Ready to get off the wheel?
Ready to get off the wheel?
Someone can appear one way, successful, but behind the shiny façade life might not be going so well.
February 14, 2019

By Hayley Robins, Senior Accountant at Hive Business

I was watching Piers Morgan and two other people gesticulating hard but then laughing every now and then. I couldn’t work out what was going on because there was no sound — I was on the treadmill at the gym with my earphones in. I only had half the story.

It reminds me of a common theme in dentistry. Someone can appear one way, successful, but behind the shiny façade life might not be going so well. They might be unhappy or heading for financial ruin, or both.

My life was just tax returns for two months until January 31. It’s a small part of my job normally but I worked an incredible number of hours on them. I’m good at it, and fast. I felt productive, there was a high tangible output and I suppose I felt successful because I was getting through the workload.

However, when I’m in that mode for too long I know there’s a cost. I always feel it’s quicker to do things myself rather than asking colleagues for help, and the task at hand takes over and begins to cloud my judgement. I begin to close off parts of my brain in order to remain focused, which I suppose is human nature.

I got through the work, so there was ‘success’, but I don’t know what the cost was in other areas. I wasn’t looking at what I didn’t do in those two months because I was so focused on the January 31 deadline.

The busier you are the harder it is to step back and look up. You haven’t got the time or headspace and it’s easier to keep your head down and work. Luckily for me there was an endpoint. Now, in February, I’m enjoying being out of the all-consuming nitty gritty of production. I feel liberated, even though I’m still working hard, because it’s not the same. I’m back to teamwork and big picture stuff.

Dentists don’t have a similar reprieve. Many are addicted to a high number of clinical hours for good reason: instant cash, instant gratification, self-affirmation. They get paid, look and feel successful, have a nice car and plenty of money. They get accustomed to it, want more, and the hours ratchet up.

They work harder and harder. That can be lonely. When you’re caught in the hamster wheel, how do you get off? The well trodden path is: build up your associates and work on the business not in it. Why is that so hard? The change must start with you. It’s the easiest thing to defer. Dentists always say “I’ll just get this done and I’ll come back to that next month when I’m clear…” or “I’m just waiting for the perfect associate to come along and hit the ground running.”

My production pressures have eased now but if you’re a dental practice owner working yourself into exhaustion they will never ease unless you change your relationship with work. You have to be your own deadline. That’s hard. I know because we get calls from people interested in diagnostic days who get sucked back in to production and lose touch, then further down the line they call back. That’s life.

Your isolation is the first problem. When you’re isolated you’re doing everything and the production takes over. There’s no room to think about anything else, it’s too stressful. Before you know it you keep going, and years later when you try to sell your practice isn’t worth much because you’re the main asset. The Hive shadow board can help move you out of this predicament. Get in touch on 01872 300232 or email hello@hivebusiness.co.uk when you’re ready to get off that wheel.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Hayley Robins ACA Accountancy Director
If you have any questions or comments about this article, please get in touch.
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