they’re not on top of this at all.

They choose to have nobody to be accountable to, including themselves.

The thing is…

The thing is that 95% of dentists fall into categories two and three.

Only 5% of dentists are on top of their numbers.

But when asked, nearly all dentists will say they’re doing OK.

But the numbers, or lack of numbers tell the true story…

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