How to Position Your Dental Practice for Growth
Many of us like to tackle major goals one at a time. This certainly applies when it comes to your career. The first step was making it through dental school and passing your boards. The next was to own your own practice. Now that you’ve accomplished both of these, what’s your next focus?
With a thriving practice running smoothly, growing your business is the logical next goal. There are many ways to embark on this goal, all of which include strategic business planning. To help you get started, here are our three steps to positioning your dental practice for growth.
1. Outline Your Growth Goals
As you plan for growth, you’ll need to outline and define your goals. What do you want to accomplish? Some ideas may include:
- Increasing your total number of patients (organically or by acquiring another practice)
- Bringing on more dentists or a specialist
- Expanding the services you offer
- Adding additional locations
Any business goals you draft should be SMART goals, meaning they are Strategic, Measurable, Achievable, Realistic, and are built within a Timeline. Once you have yours outlined, make sure they meet each of these five requirements.
2. Consider How Your Goals Fit into Your Business Plan
You probably had a business plan when you were purchasing your first office or buying into a practice. What many business owners forget is that business planning is not just a one-time task, but an important ongoing activity. The result is a roadmap that shows where you want your business to go and provides directions for how to get there. If you haven’t reviewed this plan recently, now’s the time to dust it off and add in your new growth goals.
A couple questions to consider in this process:
- What resources will I need to achieve these goals?
- Do I need to consult with other partners (legal, financial, marketing, etc.)?
- Are the right people in the right positions to get the necessary work done?
3. Get Your Team in Place and Get Started!
Making sure you have people lined up to take on the work needed is crucial to ensuring you meet your practice’s goals. This may mean meeting with your external partners, bringing existing staff up to speed on your plans, hiring new operations or business staff, or working with outside experts. The right mix of these options depends on your practice and your goals.
Regardless, having a strong team on board is key to positioning your dental practice for growth. If you need to talk to someone about how best to prepare for and fund your growth plan, the Business Banking team at Bankers Trust can help.
Contact our team for more information or to schedule a meeting today.