Key Elements of a Successful Dental Practice
Are you a dental practice owner, professional, or manager? If so, how well is your practice doing right now? It’s a hugely competitive field, but one that is opening many different startup opportunities all over the country. According to market research, dental practices — as well as GP services and nursing homes — all come in the top five most promising fields at the moment.
It’s no surprise. After all, we all need doctors, dentists and care facilities. However, just because you are in business, it doesn’t mean you are in a fantastic position. Because of the increasing amount of competition, you need to be at the top of your game – and we’re going to go through some of the key areas you need to consider.
A robust business case. While everyone needs dental facilities, that doesn’t mean you can just set up anywhere. You have to have a solid case for setting up in a business of any kind, and dentistry is no different. You will need to be different — or much better — than the competition, and if there are too many other practices in the area, it will be difficult to attract customers.
A reliable and compatible team. Dental practices tend to be in the small-to-medium sector of businesses, and with this in mind, you will be asking a lot of your employees. They need to be able to work together, of course, and fit into your office and company culture. You will also need to rely on them – absences can have an enormous impact on your productivity. And finally, everyone needs to be working towards the same goal, regardless of department. Get these factors in place, and you will have a strong, reliable team.
Excellent inventory management. Stock control and logistics will be critical to your success as a dental practice You can be the best dentist in the country, but if you don’t have the equipment, how will you treat them? You will need to build relationships with suppliers such as BF Mulholland, who recommend choosing a dealer who promises next day delivery at the very least. And, you will need to invest in robust inventory management systems, so you never run out of core stock.
Finance options. Like it or not, if you want to grow your business, you will need to have options for sourcing finance. The good news is that if you start off on the right foot, it shouldn’t be too hard to approach your bank for a loan or seek out private investment. Another option is to open up your practice to a partner, who can pay in some money and give your cash flow a boost. While you will be giving up a share of the business, partnerships could see your practice go up to the next level.
A vision. Finally, ensure you have an overall vision for your practice. In this day and age, you will always have to approach your business on the front foot, just like you do in any other industry. Seek out new ways of working and learn about new techniques. Become a specialist, so you can corner the niche market in your area — and expand your business.
Photo by Peter Kasprzyk
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