Low Cost Retirement Plans for Small Business Owners

by Konstantin Litovsky, Principal at Litovsky Asset Management

So you are now ready to open a retirement plan for your business. Whether you are looking to minimize taxes or provide a valuable perk to your employees, there are many different choices available depending on what you are trying to accomplish. Which plan should you open? SEP IRA?  SIMPLE IRA? Individual 401k? Safe Harbor 401k? Cash Balance or a Defined Benefit plan? This article provides general guidelines on how to select an appropriate plan for your business.  Whether a particular plan is a good fit for your business should ultimately be determined by your CPA or your fee-only retirement plan consultant.

When selecting a plan for your business you need to consider both your personal financial situation and your current and future business needs.  For a business with only a spouse employee, your personal financial situation will determine which plan will best address your needs.  A mature business with many employees might need a plan that is customized to the needs of the business owners, especially when the owners want to maximize their own contributions. A plan opened for a solo proprietor is not going to be appropriate for a business with employees, so it is important to understand how to transition your retirement plan as your business needs change.

Learn about these options; Owner with spouse employeeSmall businesses with non-spouse employees, Midsize company, companies with high earning owners/key employees, Planning tips for small business owners, How to go about opening a plan, and  How to run a successful plan at Konstantin’s blog HERE.

 

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Patent Bits: Do you need a prototype to apply for a patent?

Quan Nguyen, Principle at Nguyen & Tarbet

Not at all! You just need to “enable” and adequately describe your invention in words and drawings. In patent language, to “enable” means that you describe your invention in a way that others can read your patent application and go to reproduce your invention. Having said that, it is always helpful to try to make a prototype for your invention. When you make a prototype, you get to test the invention to see how it works. Often time you will find ways to improve your invention. And when you identify those improvements, you can describe those improvements in your patent application to make it a stronger application.

Do you need patent advice? Visit Nguyen & Tarbet and contact Quan Nguyen. Don’t forget to register with DentalAssets.com to claim your free consultation call with Quan Nguyen!

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Patent Bits: To file or not to file a patent application on your new dental innovation?

Quan Nguyen, Principle at Nguyen and Tarbet, LLC

It’s all about market share and creating barrier to entry. Let’s remember that one of the biggest reasons for having a patent is to be able to stop others from making/selling products that compete with yours.

Here are a couple of scenarios where it would not be worthwhile to file a patent application: (1) There are hundreds of effective ways for a competitor to design around your invention. If this is the case, then it doesn’t matter what or how many patents you get, the competitor will be able to make/sell a product that does not infringe on your patent.

(2) The technology of the invention will become obsolete in a few years. In this case, it would be better to be the first to market and make as much money as you can and move on. However, there are situations when it would be advantageous to file a patent application. For example, the invention is a “choke hold” technology and everyone must use the invention to achieve a critical task. Or even if the invention is not a complete “choke hold”, but the invention design that you have is the least expensive to manufacture, then filing a patent application on such an invention may be worthwhile because you have the advantage of competitive pricing.

Although patents may provide a great barrier to entry, there are other non-patent barriers to consider as well: FDA approval, competitive pricing, and brand dominance. If you have an invention you would like have patented or have a question regarding this process, please contact Nguyen & Tarbet, Intellectual Property & Law.

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THE VALUE OF HAVING A DAILY PRODUCTION MEETING TO IMPROVE SERVICE TO YOUR CLIENTS AND PATIENTS

Jono Lo Bue discusses the importance of having a daily production meeting to improve service and team unity.

Coordination is one of the most vital functions of running a successful practice and can often be a turning point for a practice in improving service and working as a team to deliver exceptional service to patients.
I recommend starting each day with a fast, 5 to 10 minute, production meeting to provide an opportunity for staff to get in communication and get coordinated. This is not necessarily a sit down meeting, but a rapid coordination meeting to get the day started. (If you have staggered schedule shifts, you could work this into a meeting at the start of each shift.)

With this strategy all staff, including associates, play an active role in this meeting by being:

1. on time
2. prepared with relevant charts and information
3. focused on what needs to be accomplished for the day
How can you promote these goals? Read more at Business Straight Talk
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Marketing in Dentistry – Get The Right Image

By: Neil Sanderson

If you look around the marketing in dentistry, from the poster in a dental practice right through to the likes of Colgate and Oral B television advertising, you would think that the only people who have any dental work done on their teeth are twenty something’s!

Of course the reality is the opposite, most twenty something’s need very little work doing on their teeth other than whitening maybe, there is another issue with this group too, they don’t have the disposable income that the older generation, this is the target market that marketing in dentistry should be clearly aimed at.

Marketing in dentistryI was recently commissioned by a dental practice to promote implants for them and one of the media we chose to run some adverts was the local press.

The first advert they came back to us with had a beautiful twenty something lady with a dazzling smile, such as the one to the left. This was completely the wrong image for what we were trying to achieve.

What we actually wanted and ended up with was an image like the one below, which was exactly the age group that we were trying to target with our dental marketing pieces.

Marketing in dentistry is no different to any other type of marketing you can take the scatter gun approach or you can use rifle instead.

Older CoupleBefore you pick any images for your website or any form of marketing in dentistry think of the target market you have in mind.

