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Lessons from a COVID World

2020-10-22


This article was previously published in Profitable Practice Magazine and is reproduced with permission.

By Don Murdoch CPA, CA, CFP, CPA (USA)

It might be a bit premature to think that we have learned all the lessons that living in a COVID world will provide, but perhaps we can take a look at the lessons we have learned so far.

Dentists

Lemons and Lemonade

Prior to COVID, most of us likely drew comfort from what we considered to be the predictable path that our lives were following, including the sense of control that we felt over how our lives and careers would unfold.

And then along came COVID.

As professionals, we have all likely felt that our confidence has been shaken by COVID.  Our people and patients are experiencing similar uncertainty. We have an opportunity to help each other through this and build stronger relationships with our teams and patients.

There is truth in failing to plan is planning to fail

Your practice operating plan is your best tool for proving your expected success in re-establishing your practice. For most of you, your banker’s confidence in your planning for success is critical to justify their lending support of your practice.

Don’t let the uncertainty of COVID lead you to a conclusion that practice planning is without value.

Don’t let your guard down 

Unfortunately, as we are experiencing the distraction of dealing with COVID, there are a few opportunistic people trying to separate you from your money. Whether it might be fraud within your practice, “too good to be true investments,” or cyber attacks from outside of your team, now is the time to ensure that your common sense, systems, and procedures are protecting you from their efforts. 

The rules are changing rapidly

Government legislation at all levels is changing in response to COVID. Employment law and human rights legislation are part of these changes. While these changes are not widely distributed, it is hard to envision an employee situation that should not consider input from an experienced labour lawyer. 

Having access to an experienced team of professionals, who help keep you informed about the matters you need to know is important to your practice’s success.

You will still be able to sell your practice

This might not be the right time to sell but it is the right time to focus on getting your practice ready to sell. The steps you can take to improve the efficiency and profitability of your practice will always help to increase the future value of your practice as well as your current cash flow.

Accurate information should be viewed as a new currency 

The value of accurate information within your practice planning and operational decisions is critical to your success.

As a dentist, you have access to current critical information from the Canadian Dental Association (CDA), including current COVID program information to assist you. At MNP, we are pleased to be assisting the CDA with updates to this critical information.

Help is always available

In uncertain times, the decisions you make today are critical to your future success. Now is the time to plan accordingly and remember you do not have to go it alone

For more insights and strategies to guide your dental practice forward, visit MNP’s Business Advice Centre or contact Don Murdoch, CPA, CA, CFP, CPA (USA), at 250.979.1734 or [email protected]