Is It Time to Expand Your Dental Practice Office?
As a small business owner and a dentist, it is crucial to always be thinking of that next step for your practice. Sometimes that means adding staff or purchasing new equipment, but for many, that actually means expanding your space. This could mean renovating, relocating, or adding a second location. Here are some steps you can take to determine if your practice is ready to take this next step.
Determine if your practice is ready
All smart business owners are eager to make the most of that next growth opportunity for their company. But it is just as important to be strategic about taking those next steps. Here are a few easy questions to determine if your practice is ready to expand its space:
- Do you have a positive cash flow and secure patient base?
- Are you outgrowing your current space?
- Are there features you wish your current office has that it doesn’t? Could you add them or is there a space limit?
Depending on your answers to those questions, you could be ready to build a bigger and better office space for your practice. If you believe you are ready, the next decision is determining if your practice should expand its current location or is going to need an entirely new one.
Deciding between a new location and expansion
Making this decision means keeping a few things in mind:
- 1. Location - Is your location in a high-traffic area and is it easily reachable for your staff and patients? If not, it may be time to consider relocation. Relocation can be a big endeavor, but it can pay off in the long run if that means you better meet the needs of your patients and staff. If the location of your current space is working well for you, then you may consider either expanding or adding a second location instead.
- 2. Additional space - When renovating or moving to a new space, you should reflect on how your current space has been serving your needs. If the space is starting to feel cramped with new equipment, staff, or a growing number of patients, then when you’re looking at your next space, you should factor in that additional room. Be mindful of if you need more operatory rooms, storage, equipment rooms, or waiting area for patients.
- 3. Equipment conditions and potential updates - New equipment can be a great way to give your patients a better experience but that equipment can also start to make your office feel cluttered. When considering your next space, think about what new dental equipment you want to offer and how that would shape your space needs.
- 4. Your patients’ needs and expectations - When building out your new space, you need to consider what your patients expect from you and your service. For example, if you are a more family-oriented practice, you may need to include more space in your waiting area. This also relates to the efficiency and quality of care your patients expect, which can dictate the layout of your operatory rooms and equipment you provide.
- 5. Staffing requirements - What have your team members come to expect from your office? Their expectations could range from a nice staff lounge to lots of open area or a centralized location. Be sure to get input from your staff when considering the look and feel of the next space so that their needs are met as well.
At the end of the day, your dental practice needs to be ready to take the next step toward expanding or relocating your office space. You need to have a positive cash flow, solid patient base, and a great business plan to move forward. Your next step is also finding the advisors that can help you throughout the process.
Contact the Business Banking team at Bankers Trust today to learn more about how our experienced team can help you through this process.
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