Articles

Your Guide to a Safe Dental Office Lease Renewal

By admin-tmfd on 29 January 16 Practice Management

Does your dental office lease expire in the next 24 months or less? If so, it’s time to start planning your renewal negotiation with your landlord! Achieving a good lease with fair and affordable financial terms requires extensive research, preparation, and a strong negotiation strategy. Follow our lease renewal guide to ensure you secure the […]

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Dr. John Peters Adds $3M to his Net Worth by Becoming a “Connected Dentist”

By admin-tmfd on 29 January 16 Tax Planning

Mike Lakhani,B.Comm, F.C.C.A., C.P.A., C.G.A.,CFP,R.F.P.is the Founder and CEO of TMFD Financial (TMFD Financial). Mike has over 30 years’ experience as a Financial Advisor working with dentists in the Ontario area. Mike specializes in tax, practice and investment planning for the dental profession. You can contact him at 905-273-6605 or on email info@tmfd.ca. As […]

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Connected Dentist by TMFD Financial – Are You Connected?

By admin-tmfd on 28 January 16 Tax Planning

Are You Connected? What does Connected Dentist TM mean? Consider that every successful business, every winning sports team, and every impactful world leader has a strong team that performs, and effective co-ordination and communication is a cornerstone to that performance. The same can be said for a Dental Practice – you have not only hygienists, […]

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Dr. Oman Reduces His Overhead Expenses – The Power of 1%

By admin-tmfd on 28 January 16 Practice Management

Small changes can make a big difference. Even a 1% change in behaviour can make significant difference over time. Consider, for example, the impact of improving the efficiency of one’s dental practice. Small improvements in revenue or expenses will increase the bottom line and lead to a big advantage. We call it The Power of […]

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How Does Your Practice Compare With Your Peers?

By admin-tmfd on 26 November 15 Practice Management

TMFD Financial Benchmarking Database As we charge ahead into fall and get ready to close out the year, we are often asked the question, “How does my practice compare to that of my peers?” This question is often hard to answer as the data is not readily available and practice numbers are rarely shared within the […]

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Facing the Demise of a Loved One – The Case of Dr. Lipp

By admin-tmfd on 26 November 15 Estate Planning

It is always with great sadness to learn about the death of a friend, colleague, or family member. The impact of one’s life can be great and it can be a difficult transition for those left be- hind. This was certainly true for Dr. Brenda Lipp (name changed). Profile Dr. Lipp was referred to us […]

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What do the Proposed Liberal Tax Changes Mean for Dentists?

By admin-tmfd on 26 November 15 Tax Planning

Justin Trudeau is officially sworn in as our Prime Minister and boasts of the most diverse cabinet Canada has ever seen. While he is off representing our interests at the G20 summit, it’s time we focus on what will happen when he gets back. One of the first changes that we will see, as early […]

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Top Ten Tips for Inventory Control in Dental Offices

By admin-tmfd on 24 July 15 Practice Management

Accurate inventory control is essential to managing and controlling your overhead expenses. You need to have a control system that is maintained and updated at all times. The budget for clinical consumable supplies (excluding lab) should not exceed 5% of gross production per month. As productivity increases, the budget should adjust accordingly. A clinical staff […]

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Sowingo.com – Making Private Practice Easier

By admin-tmfd on 24 July 15 Practice Management

As with anything in life, there are many aspects of dentistry that we love, and others that we loathe. Not all practitioners are the same, but I’ve found it to be the consensus that managing our supplies is near the top of one of those lists. The whole process is antiquated – from price comparing, […]

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Cash Flow, Taxes & Net Worth – A Financial Road Map for Dentists

By admin-tmfd on 24 July 15 Accouning & BookKeeping

After a terribly long and hard winter in 2013/2014 (except for the skiers and snowboarders among us), we can finally say with confidence that spring has sprung. With that, we look forward to this year’s ODA Annual Spring Meeting (ASM 2014), on May 8-10, where we look forward to meeting old friends and making some […]

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