For Financial Literacy Month – We are sharing stories and tips for gaining financial knowledge, financial lessons learned early on in your entrepreneurship journey, personal finance tips and savings goal advice.
We have Chermaine Lyde, DMD sharing her story and tips.
Dr. Chermaine Lyde is from Lee County. Her father served in the U.S. military, so she grew up traveling to many different places. Dr. Lyde received her undergraduate degree from South Carolina State University in 2002 and her Doctorate of Dental Medicine from the Medical University of South Carolina in 2007. She then went on to complete a General Practice Residency at Palmetto Health Richland Dental Center in 2008. Dr. Lyde is a member of the American Dental Association, the South Carolina Dental Association, and the Greater Columbia Dental Association. Dr. Lyde is married with two sons. When she is not practicing dentistry, Dr. Lyde loves spending time with family, attending her son’s football and basketball games, cooking, and traveling.
What are some of the lessons you have learned early on in your business about finances?
Always be prepared for the unexpected! We opened Ivy Creek Family Dentistry right in the middle of an international pandemic, which taught us so much about the importance of having a plan A, B, and C when it comes to being a small business owner. We became really well acquainted with the phrase “roll with the punches” during our first 6 months in business.
What is the name of your business? What type of business is it?
Ivy Creek Family Dentistry, Dental Practice
What does financial stability mean to you?
Being financially stable means essentially two things: Being debt free, and having more income than expenditures. The goal of becoming debt/financially free was definitely one of several motivating factors that helped to steer us to practice ownership.
What savings goals should someone have personally or in their business?
Planning, planning, and planning! For personal and business finances, I would strongly recommend having 3-6 months of income and/or working capital set aside for any unforeseen obstacles that may pop up.
How did you find the right financial advisor or accountant?
We had the names of several firms to “audition” for our business by our lender. Once we met BJ and her team, we could not help but be impressed with her willingness to walk through our startup process systematically with us. She has been and continues to be a great resource for us.
How important is having an accountant or bookkeeper for your business?
It is of utmost importance to have someone knowledgeable outside of your business reviewing your financials in order to ensure that your revenue/expenditures etc. are on point. As a business owner, I find that it has been super helpful to have quarterly (and sometimes monthly) meetings where all the data that we send in to our accountant each month is laid out in a way that makes it easier to see the bigger financial picture.
What are your favorite apps to track your spending or business expenses?
Intuit QuickBooks has been our favorite accounting app so far. It’s easy to use and it breaks down all of the key financial items that we track in a digestible format. We also appreciate numerous other features available that just make accounting that much easier, and our accounting firm is able to pull the data on their end as well.
Who do you go to for financial advice?
Our accountant, BJ Kaucher, handles our personal and business income taxes and serves as our financial advisor in some capacity as well. She is absolutely on speed dial!
What’s next for you in your business/brand? What can readers look forward to from you?
We are looking to expand our dental practice and the positive impact that we make on families in our local area.