We will do all we can to help our clients weather the coronavirus storm

Over the weekend and this week dental business coaches Andy McDougall and Anne-Marie Houston from Spot On Business Planning have been inundated with requests from clients to help with their concerns regarding cash flow and the management of their practices going forward.

There seems to be much uncertainty as to what guidelines to follow with some people wanting to know the impact of significant appointment cancellations and others potentially suspecting a complete shutdown. Spot On Business Planning’s focus therefore will be to build cashflow projections for all our clients, which will be vital if there is a need to approach banks to request help to raise emergency funding and of course to provide dental business owners with some visibility upon which decisions can be made.

Clearly if we need to approach banks, they will want to know how much help clients are asking for and the cash flow models will be fundamental to seeking the banks’ support. We will assist our clients with the discussions necessary with their bank.

Andy McDougall says:

With this change in emphasis it is now incumbent on Anne-Marie and me to remain deskbound and maximise our time on modelling rather than travelling, so for the foreseeable future scheduled meetings will be undertaken via Zoom only. This does not detract from our usual approach to business and we will continue to provide our standard services alongside these emergency cashflow models.

Some clients have asked for advice regarding staff wages, particularly around SSP (Statutory Sick Pay) and how they would manage longer term if the practice either had to shut down or operate on limited capacity.

Rather than give clients generic advice we think it best to discuss the circumstances around individual cashflow models. In the meantime it is recommended that clients have open discussions with their teams, listening to their concerns and telling them the steps being taking in conjunction with Spot On Business Planning in order to provide them with maximum support.

Meetings that are already in the diary will remain as such but will take place by Zoom only. Obviously, things are unfolding daily so do keep in touch and rest assured we will do whatever possible to support our clients.

‍Are you worried about your dental practice’s cash flow?

‍We are working with our clients to ensure they have up-to-date cashflow projections that enable them to understand the impact of running at significantly lower levels of activity or even closure for a limited time. In some cases, where dental practices have significant borrowings, we may also need to help them liaise with their bank. We are also determining tactics to support how our clients handle payment of staff and associates in this period.

‍If you are concerned about the financial viability of your business and think you would benefit from some assistance, please get in touch or email andy@spoton-businessplanning.co.uk