Join the discussion on Facebook!TranscriptJonathan VanHorn:Hey everybody, Jonathan checking in here and just so you know, this is a two part episode. This is the second part of the episode. So if you've not listened to the first part yet, you want to go back and listen to it in the prior weeks. We should have it labeled on the episode title what part one is and part two is, so you should be able to see that in the title of the episode, what episode of episode it is. So thanks.Jonathan VanHorn:Welcome to the Tooth and Coin Podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones. Some of them are very specific, but we hope that these episodes help you along with your journey. Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors. We are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. It's a very important piece for you to understand. Another thing that you need to know is if you enjoy today's content, join us on the Facebook group.Jonathan VanHorn:So we've got a Facebook group that is active with dentists that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us, don't agree with us, have a story to tell, have something to share, join us in the Facebook group. If you go to Facebook and you search for Tooth and Coin Podcast, click on it to join it and be able to join us there. Finally, if you need some more help, we're developing a list of resources that are going to be centering around our topics of discussion, to be able to help you a little bit more than what the content is doing. So if you'd like access to that whenever it becomes ready, all you have to do is text the word toothandcoin, T-O-O-T-H-A-N-D-C-O-I-N to 33444.Jonathan VanHorn:Again, that's toothandcoin, all one word, no spaces, to 33444. Reply with your email address and we'll email you instructions on how to get into Facebook group, as well as add you to the list to be able to send you those resources when they're available. And if they're available, we'll go ahead and send them to you as well. So onto today's episode, I hope you enjoy it.Jonathan VanHorn:So let's say that you did all these things, and you can come in, and you can influence these numbers, you've done an amazing job. If you've been able to influence all the expenses and lower them by five to 10%, not five to 10% overall, but five to 10% of the 55%, which would mean that you've moved from 55 cents of every dollar down to maybe two and a half to five pennies extra that you're going to get out of every dollar. And I know of practice owners that spend tens of hours a month trying to do this and trying to reduce these expenses because they want to spend less, so they get to keep more of every dollar that comes in. But to me, that's missing the picture. That's missing the bigger picture because instead of trying to save that five to 10 cents, why not just over on the other side of that table, pour out 100 more pennies in which you could then move 55 cents of those over and keep the 45 cents.Jonathan VanHorn:You could find so many more dollars to dump on that table, if you just worked on increasing capacity, and doing a better job of having patients in, and generating more revenue. That is, in the dental industry, the way the math works, that's so much more of a higher value for the use of your time than going through and making sure every month that I know exactly how much I spent on every glove that came in this office, I know where every one of those nickels went to. The amount of time that, that will take you, and energy, and focus, and effort could be so much better spent on your office to do so much more. And so that's overall why I say budgeting sucks. It's a waste of time because you really only should have to manage your expenses once a year maybe.Jonathan VanHorn:I think that's a better term for it and I think those two terms get conflated inside of a lot of industries. Small business, you don't need to worry about budgeting. The way I explain this to some people is that, I've had clients that have had budgets in the past, and they're like, "Jonathan, we budgeted 10% of our revenue to go to labs and our labs got all the way up to 10% so fast that I told people that I didn't want to take any more big cases because I don't want to do more labs." And I said, "Look, that's completely defeating the purpose."Joseph Rugger:[crosstalk 00:04:52] What's the point?Jonathan VanHorn:That's not... I felt like the woman from that commercial that's like, "...
