Expanding a business is a good thing. Most of the time it means the current location is great for the practice. It also says that the business is making a decent profit. Sometimes it is not just the profit. If you realize people come from distances to get service in your practice, it means the reputation of the business is good.
A good reputation represents a possible brand value that one can exploit. When it comes to dental practice, just like any other medical practice, expansion is a good thing. It means the business can do more than it is currently doing. Before you expand, it is always good to ensure you are ready. You should also review your expansion options. Here are the five most important things that you should do before you begin this potentially incredible journey.
Review Your Business Health
The eye can lie, and even the bank statement is not proof enough that the business is healthy. You have to look at the dentistry practice strictly in business terms. Look at the cash flow, customer satisfaction rate and reviews, business overhead costs, profits, revenue growth, and overall satisfaction of the partners.
You must answer the most important question when it comes to expansion. Why are you expanding? Is it because you want to serve more customers and the present location is not enough? Is it because your customer growth has been steady throughout and you feel the current place will hold you back?
Document Your Service and Operational Culture
Every business is made up of systems and networks that make it successful. Document the whole process so that someone else can use it to run the practice in your absence. Expansion does not always mean to another location; it might mean moving into a bigger facility or taking more office space within the same location.
Whatever the case, your practice will have a shakeup that you should consider before making a decision. Operationalize your practice from customer acquisition to customer feedback. The whole cycle—what makes your business unique and successful—should be available and replicable.
Prepare a Business Plan
Getting into an expansion adventure without a plan is foolhardy. It must contain everything that you will need to succeed in your quest including a contingency plan. Work on the finances to ensure that you have everything handled. You might even want to have an Atlanta credit repair company in mind just in case your need to improve your credit to get a loan. Some of the costs will be shared with the current location, such as a website, social media, and marketing budgets. Ensure you have enough for office equipment, medical equipment, your lease, and other office costs.
Get the Right Location
Where you situate your practice determines the number of customers, the profile of the customers, the cost of the lease or rental bills, zoning and taxation, and many other things. You must do a thorough feasibility study of the location before you decide. You can look for dental statistics to guide you to places that can give you value for service.
Hire and Train the Right Staff
Expansion needs staffing. You need help with this from recruiting companies that have experience in recruiting for dental practices. Remember, you need a wide range of employees for your practice to be operational.
A complete team, similar to that one at the current practice, will be required. Remember, what makes your practice successful should be carried to the next location. Don't shortchange the new dental practice; give it the best.
Conclusion
Expanding your dental practice is a good sign. It means you have created something good. The decision to expand should be a rational one. Do it professionally if you want to reap great rewards. Ensure that your new practice has all the tools and equipment required to deliver on its mandate.