Dentistry consistently ranks as one of the top jobs in the US even though dentists are consumed by stressors on a daily basis. High expectations from patients, colleagues and families can be amplified if you are a practice owner. Is there anything you can do to relieve the stress? Yes, but it is not an easy process.
Usually, the unknowns cause stress and imbalance in our lives. You can remove these unknowns by taking the time to learn more about the items that cause you stress but that can be time consuming and overwhelming. To lessen the stress, you can hire a team of advisors to help you discover and control the blind spots that are causing you stress. Some helpful people you will need on your side are a good banker, lawyer, and financial planner. Each of those people can add value in their area of expertise, so you don’t have to become an expert on your own.
For my area of financial planning, there is an amazing relief as a business owner that comes when you simply understand and separate your money. It is essential to learn what comes in on the business side and how it flows to you and/or your family. Once you understand the flow of your money, you need to understand your values and goals around money to give you the “why” you go to work everyday. This understanding is essential and will allow you to enjoy your profession more.
If you are a practice owner, there are additional responsibilities that you need to do to remove some stressors in your business. First, understand your numbers; know your expenses and how much money your practice is bringing in. Second, ensure that you have the correct staff doing specific jobs. Once you are fully staffed, ensure that your employees work well together and that your staff members have the same visions for your practice as you do. Finally, make sure that you have standard operations and systems. It is essential that all your employees perform their jobs in the same way to encourage cohesion in your practice.
Once these items are in place at your business, you can hire an associate dentist to help your practice grow or to allow you the flexibility to take more time off. Work-life balance isn’t easy to come by, but once you understand your “why” it gives you a clearer path to follow. NaviPath can help guide you on your path to living a financially fulfilled life.