Profit First is a revolutionary system that can help your dental practice become profitable in record time. If you’ve taken our free webinar (REGISTER HERE), you already have an understanding of the foundational aspects of this amazing system. A common pain-point of Profit First is finding a bank that supports the “small plates” you’re now passing your money through. What bank should you use?
A bank that does not charge minimum balance fees for checking and savings accounts.
Your Existing Bank
If you love your existing bank, tell them! Explain that you’re improving your cash-management system and ask for details on additional checking and savings accounts. Be sure to ask if any minimum balance fees are associated with the new or existing bank account(s).
Just a reminder – you’re establishing these accounts:
- Income
- Profit
- Owner’s Compensation
- Tax
- Operating Expenses
Have No Fee-ar
If your existing bank does not have a minimum balance fee, congrats! That makes things easier. Be sure you explain to the bank that you are going to be saving money at the bank (your PROFIT, PROFIT, PROFIT) and in order to effectively do this it will be necessary for you to move money between accounts – sometimes resulting in zero-dollar balances in some of the accounts. It always helps to explain things upfront.
Your Existing Bank Does Have a Minimum Balance Fee
Explain to your bank that you are working to save more money (again, your PROFIT), and in order to do that you need to move money between your accounts. Again, explain that some accounts will be brought to a zero-dollar balance as a result. Then, ask if the bank would be willing to waive their fees.
If they are not interested in waiving their fees – unfortunately it sounds like they are not interested in your business or supporting your practice. As a corollary, if you want to avoid fees, it’s time to find a new bank.
Finding Your New Profit First Friendly Bank or Credit Union
Local community banks and credit unions are usually going to be best-suited for Profit First. Typically, these banks don’t charge minimum balance fees (and are much more negotiable with regard to fee schedule). Most community banks have adequate technology and use secure platforms which can be better suited for supporting your small business. Lastly, these smaller institutions LOVE their bigger customers and will typically go above-and-beyond to keep them happy.
Conclusion
Having a bank that supports Profit First is vital. It can seem intimidating to implement the system and establish your banking needs, but once you are done, it will have been worth it. You want to be more profitable than ever before, right? Profit First will work for you. You just need to start.
Engage Advisors is the exclusive home of Profit First for Dentists. Our clients enjoy a lot less stress while making a lot more money. Find out how the experts at Engage Advisors can help your dental practice, today! Chat with us anytime!