Starting a dental practice is daunting enough, let alone the maintenance of popularity, publicity and strategy.
Luckily, we’ve got you covered with a business model to help establish and grow your medical business.
Below, we have gathered the key aspects of consideration when beginning, or developing your business:
1. Objectives and core values
- You need to consider what makes your practice different from all other dentists out there.
- Your primary objective needs to be to exceed customer expectations.
- Your goal is to make your practice self-sufficient and run completely off its own cash flow.
2. Mission of your practice
- To provide the care your customers need and want
- To maintain high-quality services
You need to identify the mission of your practice. The core mission should take into account customer needs, wants, and demands.
Your dental practice should fundamentally provide a solution to this, and exceed their needs and expectations.
Your missions should also relate to customer satisfaction and how you can provide care that is not just dentistry, but friendly and trusted too.
3. Simplify into: Problem, Solution, Market and Competition
- Identify the problem your business is solving
- How is your dental business solving this problem?
- Who are you are targeting? Who is your ideal customer? Make a customer profile.
- What are competitors lacking, and what can you provide that other competitors don’t?
4. Professional business coaching
Business coaching is a great way of developing the tools you need to get where you want to be.
Dental marketing can sometimes be difficult, so why not take advantage of the resources out there? Talk to a dental marketing coach today.
5. Metrics for success
Businesses are fundamentally about making money, and money is the key metric for success: the more money you are making, the more successful your business is.
Economic success is comprised of 3 core elements: sales, gross margin, and net profit.
What is gross profit margin?
Gross profit margin is the metric use to assess the success of your dental practice.
It is calculated by subtracting the money generated from sales from the overall/gross budget.
What is net profit?
The net profit margin is equal to how much net income or profit is generated and is often presented as a percentage.