Existing clients of Spot On Business Planning will know from experience how thorough stage one of the dental business planning process is. In order to thoroughly answer the first strategic question – where are we now – we undertake an in-depth analysis of your dental practice.
In addition to completing two thorough questionnaires: financial and non financial, we undertake an analysis of all the aspects of your dental business that influence your success: people, process, marketing and profit, and this goes go hand in hand with the significant number crunching we undertake. Financial scrutiny of the profitability of your clinicians and treatments means by the end of this stage, dental practice owners and practice managers begin to realise how little they understand about the dental business they run.
A recent visit with a new client highlights the dangers of developing a strategy without knowing your current position, without due consideration of where you want to be and most definitely without the proper analysis to prove that your chosen strategy will fulfil your financial objectives.
Delivering financial results
Whilst explaining the Spot On Business Planning process, the practice manager indicated that she had already developed their strategy. However when asked how much profit this strategy planned to make in each of the next three years there was no answer. They had not considered what the strategy would deliver in terms of financial result!
That’s a very dangerous place to be: pursuing a strategy without knowing whether it will make you money or not. Not even considering the financial outcome, which is the fundamental point of developing a business strategy!
Hope is not a strategy and as Stephen Covey said, ‘Make sure your ladder is leaning against the correct wall, because if not, you’ll just get to the wrong place faster.’
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.