Look at your business from every angle, advises dental coach
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The aim is to ensure our ladder is leaning against the right wall before we run up it.[/caption]Where is your dental business now?This is the vital question asked at the start of our journey by dental business mentor Andy McDougall from Spot On Business Planing.The process with Spot On Business Planning starts by undertaking an in-depth analysis of your dental business; looking at it from every interlinked perspective. Analysis of historical and current financial trends, profitability by treatment type and clinician, analysis of the cost structure, borrowings, people, brand position, marketing, and processes. The list is long but essential because stage one analysis provides the clues to what needs fixing.
Have a clear vision of the future
Question 2: Where do we want your dental business to be?Taking the results of our position audit above, a three-year strategic plan that underpins the realisation of doubling your net profit is determined. 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.To illustrate this all-important point, during a recent prospect meeting with a dental practice, the practice manager told me she had already determined a strategy and had no need of our input. When I asked her what profit it delivered she looked at me blankly. Her plan had no financial integrity and had it been executed, would have resulted in the deterioration of that dental business’s performance.You must ensure your plans have financial integrity before you pursue them or you could end up in a worse position!
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.In our next blog we will consider…Mapping out our journey – how do we get to where we want to be?
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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