{"id":39779,"date":"2024-11-18T09:37:36","date_gmt":"2024-11-17T22:37:36","guid":{"rendered":"https:\/\/www.bitemagazine.com.au\/?p=39779"},"modified":"2024-11-18T09:37:36","modified_gmt":"2024-11-17T22:37:36","slug":"getting-your-debt-level-under-control","status":"publish","type":"post","link":"https:\/\/www.bitemagazine.com.au\/getting-your-debt-level-under-control\/","title":{"rendered":"Getting your debt level under control"},"content":{"rendered":"\n<p class=\"wp-block-yoast-seo-estimated-reading-time yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-icon=\"clock\" width=\"20\" height=\"20\" fill=\"none\" stroke=\"currentColor\" style=\"display:inline-block;vertical-align:-0.1em\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M12 8v4l3 3m6-3a9 9 0 11-18 0 9 9 0 0118 0z\"><\/path><\/svg><\/span><span class=\"yoast-reading-time__spacer\" style=\"display:inline-block;width:1em\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time: <\/span><span class=\"yoast-reading-time__reading-time\">5<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt.jpg\" alt=\"getting your debt level under control\" class=\"wp-image-39780 lazyload\" style=\"width:450px\" data-srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-300x300.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-150x150.jpg 150w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-768x768.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-420x420.jpg 420w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-840x840.jpg 840w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-600x600.jpg 600w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-696x696.jpg 696w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><noscript><img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt.jpg\" alt=\"getting your debt level under control\" class=\"wp-image-39780 lazyload\" style=\"width:450px\" srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-300x300.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-150x150.jpg 150w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-768x768.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-420x420.jpg 420w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-840x840.jpg 840w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-600x600.jpg 600w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2024\/10\/reducing-debt-696x696.jpg 696w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><figcaption class=\"wp-element-caption\">Illustrations: wipas\/123rF; alekseyvanin\/123RF<\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-striking-the-right-balance-between-debt-and-cashflow-is-a-must-for-all-dental-practices-but-it-s-just-as-important-for-practice-owners-to-understand-their-options-in-getting-debt-levels-under-control-by-tracey-porter\">Striking the right balance between debt and cashflow is a must for all dental practices, but it\u2019s just as important for practice owners to understand their options in getting debt levels under control. By Tracey Porter<\/h2>\n\n\n\n<p>Many practice owners are struggling to keep afloat in the country\u2019s current economic crisis.<\/p>\n\n\n\n<p>Shane Morgan, a partner at financial services firm <a href=\"https:\/\/www.cutcher.com.au\" target=\"_blank\" rel=\"noreferrer noopener\">Cutcher &amp; Neale<\/a>, says as well as high interest rates, there are several other issues making it hard for dentists to keep their heads above water. These include lowered margins and a downturn in patient numbers due to a perception that dentistry is a discretionary spending item that can drop off in a cost-of-living crisis.<\/p><div class=\"bitem-article-desktop-720x300-in-text\" id=\"bitem-2924217408\"><!-- Bite 720x300 [async] -->\r\n<script type=\"text\/javascript\">if (!window.AdButler){(function(){var s = document.createElement(\"script\"); s.async = true; s.type = \"text\/javascript\";s.src = 'https:\/\/servedby.engagemedia.com.au\/app.js';var n = document.getElementsByTagName(\"script\")[0]; n.parentNode.insertBefore(s, n);}());}<\/script>\r\n<script type=\"text\/javascript\">\r\nvar AdButler = AdButler || {}; AdButler.ads = AdButler.ads || [];\r\nvar abkw = window.abkw || '';\r\nvar plc705185 = window.plc705185 || 0;\r\ndocument.write('<'+'div id=\"placement_705185_'+plc705185+'\"><\\\/'+'div>');\r\nAdButler.ads.push({handler: function(opt){ AdButler.register(165450, 705185, [720,300], 'placement_705185_'+opt.place, opt); }, opt: { place: plc705185++, keywords: abkw, domain: 'servedby.engagemedia.com.au', click:'CLICK_MACRO_PLACEHOLDER' }});\r\n<\/script><\/div>\n\n\n\n<p>Julie Parker of <a href=\"https:\/\/julieparkerpracticesuccess.com\" target=\"_blank\" rel=\"noreferrer noopener\">Julie Parker Practice Success<\/a> further argues that many dental practices are also facing increased staffing costs while team members are feeling the effects of the cost-of-living crisis, with some requesting pay rises to help cover personal expenses.\u00a0<\/p>\n\n\n\n<p>\u201cBeyond this, operational costs, such as utilities and supplies have also risen, further stretching practice budgets. All these factors combined are putting considerable pressure on cashflow and profitability.\u201d<\/p>\n\n\n\n<p>Debt, in the form of a business loan or an overdraft facility, forms a vital part of running and managing a business\u2019s cashflow effectively, according to <a href=\"https:\/\/www.pherrus.com.au\" target=\"_blank\" rel=\"noreferrer noopener\">Pherrus Financial Services<\/a> partner Eason Yu.\u00a0<\/p>\n\n\n\n<p>Yu says borrowing to invest in new equipment, expand the practice or improve patient services can have significant long-term benefits. Debt may also allow a dentist to build a property portfolio using beneficial dental lending policies from banks and capitalising on increase in property values, thereby growing their overall wealth.