Dental coach reveals the decisions that will double your profits

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Dental business coach Andy McDougall from Spot On Business Planning reveals the decisions that will double your profits[/caption]Dental business consultant, Andy McDougall from Spot on Business Planning, says the most common problem he sees with new clients is that they are growing their turnover but very little of this finds its way to the bottom line i.e. net profit.In essence their dental business is getting bigger but the owner is no better off. There is a surprisingly simple truth behind extraordinary results, but very often simple isn’t the same as easy.The only way to change your results is by changing the way you think about your dental business.

It all starts with you the owner

There is a proven formula that if followed will 95% of the time, double your net profit in three years, as evidenced by our clients.

The process is made up of four stages

These four stages help you find the winning path.Stage one: figuring out what is wrong with your dental business – thorough financial and non financial diagnostics are undertaken to clearly pinpoint what is broken and what needs to change.Stage two: figuring out what you do about the issues uncovered in stage one. This requires the building of financial models that assist in the determination of the way forward – a chosen strategy. By modelling specific outcomes, business owners can see the results of their decisions before actually implementing them. Making better decisions goes a long way to achieving better results.Stage three: implementing those changes that underpin the chosen strategy i.e. taking action – the discipline of execution. Possibly the hardest of the four stages because it involves leadership, people, process and the most dreaded of all facets of life – change!Stage four: putting in place the appropriate metrics to ensure your business performance is achieved as planned, and provide an early detection to pick up underperformance and take corrective action to get you back on track.Andy, a dental business mentor, asks you to consider the following questions:

• How much do you know about your dental business?
• Do you know your net profit of every treatment?
• Do you know the net profit of each clinician?
• How frequently do you measure such things?

When you run the correct diagnostics you will be amazed how clear fixing your business becomes. Most business do not understand the key relationships between the key metrics in their businesses.

It pays to make better decisions

Decisions are the key. Pretty much where you are today is the result of previous decisions you have made in your life. Should you work hard at school? Should you go to university? What to study? Where will you live? Which practice will you join? Will you get married?… Your business is the same; it’s really a function of the previous decisions you have made.So where your dental business will be in 3 years is closely linked to the decisions you will make in that time. So it pays to make better decisions. There is no such thing as not making a decision: decision and inaction are decisions, just bad ones.So how do you make better decisions? By asking yourself better questions based on information that will uncover what’s wrong and tell you how to fix it. Successful people ask themselves better questions and the right questions inevitably lead to the right answers. The five most dangerous words in the English language are, ‘maybe it will go away’.So we said earlier that this works with 95% of our clients. Is there any correlation between the 5%? Yes of course. A decision has only truly been made when it is implemented. Stage 3 of the process requires action involving change and that’s where some people fail to see the task through. If nothing changes why would your results change? Einstein said one definition of madness was to keep doing the same thing yet expect a different result.They key to unlocking the profits hidden away in your dental business is to drive the efficiency through your business so a significant amount of the growth you achieve in turnover finds its way to the bottom line. Yet so many just think you can market your way out of trouble.So what type of improvements to profit are we talking about? Clients who follow our approach will see a doubling of their net profit in a three-year period.Brilliant results don’t just show up by chance. The numbers don’t lie. Have you reached the point where the old answers don’t work anymore.As Anthony Robbins states ‘in the moments of decision your destiny is formed’. What will you decide?

Free consultation

Contact Spot On Business Planning for a free analysis of your dental business. Send Andy McDougall your last 3 years of financial accounts and he will analyse them and visit you to explain the strengths and weaknesses he reads in your numbers. This will help you gain a deeper understanding of your dental business and will allow you to think decisively.