Take the First Step
If you own a dental practice, you own a business which has a profit and loss statement and a bottom line. Money comes in and goes out, people get paid and people spend. Do you have a current business plan for your practice? If not, we can help. With an effective dental mentor program presented by experts, you can develop the skills you need to operate your practice like the business it is.
The Right Approach
Just as no two smiles are alike, so no two dental practices are alike, either. As your life and practice evolves, changes take place that affect the way you operate. This can leave voids that are left unattended, which creates unnecessary stress in your personal and business life.
The best way to combat this and to manage a successful practice is by following a business approach, something which most dentists are not trained for. In 2008, for example, we had an economic recession, and many doctors were concerned about the adjustments that were taking place in their practices.
By assessing your situation and compiling a customized business plan to serve as a roadmap for your practice, you can prepare yourself to overcome any challenges you experience.
Determining Your Vision
To create a customized business plan, it’s necessary to start by identifying your vision for the practice. This is a “big picture” view of what you want to achieve, and by when. Perhaps you want to generate a certain level of revenue within a specific period of time, or you want to grow the practice to a particular size in terms of the number of patients, staff and/or associates you have? Our dental mentor program will help you to break down what you want to try and accomplish, determine what your vision is, and give you the tools to achieve it.
When you have outlined your vision for the practice, it’s time to develop the short- and long-term goals based on detailed and incremental plans that will help you to achieve it. Without clear goals that include timelines and benchmark criteria, you won’t be in a position to measure your progress and success.
These goals form the foundation of a business plan that outlines exactly what actions you need to take to move from one stage to the next in an orchestrated, intuitive fashion. During the dental mentor program, you’ll learn how to accomplish your practice goals, hold yourself accountable and measure your performance.
Developing a Business Plan
Developing a comprehensive business plan means identifying the actions you need to take to achieve your goals. It starts with compiling a list of your practice’s strengths, weaknesses, opportunities and threats, which gives you a bird’s eye view of what you can do now, and where you need to take additional steps. It requires you to address the emotional characteristics, the personal elements, as well as all business aspects of the products and services you offer. The plan should include:
An executive summary, which provides an overview of your vision and major goals, and how you intend to achieve these.
A description of who you are, the “personality” you want your practice to present, the products and services you offer currently, and any new offerings you plan to add in the foreseeable future.
Your marketing strategy, which includes characteristics of the audience you want to target for your practice and their locations, and your pricing methods.
Staffing strategies, including the number of people in your team and growth planned for the future.
Your operational details, such as premises, facilities and systems in use.
Financial forecasts, including cash flow forecasts, profit and loss, and growth projections.
Participating in our mentor program will enable you to understand and compile the information you need, and determine what steps you should take to progress from each stage of the plan to the next.
How the Dental Mentor Program Works
KLAS Solutions, with Phil Cole and our team of coaches, have been working with dentists for a combined 125-plus years. Through this unique program, we assist you in creating a customized business plan to accomplish your vision and goals. We assess all aspects of your practice and pay close attention to your needs to develop an effective business plan you can work with. We have the resources necessary to create a team of professionals that will support you throughout your career.
During the dental mentor program, you’ll discover essentials such as how to create a Break Even Point (BEP), as well as to monitor your numbers and Key Performance Indicators (KPI’s). If expansion is part of your vision, we will coach you as a third party. By keeping your interests in mind, KLAS Solutions will assist you with your design and equipment needs.
Our experts will guide you through the decision-making process to see if your numbers support your loans and expenses, and guide you through your future retirement plans. We want peace and security for you to live and achieve financial independence. After completing the program, you’ll walk away on your own terms, having gained the ability to practice because you want to, not because you have to.
PPOs and DSOs have had a huge impact on the business of dentistry. Some of the questions dentists often ask that can be addressed through our dental mentor program include :
- “How do I bring on an associate with all of the lower insurance fees?”
- “How do I combat against the DSO companies?”
- “I want to expand my practice, but I am not sure If can afford an associate.”
- “Can my facility accommodate my growth plans?”
- “I don’t know if I am ready for retirement.”
Some examples of doctors we are currently mentoring through this program are :
- A holistic doctor wants to expand and transform their practice into a boutique style practice, but has major financial hurdles. We are mentoring them to create both personal and financial budgets, negotiate the lease and building options required for projected growth, and developing a leadership program that will enable the dentist to stay in control of a large set of goals.
- A doctor wants to own multiple practices. Through the program, we are empowering him to find the right practices to buy, set up systems for a multi-office ownership, develop leadership skills and implement suitable business systems.
- A dentist with financial problems has a goal to become debt free. We are teaching him financial systems and best debt management practices to eliminate the debt and remain debt-free.
- A dentist wants to sell his practice on his own, and we are mentoring him on the protocols to have in place to make the most amount of money on his sale.
Contact us for more information about our dental mentor program, and learn how to create a customized business plan to achieve success—today and in the future.