Motherhood, Professional Financial Dr. Patrice Smith Motherhood, Professional Financial Dr. Patrice Smith

24 Months Being a Mom & The Balancing Act It Comes With

My son, Braxton turns 2 today and I honestly do not know how to feel or act. As I sit down to reflect on the past 24 months, I am struck by how fast time has flown by, yet at the same time, how it feels like an eternity since the moment I held my little one in my arms for the very first time. Being a mother has been the most transformative experience of my life, and I am grateful for every moment of it, the highs, the lows, and everything in between.

My son, Braxton turns 2 today and I honestly do not know how to feel or act. As I sit down to reflect on the past 24 months, I am struck by how fast time has flown by, yet at the same time, how it feels like an eternity since the moment I held my little one in my arms for the very first time. Being a mother has been the most transformative experience of my life, and I am grateful for every moment of it, the highs, the lows, and everything in between.

The first year was a blur of sleepless nights, endless diaper changes, and trying to figure out what my baby needed. It was a time of immense joy, but also of immense vulnerability and insecurity and tiredness! I was tired all.the.time. I constantly second-guessed myself and worried that I was doing something wrong. But with time, I learned to trust my instincts and believe in my abilities as a mother, and like everyone advised - it did get better.

The second year has brought new challenges and new joys. My little one is now a toddler, and I am constantly amazed by how much he has grown and changed. He is curious, adventurous, fiercely independent, and the dude is hilarious! Watching him explore the world around him has been a delight, but it has also meant learning to let go a little and accept that I can't protect him from everything.

As a mother, my priorities have shifted. Before my child, my focus was on my career, my social life, and my own personal goals. Now, my main focus is on my child's well-being and happiness. I have learned to be more patient, more compassionate, and more selfless. I have also learned to prioritize self-care and to ask for help when I need it.

One of the most challenging aspects of motherhood has been dealing with the guilt that comes with it. Guilt over not being a perfect mother, guilt over not being able to do it all, guilt of being away at work all day, guilt over taking time for myself. But I have also learned that guilt is a natural part of the journey, and that it's important to forgive myself and move forward.

The Balancing Act

As an orthodontist and practice owner, finding a balance between work and family life has been a constant juggling act. Before becoming a mother, my primary focus was on my career: growing my practice and providing the best possible care for my patients. My personal goals were also high priority and I enjoyed spontaneously skipping town and kicking back every couple weeks on a remote island somewhere. However, after having my child, I quickly realized that I needed to find a way to balance my professional aspirations with my responsibilities as a wife and mother. I also quickly realized that those frequent vacations would be less so and more structured and planned.

It hasn't been easy, but I have learned to prioritize and delegate in order to make it all work. I have a wonderful team at my practice who I trust implicitly, and they help to ensure that the practice runs smoothly even when I'm not there. I have also learned to be more efficient with my time and to make the most of the hours I have available to work.

However, as much as I enjoy my career, I have also come to realize the importance of slowing down and being fully present in the moments that matter. As my child grows up before my eyes, I don't want to miss out on any of the little moments that make life so sweet. I want to be there for every first step, every silly joke, and every milestone along the way.

So, I have made a conscious effort to create a more balanced life. I have learned to say no to things that aren't essential, and to focus on the things that bring me joy and fulfillment. I have learned to prioritize self-care, and to take the time to recharge my batteries so that I can be fully present and engaged with my family.

While finding balance hasn't been easy, it has been worth it. I am proud of the life I have built (and still building), and of the example I am setting for my child. I want them to know that it's possible to have a successful career and a happy family life, but that it takes work and prioritization. Ultimately, I aspire to live a slower pace of life, where I can fully enjoy and be present in the moments that matter most.

Looking back, I am grateful for every moment of this journey. The highs have been incredibly high, and the lows have been incredibly low, but through it all, I have grown and learned more than I ever thought possible. I am excited to see what the future holds, and to continue growing alongside my little one.

Read More
Motherhood, Professional Financial Dr. Patrice Smith Motherhood, Professional Financial Dr. Patrice Smith

How to Find Work-Life Balance as a Working Parent: Tips and Tricks from an “Unorthodoc” Mom

Are you a working parent struggling to balance work and family life? Don't worry, you're not alone! Finding work-life balance can be a challenge, but there are tips and tricks that can help. As an "UnOrthoDoc" mom, I know firsthand how important it is to prioritize balance, accept help, create boundaries, and take time for yourself. Balancing work and family life isn't always easy, but with some effort and these tips, you can find solutions that work for you.

