That's Life: Establish Sound Financial Practices and Budgets
That's Life: Establish Sound Financial Practices and Budgets
It’s never been easy to run a successful dental laboratory. The changes in materials, equipment and techniques, combined with managed care, competitive pressure and the high cost of new technology all make operating a profitable laboratory more complex and much more difficult. Some laboratory owners wonder if it can be done at all.
Being aware of the business's needs allows you to consider suggestions from the professional and to make the best decisions for your business.
Once your business's needs have been assessed, the next step is to locate a professional. A good place to start your search is in your own home. If you have an accountant, lawyer, insurance agent or other professional who handles your personal matters, chances are they will be happy to handle your business matters, or at least provide a reference to someone who will. If you don't have a professional who handles your personal matters, seek referrals from friends and relatives.
You can also try to find a professional as follows:
Accountant - Ask business associates and other small business owners. If you have a banker, attorney or insurance agent, ask him or her for a recommendation. Or contact the American Institute of Certified Public Accountants (AICPA) at Harborside Financial Center, 301 Plaza Three, Jersey City, N.J., 07311; (212) 596-6200. If you're interested in joining a professional association such as the Rotary Club, you can get more information from them or from your local chamber of commerce. When all else fails, look in the Yellow Pages. Be sure you shop around and compare rates. Negotiate the fees in advance.
Attorney - Ask business associates and other small business owners. If you have a banker, accountant or insurance agent, ask him or her for a recommendation. Or contact the American Bar Association at 750 North Lake Shore Drive, Chicago, IL 60611; (312) 988-5522. If you're interested in joining a professional association, you can get more information from them or from your local chamber of commerce. When all else fails, look in the Yellow Pages. Initial consultations are usually free, but make sure that's true before you make an appointment. Be sure you shop around and compare rates. Negotiate the fees in advance.
Bankers - Start with the bank where you have your personal accounts. If that doesn't work out, ask business associates and other small business owners. Or contact the Small Business Administration at (800) 827-5722. They keep track of which banks in your area have the best small business-lending records.
Insurance Agents - Again, ask business associates and other small business owners. Look in the Yellow Pages. Be sure you shop around.
Effective financial management is one of the key requirements for successful laboratory operation. The more you understand financial statements and financial analysis, the smoother and easier your business will be to operate and the more you will enjoy the financial benefits!
