5 Essential Rules to Protect Yourself From Losing It Allby Dr. Ron Arndt
Picture this: your practice is thriving and you’re investing thousands of dollars into its continued success. It is easy to get caught up in the whirlwind of growth and prosperity.
Here’s the big question: are you safe guarding your assets?
Without controls over your financial and material possessions, your dental practice is subject to losses that may be unrecoverable. It is a thought many Dental CEOs don’t want to think about – how could my loyal employee do that to me? But by thinking with emotion, you aren’t thinking like a business owner.
Follow these 5 tips:
- Create systems: Creating systems and policies around this becomes your first line of defense against any financial loss. This also helps detect problems early and let’s employees know that you’re vigilant about protecting the practice. Talk with your dental coach about how to create simple systems.
- Be kind to the whistleblowers: Have a no-fault policy for so-called whistleblowers and keep your door open. Show your team that you are counting on them to help keep the practice running without disaster.
- Obtain insurance covering employee theft: Talk to your broker, because this relatively low-cost policy will serve as a deterrent and help recover loss.
- Protect cash, which is the asset most susceptible to theft. Record receipts promptly and make bank deposits daily. Assure good controls over all expenditures, including maintaining proper documentation.
- Protect confidential information such as trade secrets. You will maintain your competitive advantage and safeguard your hard-earned assets.