Are you a working parent struggling to balance work and family life? Don't worry, you're not alone! Finding work-life balance can be a challenge, but there are tips and tricks that can help. As an "UnOrthoDoc" mom, I know firsthand how important it is to prioritize balance, accept help, create boundaries, and take time for yourself. Balancing work and family life isn't always easy, but with some effort and these tips, you can find solutions that work for you.

PRIORITIZING BALANCE

Let's start by discussing the importance of prioritizing balance. It's not feasible to cater to everyone's needs, so it's crucial to deliberately choose to prioritize balancing your work and family life. This entails making well-informed decisions, such as finding a job that's not overwhelming, modifying your work schedule to create a better balance, or even considering a family size that you can raise responsibly.

However, let's face it, striking a balance between work and family life can be quite challenging. This is why it's essential to have conversations with your family and gather their diverse perspectives. By asking them how they feel about your work and listening to their honest opinions, you can identify areas that require improvement and make them feel heard. Furthermore, they will understand your work situation better.

ACCEPTING HELP

Accepting help is crucial in achieving work and family life balance. It's essential to overcome the fear of asking for assistance from friends and family whenever necessary. Whether it's picking your kids from school or taking them to their extracurricular activities, having someone you can trust to support you with these tasks can significantly ease your burden.

CREATING BOUNDARIES

Prioritizing boundaries is essential for balancing work and family life. It's crucial to draw clear lines that protect both aspects of your life from distractions. You can establish rules such as avoiding work-related phone calls during meals or not checking emails while on vacation. This approach will demonstrate to your family that they are a priority while also safeguarding your work.

Of course, it's impossible to achieve a perfect balance between work and family all the time. Sometimes, work obligations or family emergencies will require you to make sacrifices. However, it's important not to let this imbalance become a norm. Try to take every opportunity to bring the scale back to the center and maintain equilibrium.

TAKE TIME FOR YOURSELF

Prioritizing self-care and taking time for yourself is essential to achieving a balanced life. Don't forget to schedule time for relaxation and rejuvenation, whether that's through exercise, binge-watching your favorite TV show, or enjoying a walk in the sunshine. Taking vacations can also be a great way to recharge.

It's important to keep in mind that there's no one-size-fits-all approach to balancing work and family life. What works for one person may not work for another. By implementing some of these tips and making an effort to find solutions that fit your specific needs and preferences, you can achieve greater balance.

If you're interested in learning more about living an "UnOrthoDoc" life as a mom, check out my blog for additional insights and inspiration.

THE BALANCING ACT:

Being an orthodontist and owning a practice means that finding balance between work and family life can be quite challenging. Before having a child, my primary focus was on growing my practice and achieving my personal goals. I enjoyed being able to travel on a whim and take time off for myself. However, after becoming a mother, I quickly realized that I needed to find a way to balance my professional aspirations with my responsibilities as a wife and mother.

It has not been an easy journey, but I have learned to prioritize and delegate tasks to make it work. I have a great team at my practice who I trust, and they help ensure that things run smoothly even when I'm not there. I have also become more efficient with my time and try to maximize the hours I have available to work.

While I take pride in my career, I have also come to understand the importance of slowing down and being present in the moments that matter. I don't want to miss out on my child's milestones or the little things that make life worthwhile. To achieve this, I make a conscious effort to create a more balanced life. I focus on things that bring me joy and fulfillment, and I have learned to say no to things that aren't essential.

It has been a worthwhile journey, and I am proud of the life I have built for myself and my family. I want my child to understand that it is possible to have a successful career and a happy family life, but it takes work and prioritization. I look forward to continuing this journey and living at a slower pace, where I can savor and appreciate the most important moments in life.

Read More
Lifestyle & Travel Dr. Patrice Smith Lifestyle & Travel Dr. Patrice Smith

How To Find the Sweet Spot of Work & Life Balance as a Dentist

A healthy work-life balance is one of the most sought-after goals of the modern age. About 20 years ago, it was quite easy to set reasonable working hours, take vacation days, and generally have time to spend with family and friends. Nowadays, however, with the speed that comes with the modern age of technology and the constant need to fulfill relentless ambitions, accomplishing a balanced life can be challenging.

A healthy work-life balance is one of the most sought-after goals of the modern age. About 20 years ago, it was quite easy to set reasonable working hours, take vacation days, and generally have time to spend with family and friends. Nowadays, however, with the speed that comes with the modern age of technology and the constant need to fulfill relentless ambitions, accomplishing a balanced life can be challenging.

