February 26, 2018

How do we get to where we want to be? asks dental business coach

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Unlock the profits in your dental business with help from business mentor Andy McDougall from Spot On Business Planning[/caption]In the last two blogs, dental business mentor Andy McDougall from Spot On Business Planning looked into the four fundamental questions of the business planning process – to recap:

  1. Where are we now?
  2. Where do we want to be?
  3. How do we get there?
  4. How will we know when we have arrived?

In this blog we consider questions three and four.

Mapping out our journey – how do we get to where we want to be?

Last time, Andy said: “By financially modeling how we get from A to B, we can make mistakes on paper before committing to a strategy that feels realistic and achieves your financial objectives. The aim is to ensure our ladder is leaning against the right wall before we run up it. There’s no point in getting to the top of the wrong mountain, so before you start climbing, be clear about your final goals.

Measuring and managing your performance

How do you know when you have arrived? This requires setting up the correct, tailor-made management information systems that are specific to your dental practice and again, the measurement systems will be financial and non financial. Some metrics are necessary to every dental business and others will be unique to yours. For instance the financial performance in terms of profit; cash, stock levels, number of new patients, gaps in the book etc. Monthly management accounts and KPIs and these tracking systems are the method by which you can know for sure that ‘you have arrived’.Year one of your plan will be broken down into a budget against which you will report the monthly results via management accounts. After three months you will need to reforecast (and this should occur for every quarter of the year) to accommodate and reflect events that are unfolding as the year progresses and which will influence your originally planned result.Management accounts act as your business sat nav; they advise you on a monthly basis of how you are performing against your starting position and your planned finish. It’s important to measure progress because if you veer off track you are warned early enough that you can take corrective action quickly. In their truest form, management accounts don’t just report the result; they measure performance against plan and against prior year. Because your plan has been determined from the business planning process any variances can be analysed and where necessary corrective action taken.

This is a time-tested method that works every time

Business planning ensures you run your practice efficiently and makes certain that your business model is robust enough to deliver the profits you need in 2018 and beyond. It is a time-tested methodology that works every time – if you follow the steps with the correct level of detail.Practices not undertaking this methodology will have profits locked away. It’s not just about working hard, it’s about ensuring you have set your dental business up to work for you – nothing special just a common sense approach to unlocking your profits.

What outcome can you expect if you follow the process?

Our clients would tell you to expect to double your net profits every three years.Spot On Business Planning provides business-planning services that assist members of the dental community to respond to the dynamics of an increasingly commercial and competitive environment. Our tailored service provides straight-talking and results-driven advice and tools that transform performance.

Free initial consultation

If you are interested in improving your financial results and running your practice more efficiently contact info@spoton-businessplanning.co.uk to request a FREE initial consultation.

Our upcoming events

Nov 21, 2025

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.

Jul 10, 2025

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

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