Beware of the average warns dental business coach

Published 11th October 2017 by admin.

Averages do have their place, says dental business coach Andy McDougall from Spot On Business Planning, but only if you are comparing apples with apples.

I often read articles in the dental press from experts suggesting that to be a well-run practice you should ratchet up certain numbers, says dental business coach, Andy McDougall from Spot On Business Planning. They ask you to compare the trends in your practice numbers to industry averages as if there is absolute meaning in doing so.

At Spot on Business Planning we take a different view of such abuse of averages because we know how misleading such comparisons can be. Let’s just take a moment, apply a little common sense and think about why your dental practice averages may not be the same as those applied elsewhere.

Imagine that your dental practice is out of town. You run a tight ship. You have a low UDA value and a big NHS contract. Your practice manager juggles roles as manager, receptionist and nurse. You manage your dental material stocks religiously and ensure you buy at the keenest price.

Dental practice B is in suburbia. It is fully private and price is no problem. You use the best labs and buy whatever dental materials you and your associates want. You employ a practice manager, business manager and treatment co-ordinator.

So let’s take an average? What’s the point?

Averages do have their place, but only if you are comparing apples with apples

Your dental practice is unique to you. It’s like corporate fingerprints. That’s why every business plan we create is unique; because it relates specifically to your dental business. Your numbers, your micro and macro issues are not transferable to other dental practices.

And even if averages were useful who wants to be average?

In the same way that it is dangerous for members of the public to have whitening treatment undertaken by non-qualified dental professionals, don’t risk your dental business and long term future by putting it in the hands of dentists, salesmen, treatment co-ordinators and marketeers who read a book and suddenly think they are experienced to advise you on strategic planning and finance.

Don’t go with the flow – go with the know

Your numbers can talk but do you speak their language? Learn a lot about your dental business with a free consultation with Andy McDougall. Send us your last three years of financial accounts, Andy will analyse them and visit you to explain the strengths and weaknesses he reads in your numbers.

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Our knowledge and experience of what makes a dental business tick is vast. We’d be delighted to reveal the secrets hidden in your numbers. Learn more about your dental business during a free Zoom consultation with Andy McDougall, who will use your specific numbers to illustrate how we could double your net profit in three years.

Send us your last three years' financial accounts. We will analyse them and during your one-hour complimentary Zoom call, Andy will explain the strengths and weaknesses in your numbers.

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