Dental Tribune United Kingdom Edition

‘The entire team needs to under- stand the journey of change, and sup- port the business in the new vision and direction that the practice will take’ ‘By clearly defining your vision, you will automatically decide on the type of patients you wish to attract to the practice’ 10 Feature United Kingdom Edition March 25-31, 2013 T he world is in economic turmoil at present. If you watch the news, we are constantly being reminded of doom and gloom. Have you wondered how this may affect your dental practice? This arti- cle will look at the fundamen- tal concepts that every practice owner needs to really focus on in 2013, not just to survive, but hopefully to thrive in. Remem- ber, a practice cannot just stay where it is. If you do nothing, your business will probably decline. By taking positive ac- tion and working hard, the business will grow. 1The Law of Attraction (pic 1) The Law of Attraction says that you are a living magnet. Any thought you have, combined with an emotion, positive or negative, radiates out from you and attracts back into your life the people, circumstances, ideas and opportunities con- sistent with it. The Law says that if you have a very clear idea in your mind of your desired goal (eg having a successful private practice), and you can hold that idea in your mind on a continuing basis, you will draw into your life the re- sources that you need in order to achieve it. So whatever type of new patients you want to at- tract, have a positive focus and attitude, and this will happen. I successfully used this concept in setting up a state-of-the-art private cosmetic and implants practice two years ago (www. smiledesignbyash.co.uk). 2Goal Setting (pic 2) Goal setting is essential for success. Goals must be writ- ten with clear deadlines. Only the top three per cent of the most successful business own- ers have clearly defined WRIT- TEN goals! For example, to convert an NHS practice to a private practice may require a one - two year game plan with clearly defined and managea- ble monthly goals. This makes the task easier and minimises financial risks in the transi- tion. The entire team needs to understand the journey of change, and support the busi- ness in the new vision and di- rection that the practice will take. 3Improving your Practice (pics 3a, b) The first important and practi- cal thing is have a close look at your practice. To improve it need not cost that much money! Dentists spend thou- sands of pounds on equipment and fancy gadgets, but often fail to understand that pa- tients will NOT really perceive these differences. They will however notice the aesthetic ambience of the practice, the nice aromatherapy vapour as they enter the premises, the beautiful music playing in the background, the smiling and smartly dressed professional team members. They will also notice the totally clutter free environment, the beautifully appointed bathroom, and the freshly made tea and coffee. They will also enjoy the classy hardback books in your recep- tion lounge, the nice works of art and makeover pictures of your clients on the wall. In summary, set a budg- et, have a team meeting and brainstorm the ideas of change you want to consider in your practice. Review what nice ho- tels and restaurants look and feel like. You CANNOT have a successful private Practice if you “don’t look the part”! This is obvious, but often ignored. 4Review your Finances (pic 4) It is vital to go back to basics and rethink your strategy go- ing forward. The current eco- nomic climate is very unusual; even estate agents cannot pre- dict what exactly will happen in the next twelve months! As dentists, we need to be clear of the following:- • Monthly turnover target • Monthly expenses • Cost to run each treatment room • Profit made by the hygienist or associate working for you • Marketing plan and budget • Number of new patients you would like to sustain the practice Once you are offering a su- perior service, increase your fees by 10 per cent. This will have the effect of increasing your profit by 28 per cent if your expenses are held at 65 per cent! In addition, review all expenses and tighten up wherever you can, and cer- tainly avoid any major capital expenses. If you intend to do more cosmetic dentistry, then purchase important pieces of equipment or technology (eg a digital SLR camera or a soft tis- sue diode laser), ie things that have a very good return on in- vestment. 5Marketing the Practice Allow a budget of five – eight per cent of the annual turno- ver for marketing your prac- tice. You should then have a detailed marketing plan for the year, which will actually change as time goes on. This is because you need to monitor your marketing strategies and evaluate what is working and what is not. Some examples of successful and low cost mar- keting strategies are:- • Find time to develop excel- lent relationships with your clients • Offer outstanding customer service at all times • Learn how to ask for refer- rals • Devise and send newsletters to your patients (keeping regu- lar contact is important) • Use Smile Questionnaires with new patients, recalls and hygiene patients • Digital photography (one of the most powerful ways of non-pressurised selling) • Develop a website, and opti- mise it • Network with local business- es By clearly defining your vi- sion, you will automatically decide on the type of patients you wish to attract to the practice. 6 Finance Plans for pa- tients (pic 6) If you do not already work with a financing company that of- fers finance plans for dental patients, then it is vital to im- mediately set this up. A com- pany such as Medenta (www. medenta.com) can come and train up your treatment coordi- nator, including help with ver- bal skills. For a larger invest- ment, most patients will want to spread payments over an extended period of time, and if possible enjoy the benefit of Creating a successful and profitable practice in the recession Ash Parmar details steps you can take to be successful in today’s economic climate Pic 1 - Law of Attraction Pic 3b - Coffee Station Pic 3a - Improving Practice Pic 4 - Review your finances 2 - Goal setting Pic 5 - Digital photography Pic 6 - Finance Plans for patients Pic 7 - Team Meetings