<\/p>\n\n\n\n<p>\u201cUnfortunately, debt\u2014particularly accumulated debt outstanding to government bodies such as the ATO\u2014can put undue pressure on businesses and can at times force businesses to spend much-needed funds to repay accumulated debt rather than paying much-needed creditors for inventory, labour or assets to run a small business.\u201d<\/p>\n\n\n\n<p>Recently the ATO teamed up with the Australian Banking Association (ABA), Chartered Accountants Australia &amp; New Zealand, and CPA Australia to create a campaign to encourage businesses to engage early to get on top of their debts.&nbsp;<\/p>\n\n\n\n<p>ABA CEO Anna Bligh says the campaign reminds customers facing financial difficulties that they don\u2019t have to \u201ctough it out on their own. Our small businesses are incredibly resilient, but banks want customers to know they are not alone if they feel like they are struggling to make repayments.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Surplus amounts can always be used to repay debts sooner. Managing your business\u2019s cashflow correctly will help you know how much you can spend and where. <br><br><strong>Eason Yu, Pherrus Financial Services\u00a0<\/strong><\/p><\/blockquote><\/figure>\n\n\n\n<p>Our experts offer a range of tips for helping practice owners get back in the black:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-prioritise-debts-nbsp\">Prioritise debts&nbsp;<\/h3>\n\n\n\n<p>Yu says repaying urgent and old debts will reduce the pressure on your cashflow allowing you to manage your funds better. \u201cSurplus amounts can always be used to repay debts sooner. Managing your business\u2019s cashflow correctly will help you know how much you can spend and where.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-improve-productivity\">Improve productivity<\/h3>\n\n\n\n<p>Practice owners should consider shifting their focus to improving practice productivity and efficiency as well as revenue, rather than delaying necessary equipment upgrades or cutting costs on lab work and consumables, Parker suggests, as ultimately this can lead to a reduction in the quality of patient care: \u201cFocus on patient engagement to increase treatment acceptance rates, enhancing customer service and streamlining administrative processes to shorten appointment times without rushing.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-understand-good-vs-bad-debt\">Understand good vs bad debt<\/h3>\n\n\n\n<p>Morgan explains good debt is where you receive a tax deduction for the interest component, and bad debt is where you don\u2019t e.g. on your home mortgage. \u201cUtilise debt reallocation strategies to minimise bad debt and maximise good debt. It may be a much better strategy to maximise profit out to your family and pay down your mortgage while utilising the \u2018good debt\u2019 concept for your business with the purchase of equipment (rather than paying cash).\u201d<br>Examine your accounts<\/p>\n\n\n\n<p>Conduct a forensic examination of your current expenses to cut any unnecessary spending, Parker advises. This could include reducing online marketing costs and exploring instead local advertising, information evenings, or networking events for cross-referrals. \u201cIf you haven\u2019t increased your fees recently, now may be the time to review and adjust them accordingly. Also, make sure you follow up on any outstanding payments owed to the practice.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-outside-help\">Get outside help<\/h3>\n\n\n\n<p>Morgan says consulting with trusted advisers about cashflow, structuring for debt management and efficiencies, and profitability of your practice is advisable. Meet with your accountant quarterly to review your financial health and set realistic budgets for wages, consumables and other expenses. Under the ABA\u2019s Code of Practice, your bank must consider how they can help you with your financial difficulties. Visit its financial assistance hub. CPA Australia also has a dedicated resource to help you understand your options if your business is in financial distress. &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-negotiate\">Negotiate<\/h3>\n\n\n\n<p>Creditors are always open to negotiation regarding payment, Yu says. Proposing a repayment plan is often a practical way to get debt under control. This is particularly true of the ATO however, he cautions, it is essential to have all the lodgements up to date and propose a feasible payment plan to avoid further recovery action, which can add unnecessary pressure on your business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-learn-from-the-experience\">Learn from the experience<\/h3>\n\n\n\n<p>Once debt is under control, it\u2019s good to reflect on the lessons learned and apply them going forward, Parker says. \u201cRegularly tracking key performance indicators (KPIs) and financial figures will help you spot issues early and make necessary adjustments before they escalate. By setting and tracking these budgets as part of your KPIs, you\u2019ll be able to better manage cashflow and prevent debt from accumulating again.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-be-positive\">Be positive<\/h3>\n\n\n\n<p>Parker says it\u2019s important to not be overwhelmed by the problem of debt and instead adopt a healthy perspective on finances. \u201cSeek out advice to improve your financial management skills, and focus on finding opportunities for growth and efficiency, rather than dwelling on the challenges. This proactive approach will help you stay financially healthy and maintain a thriving dental practice.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Striking the right balance between debt and cashflow is a must for all dental practices, but it\u2019s just as important for practice owners to understand their options in getting debt levels under control. 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