Why is Work-Life Balance challenging for Dentists?

Achieving a good work-life balance is challenging for all professions, but perhaps the problem is more pronounced for dentists. This is because dentists who own their private practices generally have 2 active jobs: A dental practitioner and a practice manager, and between these, having time for oneself can be incredibly difficult , but very much necessary. Yes, some dentists choose a more corporate style of running their practice(s), acting more as an owner and manager rather than a practitioner which can make it a bit easier to achieve that balance, but for the average family dentist, the problem persists.

It’s not difficult to figure out of if your work-life balance is impaired. Check these:

  • Your number of working hours: On average, dentists tend to work 4 or 5 days per week, for about 7 hours per day, which sums up to be about 35 working hours per week. This is a good amount of working time that enables you as a dentist to fulfill your ambitions without causing damage to your physical or mental health. Personally, my sweet spot is 3 days per week. My schedule right now is 3 days one week, then 4 days the next averaging 24-32 hours per week. For now, this schedule allows a nice mix of time focused on work and ample time away from it.

  • Your number of days off per year: There is no specific number to place here, but on average, at least 150 days off per year (including weekends) is the minimum to achieve a good balance. Because I have a 3 day weekend every week and 2 full mandatory weeks off in a year, my minimum days off per year averages around 170, which to me is a reasonable amount of time on and off of work given that there are 365 days in a year.

  • Your quality of sleep: All work can be stressful, but dentistry is doubly so. Dentists are usually solo practitioners who spend a lot of time practicing alone, taking on the issues of the practice, their staff and patients. It can be isolating and also mentally and physically taxing. More of teen than not they think about the practice and cases at home (at night) which adversely affects their sleep. Poor sleep quality is a great indicator that you’re working too much.

  • Your overall general health: Stress is the leading cause of many health problems such as hypertension and strokes. When dentists work too much, that generally means they’re more stressed out, which makes them more vulnerable to these dangerous conditions. A few indicators of deteriorating health such as generalized weakness or constant headaches should be red flags that a different approach is needed.

Here are some tips to help you find the sweet spot of work and life balance as a dentist:

  1. Prioritize self-care: As a dentist, you understand the importance of self-care, but it can be easy to neglect your own health and well-being when you're focused on taking care of others. Make sure to prioritize your own self-care by getting enough sleep, eating healthy, and exercising regularly. Set aside time for hobbies and activities that you enjoy and that help you relax.

  2. Define your priorities: Take the time to define your priorities both in your personal and professional life. Determine what's most important to you and how much time and energy you want to allocate to each area. Make a schedule that allows you to accomplish your goals while still leaving time for relaxation and downtime.

  3. Create boundaries: Creating boundaries is essential for achieving work-life balance. Set clear expectations with your staff and patients about your availability and work hours. It's okay to say no to non-emergency calls or appointments outside of your regular hours. Creating boundaries will help you avoid burnout and ensure that you have the energy to enjoy your personal life.

  4. Delegate tasks: As a dentist, you may feel like you need to handle everything yourself, but delegating tasks to your staff can help you free up time and reduce your workload. Consider delegating administrative tasks or hiring additional staff to help with patient care. This will allow you to focus on the most important aspects of your practice and enjoy more personal time.

  5. Use technology to your advantage: Technology can be a powerful tool for managing your practice and reducing your workload. Consider using appointment scheduling software, electronic health records, and communication tools to streamline your practice and improve patient care. This will help you save time and reduce stress, allowing you to enjoy a better work-life balance.

Achieving work-life balance as a dentist requires careful planning, prioritization, and a willingness to delegate tasks and set boundaries. By prioritizing self-care, defining your priorities, creating boundaries, delegating tasks, and using technology to your advantage, you can find the sweet spot of work and life balance that works for you and your practice. I hope this will help you create a life that you love!

Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

My Secrets to Building a Fulfilling, Multifaceted Career & life: An Interview with Whippy

Have you ever considered launching your own business from home or traveling abroad to give back to communities 5000 miles away, all while maintaining your practice as a dental or medical professional? Your career doesn’t have to be confined to one line of focus. Some people thrive when they juggle commitments that are very different from one another.

