Beware of the average warns dental business coach
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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.[/caption]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.
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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