The Top Dental Marketing Strategies to Grow Your Practice
The Top Dental Marketing Strategies to Grow Your Practice
In this blog, we will review the top strategies your dental team can perform to grow your practice.

Important KPIs Every CFO (or Dentist) Must Track

12/14/2021 8:47:25 AM   |   Comments: 0   |   Views: 10
While we near the two year mark on the pandemic, making smart decisions in your business are more important than ever. For dentists (and CFO leaders), being able to clear see and report on key metrics is essential. CFO dashboards can help you do just that. But what should be included on your dashboard? In this post, we will review 5 key performance indicators (KPIs) you should be tracking.

According to Qlik, a KPI: "stands for key performance indicator, a quantifiable measure of performance over time for a specific objective. KPIs provide targets for teams to shoot for, milestones to gauge progress, and insights that help people across the organization make better decisions. From finance and HR to marketing and sales, key performance indicators help every area of the business move forward at the strategic level."

1. Working Capital - To figure out working capital, you can subtract your practice's debts and liabilities from your practice's assets. This measurement will allow insight into liquidity at hand to grow your business and increase profitability. 
2. Accounts Receivable Turnover vs. Accounts Payable Turnover - The accounts receivable turnover ratio quantifies your practice's ability to receive payment from your customers within a certain period of time. Similarly, accounts payable turnover measures the rate that your practice pays off its debts. 
3. Payroll Headcount Ratio - Payroll headcount ratio is an important KPI to determine the ratio of full time employees to part time employees, freelancers, and contractors. 
4. Debt-to-Equity - Debt-to-equity is a ratio that compares your practice's assets divided by your liabilities.
5. Return-on-Equity - Return-on-equity is useful for determining your practice's effectiveness to convert assets to profits.

Conclusion on Important KPIs CFOs Track
When it comes to the health of your dental practice, understanding the above KPIs will help you create a healthier, more profitable practice and help you sleep better at night. 

Thanks for reading!

Jack Tompkins, Data Keynote speaker and entrepreneur
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