982: Metric Mondays: Overhead - Team Compensation Percentage – Miranda Beeson

Running a business is expensive — and a large portion goes to your team. In this episode, Kirk Behrendt brings back Miranda Beeson, ACT’s director of education, to kick off a series on overhead with team compensation percentage. They break down what it is, how it impacts your practice, and what you can do to improve your numbers. To learn how to keep team compensation in a healthy range, listen to Episode 982 of The Best Practices Show!Learn More About Miranda:Send Miranda an email: [email protected] Follow Miranda on ACT’s Instagram: https://www.instagram.com/actdentalSend Gina an email to learn more about ACT: [email protected] More Helpful Links for a Better Practice & a Better Life:Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listenJoin The Best Practices Association: https://www.actdental.com/bpaDownload ACT’s BPA app on the Apple App Store: https://apps.apple.com/us/app/best-practices-association/id6738960360Download ACT’s BPA app on the Google Play Store: https://play.google.com/store/apps/details?id=com.actdental.join&hl=en_USJoin ACT’s To The Top Study Club: https://www.actdental.com/tttGet The Best Practices Magazine for free: https://www.actdental.com/magazinePlease leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218Episode Resources:Watch the video version of Episode 982: https://www.youtube.com/@actdental/videosMain Takeaways:Think of team compensation as an investment, not an expense.Your team compensation percentage should be between 25% and 30%.If team compensation percentage is over 30%, you are too people-dependent.Define accountabilities, processes, and responsibilities to be systems-dependent.Consider profit-sharing models or hourly plus commission so your team can earn more.Snippets:0:00 Introduction.1:06 Team compensation percentage, explained.3:53 How this metric impacts the practice.10:16 What you can do to impact this metric.16:47 ACT’s BPA.Miranda Beeson, MS, BSDH Bio:Miranda Beeson has over 25 years of clinical dental hygiene, front office, practice administration, and speaking experience. She is enthusiastic about communication and loves helping others find the power that words can bring to their patient interactions and practice dynamics. As a Lead Practice Coach, she is driven to create opportunities to find value in experiences and cultivate new approaches.Miranda graduated from Old Dominion University, and enjoys spending time with her husband, Chuck, and her children, Trent, Mallory, and Cassidy. Family time is the best time, and is often spent on a golf course, a volleyball court, or spending the day boating at the beach.