I had the wonderful opportunity to speak with Samantha from Whippy to speak on how I am building a balanced and fulfilling career and life, and to also lend some words of advice to young professionals. Her blog post is below:

www.theunorthodoc.com whip.png

Have you ever considered launching your own business from home or traveling abroad to give back to communities 5000 miles away, all while maintaining your practice as a dental or medical professional? Your career doesn’t have to be confined to one line of focus. Some people thrive when they juggle commitments that are very different from one another.

Meet Dr. Patrice Smith. 

She’s an orthodontist who has mastered the art of time management. Her 9-5 schedule may consist of appointments with patients in the office, but her 6-10 is her time to manage her self-started candle business and blog.

Although born in Jamaica, Dr. Smith moved to the U.S. and attended dental school at Howard University in Washington D.C. It wasn’t until her third year of school that she decided she wanted to go into orthodontics. For her, orthodontics is the ideal practice because it allows her to “use both sides of (her) brain simultaneously: the analytical and the creative.”

“It allows me the freedom to express my personality, one that is very laid back (must be the island girl in me) but also type A when it comes to details, systems and organization,” she said.

It is the love for creative freedom and challenging herself in unique ways that, in part, inspired Dr. Smith to establish her own candle business called Unorthdoc Candles. As someone who always adored scented candles but couldn’t afford to purchase the high-end brand ones during dental school, Dr. Smith began making her own candles from scratch. What started out as a fun, relaxing hobby turned into a full-blown business as demand for her candles accelerated.

When I asked her how she finds the time to run her business in addition to practicing her profession, she told me she has an organized planner to keep a routine schedule. She only works in the ortho office 3 days a week and usually dedicates her evenings to Unorthodoc Candles.

Another major hobby of hers is blogging.

Back in 2008, she started chronicling her dental school journey through blog posts. “It was kind of like a diary where I documented everything and other people found it to use as a resource”, she admitted. Dr. Smith felt compelled to assist other dental students through their career journeys by sharing her own experiences.

Today, she runs an incredibly successful blog called TheUnOrthodoc (theunorthodoc.com), designed to help young professionals lead a balanced and purposeful life. The website also features resources such as student financing options as well as her favorite dental products!

Last, but certainly not least, Dr. Smith uses her professional skills to give back not only to her home community but communities across the globe.

She is the cofounder of Dental Helping Hands, a nonprofit organization dedicated to providing dental services to underserved communities in different countries.

“All of us share a passion for giving back to our communities and to the disenfranchised. With the exception of 2020, every year we travel to different countries and provide free dental care to those without access,” she said of her and her team.

Is there anything Dr. Smith can’t do?!

Here’s her 3 key pieces of advice for young professionals:

My 3 pieces of advice and the rest of my interview with Samantha can be found on the Whippy blog here.

Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

Are Virtual Dental Visits Here To Stay?

In light of the COVID-19 pandemic many industries and organizations have been forced to adapt and fast track digital transformation to continue providing services. Schools have adopted remote learning, many employees are working from home and dentists are using teledentistry services to consult patients.

In light of the COVID-19 pandemic many industries and organizations have been forced to adapt and fast track digital transformation to continue providing services. Schools have adopted remote learning, many employees are working from home and dentists are using teledentistry services to consult patients. Although some businesses may revert to their former practices after the pandemic, many others will leverage new technology to provide additional benefits and attract new customers and patients.

What is teledentistry?

During the height of the pandemic, many dentists had to postpone elective and non-urgent dental procedures. In an effort to continue offering services, albeit limited, dentists had to adopt teledentistry (virtual dental visits) to reach patients. It was used typically for patients with dental problems in order to decide whether a face-to-face dental appointment was needed and in some cases keep in touch and follow up with patients after appointments. Now, it has evolved to where this is now how some dentists conduct initial consultations for patients before being seen in person.

Teledentistry has allowed patients and doctors to speak with each without risking exposure to the virus.

www.theunorthodoc.com virtualvisit.png

Benefits of Teledentistry

Teledentistry was already in place but many dentist were very slow to adopt it. However, the pandemic brought to light the many benefits of it. It is not hard to see how its adoption could continue to rise and be a mainstay in practices. Teledentistry:

  1. Improves access to care: Patients in rural areas, who are home-bound and the elderly may have trouble finding and getting to a dentist. Tele dentistry helps to break down those barriers and gives these patients a chance to see and talk to a dentist about their dental problems.

  2. Is Convenient: In essence, it cuts down time away from work and thus helps patients to stay employed and avoid loss of income.

  3. Reduces cost: In may practices, virtual consultations are free of charge and subsequent appointments are of a lower cost to the patient. Seeing a patient remotely also means the dentist does not have to use up valuable resources like gloves, masks, gowns, other supplies and chair time.

