How do I build the practice of my dreams?
How do I build a successful practice while saving money and time?
Dental Business Plan: Overview
Without a solid plan your dream practice and the reality will be far apart. Albert Einstein was once asked how he would spend his time if he was given a problem upon which his life depended, and he had only one hour to solve it. He responded that he would spend 30 minutes analyzing the problem, 20 minutes planning the solution, and 10 minutes executing the solution. For those inclined to jump into dental practice ownership, planning before execution would be a worthwhile endeavor. Dentists who need external financing to build or acquire a practice only get one chance to make their business venture a success.
How will a Dental Business Plan benefit me?
Management Tool - Easy-to-use management tool to help you track, monitor, and evaluate the progress of your current or future dental practice.
Reduces Risk - Risks associated with starting, acquiring, or operating a dental practice are reduced.
Better Loan Terms - A professionally drafted business plan will make it easier for you to obtain a practice loan at a competitive interest rate.
Saves Money – A typical business plan produces between $40K and $70K of savings in the first two years alone.
Types of Dental Business Plans
We understand that not all dentists need the same business plan. While most of our clients use it as a planning and monitoring tools, some dentists see it as necessary evil to get bank financing. Our business plans range from simple 10-page high-level reports, to 200+ pages strategic and operational plans.
Frequently Asked Questions
Q: My accountant can put together a business plan. How is your business plan different?
A: Accountants play a very important role. A knowledgeable accountant with experience in the dental field can look at the numbers and provide a clear picture of the practice’s financial health. We do that as well. What makes our business plans unique is that it is a planning tool that looks at all of the areas of the practice in greatest detail. The business plan allows us to change variables and see the impact these will have on your practice. This allows you to make better business decisions.
The business plan is not static. As your practice is being built, we modify the numbers and update the document so that you are always dealing with real-time data.
Q: I am looking to purchase a dental practice. Do I still need a business plan?
A: Yes, the business plan is meant to help the dentist plan and budget more effectively. The banks will often finance the purchase without a business plan if they are convinced that the practice that is purchased has a low risk of failure.
If you already have a practice that you are looking to buy, we would prepare a Purchase Feasibility Study (PFS). It is like a Dental Business Plan, except that it specifically focuses on a particular practice. If you already purchased the Dental Business Plan and need a Purchase Feasibility Study, a partial credit will be applied.
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London, ON, N6K 2K1