2018 is the year to unlock the profits in your dental practice
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Set your sat nav to the coordinates that will lead you to your destination, says dental coach Andy McDougall from Spot On Business Planning.[/caption]When you plan an unfamiliar journey in the car you set your sat nav to the coordinates that will lead you to your destinationm says dental business coach Andy McDougall from Spot On Business Planning.You know where you are starting from and you know where you plan to finish and throughout the journey your sat nav will report on your progress: how far to go in miles, what time you expect to arrive, and if there are any issues along the way such as traffic jams, it will propose alternative routes.The same principle applies to your dental business. You undertake your business journey year in, year out, but are you aware of your starting position or where you are aiming to finish?It is very common that a dental business owner has a vision but is not aware whether the strategy being pursued will make the required level of profit in the years ahead. How dangerous to pursue a strategy that is not proven to be financially viable?How do you go about generating the correct levels of profits?
How do you go about generating the correct level of profits?
Luck is not a business strategy but that is what you are basing your success on if you have no business plan. The business planning process is widely misunderstood and mistaken for a financial budget. When done properly business planning really means running your business to maximise profit.Your dental practice will flourish if you apply a structured approach to planning your business success. It’s like a combination lock on a briefcase. Guess the numbers and you stand very little chance of success. Get the right numbers in the wrong order and you still can’t open the case. By following the steps in the right sequence and knowing the numbers you will achieve success and open the case. Likewise, in business planning terms, by following the right process, in the right way, you will unlock the profits hidden in your practice – it works every time!The business planning process essentially answers four fundamental questions:
- Where are we now?
- Where do we want to be?
- How do we get there?
- How will we know when we have arrived
Double your net profit over three years
For a robust dental business plan and a strategy that not only leans against the right wall but doubles your net profit over three years, contact dental business mentor, Andy McDougall at Spot On Business Planning. Send us your last three years of financial accounts and Andy will analyse them and visit you to explain the strengths and weaknesses he reads in your numbers.Call 01949 851723 or complete the form to arrange a free analysis.Our next blog will consider:Looking at your business from every angle – where is your dental business now?
Our upcoming events
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BDA Setting up a dental practice
The BDA Setting up a dental practice in-person workshop is a great opportunity for you to gain invaluable support, advice and insider information from expert speakers, including Andy McDougall and Anne-Marie Houston, on how to set out on your own for the first time.
Planning your successful exit
Join industry experts & learn how to plan your successful exit at this free live event!
Enjoy an opportunity to join Andy McDougall & Anne-Marie Houston in person at a free event in Surrey in July for dentists keen to maximise their exit value and gain tips for a smoother sale.
Spot On Business Planning is joining Dental Practice Sale and AMG Wealth on Thursday, July 10 for the informative live event to help dentists plan their successful exit.
The three companies will address key areas of concern to practice owners leading up to a sale, the sale process itself and post-sale aspects.
One of our strategic partners, Dental Practice Sale, is a specialist dental broker with an expansive national network of contacts and a team whose pedigree encompasses some of the UK’s most important, prestigious and noteworthy dental business transactions. Collectively the team has decades of experience in valuing, buying and selling dental practices and utilises its vast knowledge to offer the best all-round service.
AMG Wealth is a chartered financial planning practice that delivers high calibre intergenerational financial planning advice. It develops close working relationships with clients to provide investment planning based on your personal priorities, such as keeping a good standard of living in retirement or protecting wealth for future generations.
- Learn how to maximise your exit value - what are the drivers?
- Understand the benefits of structuring your business ready for exit
- Determine the best point to exit
- Hear a personal account from a DPS client & practice seller
- Gain insights on the state of the market today
- Consider where your practice sits with the different buyers in the market
- Uncover the details in deal structures
- Be informed about the valuation process & how you can influence it
- Be aware of options pre sale such as EOT, Pre Sale Trusts, significant share holder exemption
- Transition into the next phase of life (if retirement, what you will do, having winter hobbies etc)
- Ensure you run out of life before running out of money (cash forecasting)
- Protect the estate for now and future generations
- Complimentary drinks and buffet from 6.30pm
The event at Brooklands Hotel in Weybridge starts at 6.30pm with drinks and includes a buffet.
Click here to reserve your space: https://www.dentalpracticesale.co.uk/events/evant-2?hsLang=en-gb
BDA Business Essentials Course
This two-day workshop is ideal for any dental business owner and their practice manager looking to transform poor performance, prepare for sale, or take their practice to the next level with a vision for expansion. Presented by industry experts Andy McDougall and Anne-Marie Houston, this interactive workshop will equip you with the essential tools and strategies to succeed in today’s competitive market.
Book your 121 Zoom with Andy McDougall
Fill in the form below.
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