As a dentist, you have spent years in school, focusing on your education and doing what is necessary to become incredibly skilled at your profession. This takes effort and dedication but it is only the first step. Once a practice has been established, it becomes time to create a plan for the future. Your practice can benefit from establishing a strategic plan, and our dental practice consulting services can help you to do so.
Creating a strategic plan, however, can be incredibly challenging for several reasons:
- Anyone involved in a dental practice will have difficulty examining the practice and employee behaviors objectively, limiting the opportunities for positive change
- Running a practice is demanding and may leave little time for strategic planning
- Many dentists are unaware of all the business and financial opportunities available to them
- Establishing a cash-flowing practice was the ultimate goal, making it unclear of where to go next
Working with a third-party can often make it easier to create a strategic plan. We can carefully analyze all available options and the most effective methods to achieve them. There is no one-size-fits-all plan for a dental practice, nor is there a specific exit strategy that must be employed. However, there will eventually come a day where every dentist is no longer going to want to practice.
At this point, if a plan is not in place, it can lead to a loss of revenue and quality of life. Our dental practice consulting services can help to prevent this by making it possible to plan for the future, today.
Planning services
Every dental practice should have short and long-term goals. It is wise to begin by establishing the long-term goals and work backward. For example, will the practice be sold to another dentist or group of practices? Or will a new dentist be brought on to treat patients while the founding dentist retires? The answer to this question will open doors to additional planning opportunities.
Things like expansion and adding more locations may be necessary to reach specific financial goals. The practice may need to purchase new equipment to add more revenue streams and make it possible to earn more on an established list of patients. This may make it possible to hire a second dentist without expanding to a new location. Everything is an option that must be weighed carefully in light of short and long-term goals.
Strategic planning requires established goals as the first step and then to create a road map that can take a practice from the current position to where it needs to be in the future. Mile markers should be set along the way, accountability measures put in place and annual reviews conducted to ensure that goals are being met. As a provider of dental practice consulting services, we understand that this can be challenging for a dentist already running a practice and caring for patients. This is why our services are so valuable. We can handle strategic planning, manage implementation and monitor results for you.
Call today to learn more about how we can assist you.