How to invest in your business to make it more profitable

Ray Cox, Managing Director of Medifinance explains how and why it is so important to support the investments you make in your practice

Funny isn't it how some things stick in your mind?

I must have sat through hundreds of sales motivation conferences over the years and generally ended up being decidedly underwhelmed; but I still remember one speaker making a point….albeit a fairly simple one…..that has always stayed with me.

The question he posed to his audience was this, 'If you were told to get your sales up 20%, how would you go about it?

So let me pose the same question to you. What would your first thought be? That you are going be told to work harder and longer; or would it be that no one in his right mind is going to suggest that? Hopefully, I am in my right mind, and I'm going to pass on to you advice that if implemented, will, without any question increase sales AND profitability. Don't hold me to 20%....it may be more ….it may be less.But it will unquestionably be more on the bottom line.

One large leap or lots of little leaps?

• Whatever stage your practice is at in its development, have a written business plan. If you haven't got one, email us at the address below and we will send you our business plan template and check list which, I promise, you will find invaluable.  No charge is made.
• Talk to your business advisers. Could they contribute more? Are you making the best use of their expertise?
• Carefully review, in conjunction with your advisers, the way in which you will invest in and fund future growth. Have a plan!! 
• Involve your staff and organise informal sessions to work on your business. Make this a regular event
• Ensure you have monthly management accounts, so you have your finger on the button and can make informed decisions. Hold monthly management meetings that address both the good and the bad. Don't sweep difficult decisions under the carpet
• Review your recruitment and training policies. Are you getting the best from the people you employ?  Have they got clear job specifications, and do they carry them out? Do they like working with and for you?
• Take a look at your staff and patient facilities. Could they be described as excellent?  Make sure they reflect the standard of dentistry you provide
• Imagine it's someone's first visit to your practice. Are parking, access and external and internal signing patient friendly? If they're not it could be not only the first visit but the last.
• Reception…. Smiling, friendly welcome? Comfortable seating? Up to date reading material? Tea/coffee/water?  Relaxing? Clean, well-appointed loos? If it's all a bit tired and worn, what is it saying to the patient? 
• Think about holding some Open Days. Bluntly, if you've got it, flaunt it…. 
• Encourage patient feedback and recommendation Check out your competitors. Be honest. What (if anything) are they doing better?

The point is really this. Business does not stand still. So, to be successful you must invest in it and to maximise the return you must support and invest in the investment.

The little things. They mean a lot.