Thinking of Expanding Your Practice? What to Know
The goal of every business owner is to grow, expand, and make more profit. For dental practice owners, this rings true too. Any dentist will jump at the chance to develop if the opportunity presents itself. The dental industry grows more prominent with each passing day, and it’s reasonable to want your practice to grow too.
Expanding your dental practice involves many things. Firstly, you’ll have to consider if your practice is ready for that step.
- Has your cash flow been positive for a while now?
- Are you getting more patients than your current space can handle?
- Do you need more office hands now?
- Are you adding new equipment and technology to your practice?
If all your answers indicate that expansion is imminent, then you move on to the next set of considerations. Would you prefer to expand your current location? Or move to a new place? Or just open another office in a different part of town?
There are several parts involved in an office expansion process. That’s why it’s best to have a professional work with you on planning your office expansion. With the right dental business plan Kansas City, you’ll have a more seamless and organized office expansion process. So, what are the main things to consider when thinking of expanding your practice?
Location
When it comes to expansion, your present location may not work for you anymore. Maybe there is limited space, or its spot is too inconspicuous or for whatever reason. Most times, dental practice owners have to look for new locations for their businesses. A new place, especially to a more prominent, more central position in town, comes with its own benefits. On top of having more space, your practice will open up to new patients and more opportunities.
However, if you like your practice where it is, but there’s no space for expansion, then you’ll have to open a second location. A second location offers all the benefits of a new one, with your existing patient base, contacts, and associates. With opening a second location, you’ll have to ensure that your first location is in the best state and can stand alone. You don’t want to start worrying about your first location while trying to grow your new office. When you have an established dental business plan in Kansas City, opening a second location will be a lower risk to you.
Buying a New Practice
Another way to expand your business is by buying a competing dental practice. This method of expansion offers less risk than starting a second location from scratch. However, carefully consider the financial stand, employee loyalty, and clientele of the new practice before purchasing it.
Having the Right Team
Regardless of how ready you are for expansion, if you don’t have the right team of employees and advisers backing you, it’ll never happen. Carefully bring your team of employees up-to-date on your practice’s plans, targets, and objectives. That way, they’ll work in sync with you towards achieving them. Ensure you also have a financial advisor to guide you through all the monetary aspects. Also, have a business consultant to help you develop the best dental business plan in Kansas City.
