Developing your dental business – how to gain the confidence to go ahead

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Want to know if you can afford to reduce your working hours?

Need to fund the purchase of new equipment?

Want to bring specialist treatments in-house?

Looking to set up additional surgeries in your practice?

When you have strategic goals for your dental business, a lot of big hairy questions arise…

• Do you need funding or can you generate the additional profit required through working differently?
• If required, what type of funding is best in your particular situation?
• Can your business sustain the level of funding you need?
• When should you proceed?

It’s natural to feel anxious about these types of issues. They are significant points and it’s easy to take on overly expensive funding or cause unnecessary cashflow issues by operating beyond your means.

But what is crucially important is that you don’t let these concerns stop you from moving forward. That you find the clarity and confidence you need to go ahead with your goals.

Here’s the key…

Whatever your goals for your dental business, the key to gaining the confidence to pursue them is putting together a strategic financial forecast.

A strategic forecast looks at your goals and lays out the financial resources you will need to achieve them. The overheads you will incur. The outgoings you will have. So if you want the confidence and clarity to crack on with your vision for your dental business, a forecast is absolutely fundamental.

Working with a dental business recently, we explored five different financial scenarios, from the expansion of services to refurbishment of equipment. By the end of the exercise the business owner knew that if he changed the way he works he didn’t need any funding as the increased profit would pay for his expansion plans.

And it doesn’t stop there. His optimal forecast has now been converted into financial targets. So he will be able to compare his actual achievements against his target figures as he goes along and be certain about how closely he is keeping to his financial objectives. The early warning system is in place to allow him to respond appropriately should circumstances change.

It’s a process he described as: ‘refreshing and empowering.’

Here are the steps we took him through:

• A calculation of the margins made by the business on its services, products and treatments
• A calculation of the key overheads involved and the return on investment on each big overhead spend
• What increased profit margin would be achieve through the new equipment
• What efficiencies would follow through changing the structure of his business

Shouldn’t you take the same steps to make your goals a reality?

Please do leave any comments or questions you have on strategic forecasts in the box below. I’ll be glad to respond and give you further advice.

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Original Article: Developing your dental business – how to gain the confidence to go ahead
Clear Vision

About Clear Vision

The traditional method of setting goals and gauging the success of a dental business does not automatically provide you with what you need and want. As the dental business owner, it puts you last in the queue. Clear Vision believes that your business should deliver the lifestyle you want. So when you work with our friendly and vibrant team of accountants and business advisers, it starts with you. What you want. How you want to create a difference in your life. Tell us your goals and we’ll work to help you develop a strong, positive dental business which delivers the life you want for you and your family. We have worked with dentists all over the UK since 2001. Dentists who share the same challenges and issues as you. And we’ve seen what factors will really make the difference in improving your results and increasing your rewards. So you benefit from what we know works and doesn’t work. For a taste of the insights we share check out our blog for dentists: www.clearvisiondentalblog.co.uk. We’re ready to share our experience and insights with you. Simply call our friendly team on 01249 712074 for an informal discussion. You’ll have our ear, our understanding and the considerable expertise which comes from successfully improving the lives of dentists like you.