So for instance if you are promoting whitening a  young female with dazzling white teeth would be very appropriate, but if you are marketing straightening, this might not be the appropriate image to use.

Team photographs are always good especially on brochures and websites, these give an image of who your target market are going to be dealing with, its also very relevant to the subject matter. However photographs of the practice building mean little or nothing to your audience, unless it is an very pretty building set in a lovely location.

Before and after images can be useful too, but make sure that these are relevant to the marketing in dentistry message you are trying to portray, and don’t make the mistake of showing too graphical images of people having implants placed, these are an immediate turn off for most.

Read more at Neil’s blog: DentalMarketingExpert.com

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AUTOMATED ANSWERING SERVICES ARE LOOSING YOU GOOD PATIENTS

By: Jono Lo Bue
It’s time to get rid of automated answering services during working hours.
The truth is that if you are using an automated answering service during working hours, you are loosing potential new and returning patients.
By survey, most patients feel that it is very impersonal to be received by an automated answering service and they get the idea that you are too busy to see them, so they rapidly hang up and move on! It reminds them too much of a big corporate operation – very impersonal and uncaring. They feel that once they get the automated answering service they are a number being handled by a machine and no longer a patient being cared for.
How can you provide great service?

Read Jono Lo Bue’s Advice about Communication

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Obstructive Sleep Apnea is just a Mens Disease

Obstructive Sleep Apnea Does Not Discriminate Against Sex or Age.

SNORING - Sleep Apnea

In the European Respiratory Journal, Swedish scientists reported that OSA  is common in both sexes, a disorder that was thought to mainly affect men. 

 Dr. Karl Franklin and his team set out to find out how prevalent sleep apnea is among women and how often symptoms occur. Out of a population-based random sample of 10,000 women between the ages of 20 and 70 years, they gathered data on 400 of them. The test group were given questionnaires which included several questions regarding their sleeping habits and sleep quality. They also underwent overnight polysomnography.
 7-14-12 SNORING
The authors concluded:
Obstructive sleep apnea occurs in 50% of females aged 20-70 years. 20% of females have moderate, and 6% severe sleep apnea. Sleep apnoea in females is related to age,obesity and hypertension but not to daytime sleepiness. When searching for sleep apnea in females, females with hypertension or obesity should be investigated.”
  • A apnea-hypopnea index of 30 or more (severe symptoms) affected 14% of the participants aged 55 or more
  • 31% of the women who were obese and at least 50 years of age had severe sleep apnea
Learn more about Sleep Apnea at Sleep Group Solution’s CE courses held across the United States. For more information regarding  these CE courses visit: DentalAssets.com
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The Key to Dental Marketing

Our Friend, Neil Sanderson, posted the key to dental practice marketing or marketing in general.

Doing Nothing Achieves Nothing

Doing Nothing Achieves Nothing

If you find yourself realizing your dental practice’s “revenues have fallen by 30%. ” Neil’s  “next question was “what have you done about it?” He told me they had put an advert in Yellow Pages and advertised on Yelp. Basically he admitted that they had done nothing. No dental marketing at all.

Read more about the key to dental marketing here:  The Key To Dental Marketing

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Whats wrong with this greeting?

 “Are you here for your cleaning? Take a seat in the waiting room, Mrs. Smith. The Hygienist will be with you in a few minutes.”

 What’s wrong with this greeting?
EVERYTHING!!
1..It’s not a welcome in any shape or form. No enthusiasm, no appreciation, no rapport, no engagement. no love. There might as well be a robot and a clipboard.
2. Why ask a patient what they are “here” for?  Did your computer software crash?
3. I am tempted to “take a seat”, as you say, and put it in my car.
4. “Waiting room”? So that’s what we do here- “wait”.
5. “The Hygienist”? She has a name, too.
And YOU may please add your “pet peeves” to this list.

We’re not finished yet!

Now suggest your best professional, friendly, and elegant substitutions for these archaic dental terms, and feel free to add to the list.

LET’S CREATE A MORE ELEGANT DENTAL LEXICON

cleaning                  [The janitor will give you a cleaning today]
probe (noun)          ["Is that going to be with that pointy thing that you stick in my gums?"]
probe (verb)           ["You are going to do WHAT to me?"]
waiting room           [".... for how long?"]
Hygienist                 ["Hygienist" is correct, but aren't there more services and skills offered by this professional?]
front desk (inanimate object)    [It's usually wood and formica, but can't we call that area something more elegant?]
Front Desk (the human at the inanimate object)    [With this one, I cringe! How can a dentist show so little respect to someone who is so important to the image and success of the practice?]
Assistant
drill (noun)
drill (verb)
 
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Creating a Productive Referral System for your Dental Practice

The Neilson Report states 92% of consumers trust earned reviews such as word-of-mouth and recommendations from friends (Nielson). With such a high percentage of trust, Jono Lo Bue chimes in on the topic of referral systems for your dental practice!

Happy clients and word of mouth marketing is one of the most effective methods to fill your practice with new patients. An internal referral campaign to get your existing patients excited about telling their friends and families about your  the way to actively create new patients and is very important and very inexpensive.

Come see the 7 ways to create a productive referral system for your practice!

 

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