What an amazing conference. Together we were able to donate 34 Typhoid injections to Kenyan children and fund a Medical Clinic in rural Indonesia for 30 days. So enjoy the good feels from contributing to something good. See the common discussions we had with practitioners over the weekend here: If this sounds like you please get in touch with Kelly. https://calendly.com/growthmd/bfd-delegates

These are some of the questions I am frequently asked by doctors considering setting up their own practice. Any other burning questions you think I should add to the board? If you want clarity on some of these issues come along to the Business For Doctors 2019 conference in my hometown of Brisbane, 31 May to 2 June 2019. I will be discussing these issues in detail to a room of entrepreneurial and answer-seeking doctors. https://businessfordoctors.com/bfd19/

Two quick wins for medical practices in business success – that won’t cost you an arm and a leg.

Trusts? Franking Credits? How will it affect you?

Do you always move your definition of success just a little bit further away? I do. When I was 23, I was a divorced single parent with no university qualification. Back then if somebody had told me of my personal and professional life today, I would have been over the moon - amazed -proud. A success. But truthfully, I don’t feel like I have reached success yet. Yesterday my husband asked me to take some time to acknowledge our recent wins. He reminded me that I should be proud of how my business has evolved in such a short time and the professional successes we have had. I find that hard to action. I don’t think I am alone. I see so many accomplished colleagues and clients always striving for the next achievement without acknowledging the ones they have already nailed. Maybe this is due to our fast-paced daily life, or perhaps it is our thirst to continually feel like we are winning or getting ahead? Women (and mothers in particular) often feel guilty for taking time out to give themselves a pat on the back. I always remind my clients of how far they have come in their businesses journey — time to follow my advice.

Do you use benchmark data to gain insights into the performance of your practice? Comparing your numbers, side by side with those of your competitors and colleagues will snapshot the key areas of focus for your business. It’s not expensive and it’s not time consuming for you. Common benchmarks we like to look at: - Revenue per FTE dental practitioner - Overhead as a percentage of sales - Staffing costs as a percentage of sales - Rental as a percentage of sales - Average spend per patient visit - Average annual number of visits per patient Our director Kelly Chard works with Dental and Medical practices all over Australia on getting their individual numbers and performance right.

This weekend GrowthMD is putting in some overtime to finalise business plans for a client with an exciting Australia wide medical offering. I know I harp on about business planning a lot, but do you know why? Because 80% of SMEs don’t have a plan for their business. Connected to this - 60% will fail within the first 3 years. Don't wing it. Don’t be an amateur.

I saw something today on LinkedIn. It bothered me. The author was questioning the definition of an accountant. Her own interpretation of an accountant is somebody that “solves your problems - in a way you may not understand”. Why did this bland definition bother me? I am sure many accountants would be chuffed with this definition. We sound almost magical! I thought about this for a while and came up with my answer. I am not a clean-up person. I don’t solve your problems. Well, this isn’t entirely true. I probably will solve your problems if you are in a pinch – but I don’t want to. Taxation and accountancy problems, in 99% of cases, stem from a failure to plan, a failure to follow the advice or an inability to obtain information. If you are my client, we are working together from day one to avoid future catastrophes or “problems” actively. Nobody likes being the clean-up guy. I much prefer being the lead safety / navigator car guy. So please don’t think of me as somebody who solves your old tax problems. I don’t do behind the scenes. If I fixed your problems behind the scenes like some magic woman you may be impressed. You may be temporarily happy, and you might even pay me a little more this year. But I am not helping you. I am providing you with a quick fix and then letting you loose on a new financial year with no more knowledge or smarts than before. I am not educating you. I am allowing you to be dependent on me to fix the problems again in the future. I don’t speak unique accountant language. Once upon a time an accountant may have sat across the table from you in a suit and tie, calculator in hand and told you which section of the Tax Act 1936 you had breached. You would have sat there bewildered and wondering what sort of secret language this person was talking. Not anymore. I, along with my progressive peers, prefer to explain your finances to you in straightforward “real speak”. The aim is always using language and concepts that you understand. If overhead, I may not sound impressive with my plain language, but I can promise you that you are getting value from this conversation. If you can understand it – you can take action. So where IS the magic in accounting then? When clients and accountants proactively work together. Discussions are authentic. Transparency is a priority. Now, this is when Accountants are magic, and this should form the definition of a great accountant.

We are super excited to announce we are finalists in the Australian Accounting Awards. The Australian Accounting Awards are regarded as the industry’s most prestigious accolades - recognising excellence across the entire accounting industry. The awards pinpoint professional development and innovation, showcasing both the individuals and firms who are leading the way in the industry. Finalist - GrowthMD - Innovator of the Year Innovative businesses, at a time of intense disruption and evolution, are taking advtantage of the ever-growing opportunities in the accounting industry and securing their success as long-term players. This award recognises the most innovative business in the accounting industry in Australia, acknowledging the business that best developed and capitalised on innovation during the 2018 calendar year. Finalist - Kelly Chard - Thought Leader of the Year Thought leaders in the accounting industry champion its growth, development and success by voicing new and challenging ideas. This award recognises an individual within the accounting industry who has shown a committed passion and aptitude for improving the industry. The recipient of this award will personify business leadership, and be entrepreneurial and committed to the industry. They will also support the growth of new industry entrants as well as the delivery of training, education and mentoring.

Budget takeaways for those in working in medical and dental practices.