A reason to smile: one dentist’s approach to managing cash flow

In his decade working as a dentist, Dr Corbin Barry has been given a front-row seat to some of the “leaky holes in the boat that come with the profession”.

You might be familiar with some of them yourself. As he describes it, “cost, fear and, to put it plainly, a hatred of visiting the dentist” causes many people to avoid preventative care – things like those regular check-ups and cleans.

And without preventative care, issues go untreated – leading to “painful, costly, emergency dental work”.

So, to try and right the ship, in early 2024 Dr Barry opened a new dental practice that redefines dentist visits as a beneficial self-care ritual.

His new practice, called Sage Space, makes visiting the dentist a luxe experience. As well as preventative package treatments based around cleanings and check-ups, patients can, for instance, book in for a targeted massage of the muscles of mastication that cause clenching. Or to look and feel their best before a big event, they can come in for a tooth whitening.

And everything takes place in a stylish, aesthetically pleasing setting, in the trendy inner-city suburb of Darlinghurst. It’s a dentist you want to go to, not one you avoid visiting – which is great news for your oral health.

His secret weapon

But as every business owner can understand, you have to spend money to make money. And dentistry has steep ongoing operational costs, especially when offering the highest quality care, as Dr Barry is.

“Running a dental practice involves high costs, from facility expenses and infection control to staffing and consumables,” Dr Barry says. “A big hurdle we face is maintaining cash flow to cover everyday expenses.”

His secret weapon is the American Express Platinum® Business Card, which he describes as “invaluable”. It’s his small business solution.

“Its 55-day payment period1 allows us to forward-plan expenses more strategically, helping smooth out these cash flow concerns,” Dr Barry says. “With Amex, we can monitor expenses, pay them within terms, and keep our finances balanced, which gives us time and flexibility.”

As well as relying on his Amex for daily business expenses, Dr Barry also appreciates the card’s rewards program, which he redeems on travel for himself and his staff.

Helping him keep his cash flow under control, Dr Barry can look at the bigger picture for his business. He wants Sage Space to “shift the focus toward preventive care, like regular check-ups and cleanings, to promote human-centered treatment”.

“We don’t just see teeth — we see people, and our mission is to improve community health by fostering a greater understanding of oral wellness,” he says.

Dr Barry says he’s found clients love coming into the space he’s created with Sage, one intentionally designed to put people at ease. And unlike many dentists today, Sage Space avoids pushing unnecessary cosmetic procedures, encouraging clients to embrace the individuality of their teeth – not replace them with veneers.

The tricks to running a successful business

After seven years operating his other practice, Annandale Dental, Dr Barry’s advice to other business owners is to accept that navigating the ups and downs is an unavoidable part of the journey.

“Resilience and grit are essential to survive the ups and downs of business ownership. It’s important to take a step back and remember that business runs in cycles; challenges pass. Staying passionate and optimistic, and surrounding yourself with people who inspire and advise you, helps immensely,” he says.

“Seek guidance from others and be open about both successes and challenges. Growth comes from sharing experiences. Also, remember that work-life balance is essential; even if the business feels overwhelming, step back and breathe. It’ll be okay.”

1 Extend your cash flow by up to 55 days: Depending on your method of payment, when you make a purchase, when your statement is issued and whether or not you are carrying forward a balance on your account from your previous statement period. If you pay by direct debit, your payment will be processed 10 days after your statement is issued.

​​This article is not intended as financial advice and all information has been prepared without taking into account your objectives, financial situation or needs. You should review the product information to decide if any product is suitable for you.

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