  4. Less intimidating: Many individuals experience dental anxiety when going to the dentist. Being able to speak with or see a dentist in the comfort of your own home is a far more comfortable experience.

  5. Frees up dentists’ time for clinical work: Many patients have minor dental problems that do not need face-to-face time with the dentist. If using teledentistry can address those problems, dentists would have far more time to treat patients whose needs they can treat only in a face-too-face visit. 

  6. Improves oral hygiene education: One of the key advantages of teledentistry is the chance to educate patients on good oral hygiene practices. Teaching patients to brush and floss, providing education and giving advice about health concerns can all be done using teledentistry.

How Teledentistry Works

It’s never been easier to be able to communicate with a dentist and there are several methods of delivering dental care via teledentistry. A dentist and patient can use their computer with video that allows them to speak directly to each other or they can do so via an app with can be downloaded to their smartphone. With each option, the patient can take pictures of their teeth and smile so that the dentist can make treatment recommendations in real time. Doctors can also use it to communicate with each other (sending X-rays, photographs, etc) about mutual patients as most of these programs are HIPAA compliant.

Here To Stay

Because of the it’s advantages (listed above) and the effects of the pandemic of the field of dentistry, delivery of dental care via teledentistry has enormous potential, and thus I believe it is here to stay. Widespread internet access and the proliferation of smart phones also make it very easy to implement and adopt.

What are your thoughts?

Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

5 Natural Cycles of A Career

Everything in life has a natural life cycle, including our careers. We do not have to follow and worship the ones who push so hard, we can slow down and enjoy each cycle as we go through it.

I was listening to a Podcast that made me pause and reflect on the different cycles in a person’s career and in life generally. It gave me pause as I consider and reflect on my own career life cycle.

It mentioned that, it’s natural to want to continuously push yourself to be better. As doctors we are competitive by nature. We are always striving to be the best. As business owners we aim to make in profits more than we did the previous year, to have a larger practice than the next person, etc. But, the podcaster urged listeners to slow down and realize that life happens in cycles and to often times pause and appreciate those cycles. Our relationships with each other whether friends or spouses change over time as we change and grow; the first date will be very different from the twenty first date, the first year of marriage will be different from the fifth year and so on. If we are speaking in terms of our businesses and practices, one that has been open for 6 months is going to be different from one that has been open for 6 years and 16 years.

www.theunorthodoc.com career cycle.png

Here are the cycles, with the analogy of an actor’s career:

  1. Who is this Brad Pitt? - This is when you are young and just starting out in your career. You are trying to build a following/reputation or trying to get patients to trust you, but they don’t know you yet.

  2. Get me Brad Pitt - You build a following or a patient base and become very successful.

  3. Get me someone like Brad Pitt - You become even more successful, but people now aren’t able to afford you.

  4. Get me a Young Brad Pitt - You are still very successful but you’ve gotten older and are being replaced by younger talent.

  5. Who’s Brad Pitt? - Another generation has come about and you are no longer the household name. Someone else has taken your place.

Everything has a natural life cycle. We do not have to follow and worship the ones who push so hard, we can slow down and enjoy each cycle as we go through it. In practice, enjoy the quiet times and work on systems instead of growth . Seek Peace, not the rush.

Read More
Professional Financial, Lifestyle & Travel Dr. Patrice Smith Professional Financial, Lifestyle & Travel Dr. Patrice Smith

Managing Job/Career in light of the Coronavirus

We are all feeling the impact of this virus in some way or another. Some are being laid off from their jobs and businesses are shutting their doors without certainty of when they will be able to re-open after the quarantine period. Those individuals who have been released from their jobs are taking to job boards to send out applications for new positions. .

On March 11, 2020 the Coronavirus (COVID-19) was declared a global pandemic by the World Health Organization (WHO). The entire country (and world) was put on lockdown and instructed to quarantine and/or practice social distancing to avoid further spread of the virus.

We are all feeling the impact of this virus in some way or another. Some are being laid off from their jobs and businesses are shutting their doors without certainty of when they will be able to re-open after the quarantine period. Dental offices in particular are being told by state boards to remain closed for a period of 3 weeks to 3 months.

Those individuals who have been released from their jobs are taking to job boards to send out applications for new positions. Sending out job applications online now may be very challenging because most companies have instituted a hiring freeze resulting in wasted time and energy.

