Dental business mentor talks focus
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If you lean your ladder against the wrong wall, you just get to the wrong place faster, says dental business mentor Andy McDougall from Spot On Business Planning[/caption]Andy McDougall from Spot On Business Planning is a business coach and mentor for dentists. In his latest blog he takes a look at focus – the hidden driver of excellence.I read a book recently that suggested that following years of research the likelihood is that we cannot successfully multi-task. In essence it concluded that multi-tasking really means doing nothing as well as we could if we gave one thing 100% focus.
That got me thinking about the power of focus
Very often when we start work with a new dental business client, a similar pattern emerges. They find themselves running a dental business, often turning over a couple of million with 20 people. But they don’t know how to change the business result because they don’t know what to focus on. They have so many plates spinning and so many unavoidable distractions but what they really need is to learn how to focus.Running diagnostics will uncover the root issues both financial and non-financial. There is a clear Pareto (80/20) ratio going on in most businesses and that is where we need to focus, to drive through the changes that make the difference. It never ceases to amaze me how people have scores of KPIs but cannot see the wood for the trees.Learning what to focus on is fundamental. If you lean your ladder against the wrong wall, you just get to the wrong place faster.Once you have identified the vital few areas of focus, you need to develop traction to get a grip on your dental business. Keeping your finger on the pulse of the vital few is the equivalent of business alchemy, turning your results into gold.When you set out with the objective of doubling your net profit within three years – like we do for our Spot On Business Planning clients – you need focus. You can’t deliver that quantum leap by concentrating on the bank charges or the electricity bill.
Free analysis of your dental business
Keeping it simple is the key, but simple doesn’t mean easy. Discover how to focus and solve the puzzle of profit. 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.
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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