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Thursday / May 26.
HomemibusinessGetting Your Finances In Check

Getting Your Finances In Check

Setting goals is essential for keeping your business on track and moving forward. To help you stay focused on the year ahead, outlined are some suggested goals and ideas for achieving them.

According to Forbes, a recent industry report highlighted that 80 per cent of small business owners confessed they did not track their company goals but, at the same time, still see goal-setting as integral to business success. So where should you start?

Streamline Your Practice Finances

A career in the medical industry can be so fast-paced it’s often hard to find time to carefully audit your spending and accounts. If you have a few staff members it might be hard to keep track. You might want to start thinking about ways to track your business spending through a credit card which offers you segregated spend, enabling spend from different parts of your business to be kept in one place.

Invest in Technology

Investing in new technology or equipment may help you stay ahead of the competition by improving the efficiency or the service offering of your practice. Additionally, in the long term, it may help you grow your revenues and attract new patients. BOQ Specialist allows you to finance asset purchases through a BOQ Specialist credit card and earn reward points, for a fee, whilst doing so.* Most people don’t think to pay for expensive items using a credit card. Even with a credit limit high enough to cover the purchase, substantial merchant fees may mean that the salesperson is unwilling to perform the transaction and cardholders miss out on valuable reward points. This is particularly disappointing for medical professionals who make large purchases for their practices, such as equipment, tools or motor vehicles.

A career in the medical industry can be so fast-paced it’s often hard to find time to carefully audit your spending and accounts

With so many products on the market, credit cards that offer rewards on larger purchases really are a game changer. BOQ Specialist are in the unique position of being able to build relationships with suppliers to facilitate these types of transactions, so that our clients can build their practices and at the same time earn their frequent flyer points.

What’s more, the client is subsequently able to convert this credit card purchase easily into a BOQ Specialist fixed term finance contract – be it a lease or chattel mortgage or whatever suits their financial needs. On top of that they can make their monthly repayments on the card, and even earn points on their repayments too.**

For an ophthalmologist, a typical equipment purchase is a high-end OCT scanner, costing approximately $130,000. If purchased using the BOQ Specialist Signature card earning one point for every $1, this would equate to 130,000 frequent flyer points – the equivalent of a return flight to Europe.

Medical professionals have higher capital expenditures to manage and should benefit from these investments. Earning rewards by making these purchases on a credit card is a great place to start.

Consider Opportunities Overseas

Are there professional development courses overseas which you might benefit from? Markets in Europe and the US are often ahead of Australia in implementing new technologies, and procedures, so attending conferences and training courses abroad may help you discover your next professional challenge or help you gain a competitive edge.

Active Adventure

While you are away for training and development, why not extend your trip to include time for leisure or adventure? Over one third of doctors are over 50 and many have no intention of ceasing work. In light of this, the best way to take time out may be to integrate both work and pleasure. BOQ Specialist Signature credit cards offer a full suite of travel benefits including complimentary travel insurance, concierge services and Priority Pass airport lounge access.

Stay Savvy with Personal and Family Spending

As ophthalmologists and eye specialists, you are making vital decisions around patient care and practice management all day, every day, often leaving little time and energy to consider matters of personal and family finance. In these circumstances, an expert that knows the ins and outs of your personal financial situation, as well as the demands of your profession can be invaluable. BOQ Specialist have over 25 years’ experience in dealing with medical professionals.

For more information, contact BOQ Specialist on 1300 131 141 or visit boqspecialist.com.au

Dr. Brett Robinson is a qualified medical specialist and the Chief Executive Officer of BOQ Specialist, a company that provides tailored financial services to core specialist niches including medical professionals such as doctors, dentists and vets.

The opinions expressed in this article do not necessarily reflect the opinion of Toma Publishing and its subsidiaries.

The credit provider is BOQ Specialist – a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian credit licence no. 244616 (“BOQ Specialist”). Terms and conditions, fees and charges and lending and eligibility criteria apply. We reserve the right to cease offering these products at any time without notice. The information contained in this article (Information) is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided. We recommend that you obtain independent financial and tax advice before making any decisions. You should obtain independent financial, tax and legal advice as appropriate. Reward points are earned in accordance with the rewards program terms and conditions.

True and correct as at 29 March 2016 based on return to London using QANTAS classic rewards (being 120,000 points). Individual circumstances differ and can change.

*A 1.5 per cent processing fee applies on the purchase price. Points are earned on eligible purchases only. In the above scenario the initial purchase would incur a $1,950 tax deductible fee.

** If you elect to make loan repayments on your BOQ Specialist Credit Card a 1.5 per cent processing fee applies on the amount of each repayment. Clients can earn an additional 1 point per dollar spent should they elect to make the repayment on their finance through the BOQ Specialist Signature card.

For full credit card terms and conditions please refer to www.boqspecialist.com.au/credit-card-terms