If you’re experiencing frustration surrounding your career, I want you to pause. Now is the perfect time to start reflecting and going inward.

www.theunorthodoc.com coronavirus.png

Ask yourself: Are you passionate about your job/career? You may be a software engineer,a lawyer or even a dentist by trade but is this what you really want to do? Does this bring you joy? Are you clear on your vision and the impact you want to make in the world? If the answer is not a resounding YES, take this time to evaluate your current position. While at home we have an opportunity to reflect on our purpose and strategize so that any career or job change efforts are made with clarity and intention.

Things To Get Clear On:

  1. Who you are and what you want.

  2. Your values and what you stand for

  3. Your strengths AND how you want to leverage them in the next job.

  4. Your weaknesses and blind spots so that you can speak to them authentically and tackle them with intention.

  5. The impact you want to make in the world.

Managing Stress

At this time you may be feeling pressure to change jobs or career, especially if you’ve been laid off or if you feel the industry you are in will be slow to recover. If you are one of the lucky ones you have stored away a 3-6 months emergency fund to buy you some time to figure things out. We must first figure ways to cope and manage the stress of our situations. Here are a few tips.

  • Keep a Journal: Spend time with yourself and write about how you’re feeling. It’s normal to be worried about your health, safety and that of your loved - If this is triggering anxiety, put it down on paper.

  • Read a book or listen to music : Do things that help you to relax, this is great for your mental health. Zoning out with your favorite book or listening to your favorite podcast or music playlist will make the time go faster and help with easing anxiety.

  • Minimize social media and news intake: Be fair and honest with yourself about your feelings. Also, let facts inform your reactions and feelings (not fear). If the news and social media is causing anxiety or depression, consider unplugging for a day or two. If you consider that extreme, try limiting your access to credible news websites that you check once or twice per day.

  • Exercise: Keep moving. Go for a 15-20 minute walk or run outside and fill up on fresh air. When you’re inside stretch, do yoga or participate in virtual workouts.

  • Fill your mind with positive resources and stories to keep yourself upbeat: Daily affirmations are a good place to start. I use starlight and love.

Continue To Build Connections

Building authentic connections is one of the best ways to make a job/career change. You can spend less time applying to random jobs online and find opportunities through people you trust and connect with. Although it may seem difficult to “network” physically right now there are other ways to connect. Utilize platforms like LinkedIn, Facebook and even Instagram through online communities. Start with your immediate network of friends and colleagues. Scheduling time to connect with others and openly sharing your career struggles and goals is something that will keep you productive and heading in the right direction – even when it seems like things are at a complete standstill.

These are difficult times and many of the circumstances are out of your control. I repeat – the circumstances are out of your control. The only thing you can control here is your mindset and how you respond to the circumstances.

Do what you can to stay healthy - physically, emotionally and mentally. A job/career change during uncertain times can be challenging but don’t give up. Keep doing the work that’s required to get you there.

Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

Should You Lease or Buy a Space For Your Start-Up Dental Practice

One of the most common questions among dentists who want to start their own practice is whether to buy or lease a commercial property. Through in-depth analysis, it was concluded that buying commercial property is the better option if you plan on staying in the same location for 7 or more years.

One of the most common questions among dentists who want to start their own practice is whether to buy or lease a commercial property (Practice real Estate). Through in-depth analysis, it was concluded that buying commercial property is the better option if you plan on staying in the same location for 7 or more years. Therefore, considering the growth of your business will be a large decision making factor in choosing whether to lease or buy a space. 

On average, over a 15 year occupancy period, leasing commercial real estate costs as much as 86.6% more than buying commercial real estate. In cases where you lease a space for less than 7 years, oftentimes this cost will be less than buying. Therefore, seven years is considered the “breakeven” point in terms of occupancy costs. 

www.theunorthodoc.com buy vs lease.png

When determining whether to buy or lease commercial property for your practice, there are some questions to ask yourself:

  • Will I outgrow my space, and if so, how many years will it take for me to outgrow my space?

  • Am I in a position to tie up capital in commercial real estate?

  • Do I want the flexibility of leasing? Or do I prefer the stability of having a mortgage?

  • Am I up for the challenge and the hassle of maintaining a property?

  • What are the local trends in the commercial real estate market?


There are benefits to both leasing and buying a commercial space and by considering the pros and cons of each, you will be able to choose the path right for yourself.

Commercial properties tend to store their value, making them a good investment. Additional benefits to purchasing real estate include, but are not limited to, equity upside, asset appreciation, rental potential and tax benefits. On the other hand, when leasing a commercial space, you have more liquidity, more flexibility, and additional tax benefits you are able to take advantage of. 

