Dental business coach says hope is not a strategy
.jpg)
[caption id="attachment_400" align="alignright" width="300"]
Hope is not a strategy explains dental coach Andy McDougall from Spot On Business Planning. And as Stephen Covey says, ‘Make sure your ladder is leaning against the correct wall, because if not, you’ll just get to the wrong place faster.’[/caption]Existing clients of Spot On Business Planning will know from experience how thorough stage one of the dental business planning process is. In order to thoroughly answer the first strategic question – where are we now – we undertake an in-depth analysis of your dental practice.In addition to completing two thorough questionnaires: financial and non financial, we undertake an analysis of all the aspects of your dental business that influence your success: people, process, marketing and profit, and this goes go hand in hand with the significant number crunching we undertake. Financial scrutiny of the profitability of your clinicians and treatments means by the end of this stage, dental practice owners and practice managers begin to realise how little they understand about the dental business they run.A recent visit with a new client highlights the dangers of developing a strategy without knowing your current position, without due consideration of where you want to be and most definitely without the proper analysis to prove that your chosen strategy will fulfil your financial objectives.
Delivering financial results
Whilst explaining the Spot On Business Planning process, the practice manager indicated that she had already developed their strategy. However when asked how much profit this strategy planned to make in each of the next three years there was no answer. They had not considered what the strategy would deliver in terms of financial result!That’s a very dangerous place to be: pursuing a strategy without knowing whether it will make you money or not. Not even considering the financial outcome, which is the fundamental point of developing a business strategy!Hope is not a strategy and as Stephen Covey said, ‘Make sure your ladder is leaning against the correct wall, because if not, you’ll just get to the wrong place faster.’
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 upcoming events
.jpg)
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.
.jpg)
