Success Strategies for Dental Practice Owners

Episode 58: Starting Small: 1% Revenue Transfer to Boost Profit

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Susanne Mariga, a renowned CPA and fractional CFO, is a strong advocate of the Profit First

system, which empowers seven to nine-figure entrepreneurs to prioritize profitability from the get-go. Drawing on her extensive experience at prestigious firms such as Arthur Henderson and KPMG, she guides her clients in setting up separate bank accounts for profit, owner's pay, taxes, and operating expenses. This strategic allocation encourages business owners to manage cash flow effectively and make intentional financial decisions, ensuring they are rewarded for their hard work. Through her Profit Talk podcast and collaborative efforts with experts like Stan Kinder, Mariga provides practical advice and strategic tools, urging entrepreneurs to start small by transferring just 1% of revenue into a profit account to build a financially sustainable future.

 

Here’s what to expect this episode:


  • The importance of having specific bank accounts for profit, owner's pay, taxes, and operating expenses
  • The Profit First System enables entrepreneurs to prioritize profits and manage finances intentionally
  • The Profit First concept leverages the illusion of scarcity by using specific bank accounts to drive intentional profitability
  • Dentists face financial challenges such as debt, retirement planning, and the need for prudent financial management
  • Prophet Talk podcast offers real-world advice to help businesses increase profitability based on the Profit First concept
  • Getting started by making a 1% transfer of revenue into your profit account helps build intentional profitability from day one

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    Connect with Susanne Mariga:

    https://www.linkedin.com/in/susannemariga/

      

    Connect with Stan Kinder:

    https://www.everythingdso.com/

     

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    Success Strategies for Dental Practice OwnersBy Stan Kinder