Overall, it is important to take the time to plan both your short term and long term goals in order to determine whether buying or leasing is the best choice to make. Ultimately, however, it is important to remember not to sacrifice location on the basis of buying or leasing a space for your dental practice. If investment in property is your concern, you always have the option to buy other real estate for investment purposes.

Guest Post by Armincoinc

Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

Steps To Opening Your New Dental Practice

There are many factors involved in opening your own dental office which can be both confusing and overwhelming. Knowing the correct steps to take can help you save a lot of time and money and keep you on track to starting your dream dental practice.

Ever since the thought of becoming a dentist crossed my mind back when I was a teenager, the goal of opening my own practice was right behind it. From my parents who were exemplary business owners to my dentist and mentor who had his own practice, the thought of working for someone else was never an attractive option for me. Fast forward a few years post-residency with a lot of experience in the field of dentistry under my belt, owning my dental practice has become a dream realized.

There are many factors involved in opening your own dental office which can be both confusing and overwhelming. Knowing the correct steps to take can help you save a lot of time and money and keep you on track to starting your dream dental practice.

www.theunorthodoc.com new practice.png

1.Knowing Your Budget

The average cost to open a start-up dental practice is more than most people think. Depending on your location, most start up practices range from $350k - $450k in total costs. Before looking at spaces, or meeting with equipment companies and other specialists, the focus should be on talking to banks and getting approval for a loan.

2. Finding The Best Location

The location of your practice is first and foremost the best method of exposure for your future office. You want patients and lead sources to find you easily and quickly. An experienced realtor in the dental industry is your best resource when locating a space. They will help you find a location in good proximity of your targeted patient demographic and within your budget.

3.Selecting an Architect and Contractor

Once a potential space is located, it is time to begin dialogue with an architect or contractor who are experts in the dental industry. An experienced architect or contractor will be able to point out any red flags or potential hazards within a space that can affect costs significantly. They can also help provide a preliminary construction proposal to ensure the project stays within your budget.

4. Receiving Equipment, Cabinetry, IT and Computers

Architectural plans take approximately 8- 12 weeks to be completed and approved from the local governing body. Within this time frame is when equipment, cabinetry and IT/computer bids should be selected and received.

5. Planning for Staff

The construction period takes anywhere from 60 to 100 business days depending on the locations and size of the project. During this time you should be finding the right employees for your practice size and making sure you have everyone you need to run your office come opening.

6. Double Checking All Licensing & Legal Needs

It is very important to not push this step back. It can take months before you can accept insurances and in addition, you will need to be licensed in your state, have a national provider identifier number, and register with the DEA. All this needs to be done before construction is finished so you can start practicing right away.

7. Marketing

Planning is key, get the word out any and all ways you can from Social media (Instagram, Facebook, Tik Tok, Snapchat), TV ads, prints ads, online ads, promotional events, etc. Develop your website so that it stands out but also simple enough for patients to schedule.

When planned carefully and properly managed, the process towards opening your new dental practice can be exciting and fulfilling.


In part, a Guest Post by Sasha Hewadpal & Araik Safarian at: Arminocoinc

Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

5 Boss Behaviors To Grow Into

A truly great boss is hard to find, difficulty to leave, and impossible to forget. You’ve heard it before - people don’t leave jobs or their companies, they leave their bosses. This holds true as I think about the bosses I’ve had and as I reflect on the type of boss that I aspire to be.

The Greatest Gift of Leadership is a Boss Who Wants You To Be Successful - Jon Taffer

A truly great boss is hard to find, difficult to leave, and impossible to forget. You’ve heard it before - people don’t leave jobs or their companies, they leave their bosses. This holds true as I think about the bosses I’ve had and as I reflect on the type of boss that I aspire to be.

5 Boss Behaviors To Grow Into — The UnOrthoDoc.png

Research has shown that there are a number of key leadership behaviors that bosses or managers can learn and develop. These behaviors are grounded in managing social-emotional reactions to our surroundings. By cultivating these behaviors, leaders can build a team that is accountable, trusting, resilient, proactive, and passionate about their work and the company’s mission.

Here are the 5 leadership behaviors that can have an impact on your team’s productivity and engagement:

  • Compassion

    • Compassionate leadership means showing genuine interest in team members’ success and well-being. This leadership behavior establishes a commitment to understanding, but not necessarily agreeing. It is also a more objective form of empathy. Unlike empathy, compassion creates emotional distance so that the leader can make sound and proactive decisions on the team member’s behalf. This behavior will ultimately lead to more trust and loyalty from team members.

