Backing Your Dream When Starting a Practice

Ray Cox, Managing Director of Medifinance is encouraged by the ongoing ambition of the profession and its confidence in the face of the challenges that seem always to be there

The one thing that really hasn't changed in all the years that I have been working with the dental profession is the ambition that so many of its practitioners have for offering and providing ever better dentistry.

It was this burning ambition that rescued dentistry from being perceived by the public as a 'distress purchase' to becoming an essential part of safeguarding our oral and general health. When I started my career any mention of private dentistry was sold by the media as ungrateful opportunism. Thank goodness for the foresight of those who recognised that patients (despite political brainwashing) needed and would truly benefit from a move away from 'drill and fill'.

Today's dentist doesn't face these challenges, but to realise dreams still requires a fair degree of hard work and an ability to overcome the inevitable setbacks that occur in every career.Because little or no business training is given to aspiring dentists in this country, the route to practice ownership can initially seem daunting.I am (hopefully) going to reassure you. By spelling out the reasons why it shouldn't be.

The advice, support and above all the demand is there.  You provide the determination!

Back up your dream

• Have a written plan. Update as necessary. I would strongly recommend trying to find someone with relevant business skills to help you with this. It is so important 
• Assess your own strengths and weaknesses as honestly as you can and recognise that constructive criticism can be immensely helpful. If you fall into the trap of believing you do everything well, you may find it hard to delegate and you will not get the best out of people
• Get a team of advisers around you from an early stage. A good accountant and a good financial adviser are essential 
• Do your research so that you can back up the targets and objectives you have set with knowledge rather than guesses. Be thorough and don't cut corners     
• There are some very good business consultants but there are also a few who confirm the view that a 'a consultant is someone who can't get a job'. If you do take on a consultant, try and find one who comes recommended and do not sign up to any long-term commitment

Assess the variables

We have looked at some of the things you can, at least to some degree, control, so let's take a moment to consider some of the things you can't.I am doing this, not to sow any seeds of doubt (continuing the gardening analogy), but rather to reassure you that a well-run business can withstand pretty much any difficulty. The key is to recognise that the source of these challenges will frequently vary and that is why having a team around you, with a range of skills, will prove invaluable.

Here are some of the factors that, over a period of time, are going to impact. The point I want to stress is that they impact on every business, so if yours is better run than that of your competitors, you stand to benefit. You cannot control the rules and regulations that various bodies and politicians impose, the economic climate, technology, media bias, interest rates, seasonality, international events and the like.

But you can stay ahead of the game. 

The same…..but different

Banks and lending institutions have always been comfortable meeting the financial requirements of the dental profession because the need for dentistry is little impacted by economic factors.

Until fairly recently this funding was quite easy to access.With the advance of technology and an increasingly impersonal approach by the banks, the process of seeking funding is more complex and specialised.We are fortunate in that our team has years of banking experience and knows the funding is still there, as are the products that offer the best terms and conditions.

You just need to know the system !