How to Know When to Expand Your Dental Practice
So, you’ve ended up establishing yourself in your locality, and things are going smoothly; you’ve got a broad base of dedicated patients. Besides, your practice has one of the best sets of the latest equipment around, including top-notch X-ray machines, lots of dental care sets, etc. Your phone’s always filled with appointment calls and texts, and your financial books are highly balanced, showing that you’ve got more than enough.
The above is evidence of flourishing practices, and one of the things any dentist who has that would be thinking about is expanding their services and business. If your thoughts go along this line, you might want to call on a dental associate accountant in Chicago to guide you through the process and the financial and logistical implications of an expansion.
However, before you do that, you have to be 101% sure your practice meets the criteria required to take such a big step. If it meets any of the requirements below, then you can go ahead.
1. Your Practice Is Constantly Bringing in New Patients
To even contemplate expansion, there must be an in-flow of a new stream of patients every month, I addition to your current crop. A minimum of ten new patients has to sign up with your practice before you can think of taking a significant step like expansion.
However, while you work on meeting your new patient target every month, don’t make the mistake of shunning current ones. It would help if you continued to offer them the excellent dental care they’ve been getting. Don’t sacrifice them for the new ones you’re bringing; if you have to bring on another dentist to make things work smoothly, then don’t hesitate to do so.
2. You Have a Solid Marketing Strategy in Place
A solid marketing plan is a catalyst for business growth; it puts you in a better place than your competitors. While your practice might have garnered lots of attention and patronage over the years, you can’t rely solely on that to make expansion decisions; you need to do more. It would help if you had a viable, fool-proof marketing strategy that will place you above the competition, such that when you finally expand, it’ll cater to customer attraction needs.
Create an excellent marketing model as online ratings go a long way in shaping patients’ decisions on which practices to patronize. Also, invest heavily in reputation management as it’s an integral part of your services’ marketing.
3. If There’re Unexplored Profitable Opportunities
No matter how much you’re generating, the truth is that you need more revenue. It doesn’t hurt to have several income streams. Even if you’re running a financially healthy practice, according to your dental associate accountant Chicago, but you discover that there’s a new market that has the potential to become a significant income stream, you should consider going for it.
Doing this, however, requires you to work in collaboration with your marketing team to ensure it’s a viable venture.
4. You’ve Got the Resources to Bring on New People and Train Them.
Expanding means more work, additional equipment, and new hires; all these don’t come cheap. Before you start planning to grow your practice, you must have checked your financial books, work schedule, etc., and sure that you have enough resources to accommodate the new improvement. You don’t want to start expansion procedures and stop midway; that’d make you look bad.
You’ll do well to consult your dental associate accountant in Chicago to check your financials. Also, ensure you’ve got enough time on your hands to oversee things. You want to ensure things kick off on a good note.