  • Effective Listening

    • Listening can be more empowering than speaking. Effective communication skills are key to building trust with teammates and getting them to buy into your vision. Effective listening is a combination of both verbal and non-verbal communication skills that can be learned and practiced over time.

  • Embracing Change

    • Great leaders are able to quickly change course and help their team evolve with the organization’s needs. These people enjoy the process of continually striving for improvement and pushing their teams to the next level. They also are not afraid to fail as they realize that mistakes are mere opportunities to better themselves.

  • Embracing a Coaching Mindset

    Great leaders produce other great leaders through coaching. As a coach you are able to see each individual’s development and growth. Great leaders are able to tie people’s individual development to organizational objectives which increases accountability, improves retention, and develops stronger leaders within their teams.

  • Cultivating an Inspiring Vision

    • Effective leaders prioritize the creation of an inspiring work environment which propels their teams to see beyond their perceived limitations and step up to new challenges. Motivational leaders have a keen understanding of how to create a strong sense of community and belonging within their organizations. They regularly celebrate and reward achievements, and sets the standard for performance. As a result, their teams tend to see lower turnover, increased productivity, and elevated levels of motivation.

Great leaders are skilled communicators that tend to be humble, compassionate, and transparent. Some are born with innate talents and a set of behaviors that make them particularly suited for greatness. However, many leadership behaviors can be learned, developed, and practiced over time.

Now, do you think you have what it takes to be a great Boss or Leader? Thought so, Let’s Do This!



A version of this article can be found at BetterUp.


Read More
Professional Financial Dr. Patrice Smith Professional Financial Dr. Patrice Smith

How to Negotiate Your Contract, Like a Boss

Many professionals find the idea of engaging in contract negotiation intimidating. For this reason, many skip it all together and accept what they're offered, or they negotiate very minimally.

At this point, I have negotiated a few contracts to lend some insight on how to negotiate your contract to get what you want, what is fair and what you deserve. 

Many professionals find the idea of engaging in contract negotiation intimidating. For this reason, many skip it all together and accept what they're offered, or they negotiate very minimally.

 At this point, I have negotiated a few contracts to lend some insight on how to negotiate your contract to get what you want, what is fair and what you deserve. 

contract.jpeg

To Negotiate like a boss, especially if you're female, will take some mindset changes. Here I've outlined a few ways to successfully Negotiate your contract and get what you want.

1. Say NO

One of the greatest inhibitions in asking for your market value or what you think you're worth is the fear of rejection. Once you can get passed this fear you can move on to the negotiating table. Understand that the real Negotiating doesn't start until someone says no! Never just accept what you're being offered. Quite often contracts are written with wiggle room for that reason.  The goal of negotiating is to reach an agreement with someone whose interest may not necessarily be aligned with yours. In this context the word no is not a negative thing but offers grounds to problem-solve and come to a consensus and an agreement. The alternative is being stuck in a job with individuals who are happy to place their needs above yours. 

2. Ask for More Than What You Want

It's a much better negotiating strategy to ask for more than you actually want or think you will get. Allow each party to say no a couple times before saying yes. People aren't necessarily happy when they get what they want. Think about it: You sit with your potential employer and say " I would like a 10% increase from my previous salary and a corner office" and his/her immediate response is "Sure, no problem!" You will likely suffer from buyers' remorse and wonder if you should have asked for a 20% increase instead. 

3. Be Willing to Walk Away

A lot of negotiating is a mind game. The greatest bargaining advantage goes to the person who is perceived to have the least to lose. Establish your deal breaker or bottom line and be willing to walk away from a deal (or say you will). If you at least act like you're prepared to walk away if your bottom line isn't met then the other party will be more incentivized to meet your requirements. 

4. Get a Lawyer

You have looked over your contract thoroughly but you need a second pair of eyes on it. There may be some legal jargon that you don't understand or have over looked. A lawyer will be able to point some things out to you that you may have missed and can even negotiate on your behalf. In my experience it has been worth the money pay a lawyer to do some of the heavy lifting for you.

I know contract negotiations aren't always easy. You must ensure that you ask the right questions upfront, learn to say no, don't get bullied into signing on to something you will regret later and be willing to walk away. At the end of the day, make sure that you are getting a fair deal.

 

 

Read More