Is your business ready for 2023?
While planning for the year ahead it’s important for practice principals to prepare their business for 2023. If we have learnt anything since the pandemic, it’s that everything can change very swiftly and organisations must be ready for anything! Despite the challenges that many practices are facing, the future is bright for practices that are prepared for it.
Retaining the team
The recruitment crisis in dentistry has been headline news for some time now. The reducing number of individuals in the profession – alongside other issues – is making vacancies difficult to fill. The key, therefore, is to keep the staff you have. Great staff are the absolute cornerstone of a great practice, so encouraging a stable and content team is a must for practices looking to thrive next year. Though pay should definitely reflect their value, there are other benefits that can be offered to top it up, such as private medical insurance, GDC and indemnity fees covered, nursery schemes, travel subsidiaries and so much more. Many team members also appreciate the opportunity to develop their skills and/or expand their role.
Monitor lost surgery time
Most practice management software programmes provide a way to assess surgery downtime from no-shows, late cancellations and/or general occupancy for each clinician. Be sure to evaluate these to identify areas in need of improvement for 2023. Minimising downtime will be vital in optimising profitability of your practice moving forward. This might need to be addressed with a new patient no-show policy, or by utilising surgeries differently – perhaps with better use of skill mix between the dentists and dental hygienists/therapists, for example.
Boost your marketing
When budgets get tight, many companies often look to reduce marketing spend first. While completely understandable, it’s important not to eliminate all promotional activities. Growth is essential for any dental practice to succeed, so access to a stream of new potential patients is necessary for businesses of all shapes and sizes. Focus on marketing avenues that are free or highly cost-efficient – social media can be hugely successful depending on your patient demographic, for instance. Also, look to boost word-of-mouth referrals and online reviews. Patients encouraging others to visit you are the best form of marketing you could hope for.
Whether you already work with key members of the trade, or wish to build upon your partnerships, establishing strong connections with the industry can be hugely beneficial. In doing so you can gain access to the best possible deals on products and services, plus you can be confident that you are receiving the highest standard of service and support. Not only does this offer immediate monetary advantages, but it could also provide new opportunities for training and support for the team moving forward.
With so much technology in the dental market today, it can be difficult to know what would work and what wouldn’t for your business. Take some time to research the market and consider whether any new innovations could improve your practice for the New Year. Imaging equipment might facilitate a higher standard of patient care, new design software might make treatment planning faster for the clinicians, new dental chairs could elevate the patient experience and encourage their loyalty. There are always improvements to be made so consider what your practice would benefit most from in 2023.
Though no one can predict what the next year will hold, you can prepare your business for many eventualities with careful planning.