Strategy before tactics, with Spot On Business Planning
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This strategic planning graphic illustrates how Andy McDougall from Spot On Business Planning can help transform your dental practice[/caption]Spot On Business Planning dental business coach, Andy McDougall, had a very productive BDIA Dental Showcase 2016 at Excel last week. Lots of delegates he spoke with commented on their confusion with the order and sequence of strategy and tactics and how if you get it wrong, it produces very poor returns for your business.Andy McDougall said: “I am constantly amazed at how many dental practices are involved in pursuing the tactics they have been told to adopt yet have skipped out some vital steps. The vision word – yes everyone should have a vision, but when you ask how it will be delivered, people talk tactics. If you don’t know how to reach your destination, or you have not even determined where it is, what’s the point of knowing the means you will use to get there?”“A vision without a tangible means of delivery should really be called a delusion. Take marketing as a prime example. How many of you are guilty of paying out vast sums of money to undertake what I would call ‘me too’ marketing; spending large sums of money on digital marketing, SEO and advertising (tactical marketing) but when asked about strategic intent, you stare blankly?”
Order and sequence: strategy comes before tactics in business just like it does in the dictionary
He added: “Sure you can move to tactics straight away but then watch your return on investment disappear.Instead, Andy McDougall advises you to determine what segments of the market you are targeting:
- Who is your typical customer?
- What do they want?
- Where do you find them?
- What aspects of what you could do, do they value and why?
He said this explains why most of our new clients have the same problem. Getting bigger in the sense of turnover, but not in terms of profit. Ill thought out. The increased turnover is used up paying incremental materials, labs and associates, sometimes not even leaving enough to pay for the cost of the marketing.Don’t get sucked into following the 90%. Do it with structured thinking and see what happens to your profits. Send Spot On Business Planning your last three years of financial accounts, let us analyse them and visit you for a free two-hour meeting to explain what we see and propose how we might help you to double your net profits in three years.
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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