As part of our new client intake process, we perform a review of every client’s tax structure, insurances, asset protection and finances. We
also look at their accounting software systems to make sure the procedures are in place to produce accurate and timely financial reports.
During this stage we identified several issues including:
Being a family run practice, Andrew and his wife Jennene had to take on multiple roles and responsibilities. In some instances, they
weren’t formally trained in areas like bookkeeping, financial management, team building and marketing.
They were very busy working IN the business and couldn’t devote time to work ON the business and build strategies to manage their growth.
They also needed to get their team on board and develop systems and procedures.
Their previous accountant was purely providing tax compliance services. There was no tax planning on the agenda and the practice was only
preparing financial statements for tax return purposes. Andrew & Jennene had no real idea of their level of profit or tax exposure and
the accountant didn’t specialise in the dental industry.
How We Helped
Andrew was looking for an accountant who understood the dental profession. At our seminar he saw we had specific tools and resources
to help him grow his practice and improve his profitability. He provided us with his most recent set of financial statements and completed
a ‘Business Development Questionnaire’. We ran his numbers through our ‘Targeting Business Results’ program that highlighted the profit
improvement potential in the practice.
Over time we have run a number of training programs with his team including:
Towards Awesome Service - How to deliver awesome service by making small changes with small ideas and stand out from his competitors.
Phone Right First Impressions - This program shows the team how to project a professional image over the phone and make the most of every
call. It turns more price enquiries into instant sales by identifying the real needs of a potential patient. The pay-off is higher patient
Make Your Business Really Fly – A unique video workshop program that’s designed to help you build a business that really works! This
inspiring video program features an ordinary bloke “Wally” who has achieved amazing things with his business. Wally helps you evaluate the
way you are currently running your business and helps you make the transition from an ordinary business into an extraordinary one.
Advisory Board – Andrew’s team deal directly with the issues raised by his patients on a daily basis so their insight and input is
valuable. This program is designed to generate strategies to improve the processes within the practice. Tolevsky Partners have protocols
for working with team’s to develop a patient service plan that directly deals with the feedback you receive from patients and team
members alike – instantly setting your practice on a path much more aligned with patient expectations.
We also provided a range of tools and resources to implement in his practice including:
- Organisation chart and position descriptions for each team member
Practice manual that details, "This is how we do it here" including
systems and processes on how the practice operates
- Welcome to Our Practice Booklet - Information booklet on the practice and the services provided
- Referral System - Implementation of a system to capture word of mouth referrals
- Courtesy Policy and Mission Statement
- Implement KPI's for tracking and measuring the practice results
We also implemented a 10 Step Business Development Program that is designed to make Andrew’s practice more valuable, profitable and
saleable. It started with an assessment of his current position and quantified the profit improvement potential in his practice. From there
we identified the action steps required to achieve the targeted results.
The process started with the completion of a detailed ‘Business Development Questionnaire’ to identify the challenges the practice faced. We
then developed a course of action to overcome the hurdles or blockages in the practice. The action plan listed the goals and time lines to
implement the strategies and tools. A lot of the practice processes weren’t systematised so we looked at areas where we could improve
From there, we documented the practice processes to create a ‘This is How We Do It Here Manual’ on how each process is to be completed.
Being more automated provides more control in the practice that produces better, more predictable outcomes. Finally, having Key Performance
Indicators (KPIs) and a Financial Plan in place created benchmarks to measure their performance against. It’s a bit like the dashboard of
your car with gauges and signals that tell you instantly how your business is travelling.
Once Andrew gained control of the operational side of his practice and understood the key numbers the next phase was to look at tax
planning opportunities. We then assisted with the development of a Business Plan and Cash Flow Budgets. We also scheduled monthly reviews
and planning meetings
Another area of the practice we got involved in was risk management strategies. As part of our analysis we did an insurance audit to
identify the business had the right insurances with appropriate levels of cover for income protection, life, public liability, building and
contents plus motor vehicles.
As the practice grew we also provided advice on human resource matters including payroll management, superannuation and WorkCover. We
also provided advice on the most tax effective method of financing vehicles and dental equipment.
The impact of the advice and assistance has been significant in the practice. Gross revenue of has increased by 57% and the bottom
line has increased substantially.
Clearly, the practice was never in any financial trouble but the strategies and tools have simplified and systemised the practice.
Andrew has regained control and been freed up so he can work ON the practice. He now makes better decisions and has a blueprint for the
“We can call Chris or Fiona and the team any time with any accounting, tax, finance or business question and they always make time for me.
Their service is truly awesome and no job is too big or small for the team. They have shown us how to take control of our finances once
and for all. They have also helped us with our marketing and Chris has been instrumental in helping us grow our business. We take great
comfort in the knowledge that our tax and financial affairs are in the hands of a firm who think outside the square and really understand
Dr Andrew Maimur