When it comes to building a successful dental practice, "winging it" rarely works. To be successful, most companies engage in strategic planning. This level of planning is essential in helping companies identify the direction that they will go and what new concepts, expertise, and skill sets will be necessary to head in that direction.
Evaluate all expenses. Analyze every single expense in the practice and answer questions such as: Is this expense essential for the practice? Is there an opportunity to reduce the cost of this product or service to the practice? Does this expense contribute to a return on investment for the practice?
Don't forget to watch spending when building a new practice. Often the issue is not the building of the new practice, but the overbuilding of the new practice and a desire to buy new expensive furnishings and equipment. This is natural because it's an opportunity to create the dream practice that the dentist has always wanted. However, the cost of the new building, equipment, and furnishings can often create significant financial challenges for many years to come.
Roger P. Levin, DDS, is the CEO of Levin Group, a leading dental management consulting firm, and one of the most sought-after speakers in dentistry. Dr. Levin has authored 65 books and more than 4,000 articles on dental practice management and marketing. You can sign up for the Levin Group Tip of the Day.
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