If you’re looking to grow your dental practice, here’s one thing to keep in mind: don’t get ahead of the money.
Let’s say you want to boost revenue. You know that if you could add an additional operatory, you could probably raise your revenue by 10, even 20 percent. All signs point to go, right?
But you’re about to run into trouble because you (probably) can’t just wave your hand and make a new room appear. You’ll have to find a bigger office, spend money on the move, make sure that your current patients know where to find you.
Pretty soon, any gains from that 10 or 20 percent growth have been eaten up and you’re left holding a promissory note while headed towards the deep water.
This doesn’t mean you have to admit defeat. Instead, consider your options. What if you expand your hours to get better use out of the space you already have or optimize your marketing to produce a steady new patient flow from a smaller budget? If you really do need more room, could you partner with another dentist or rent out your new office during your off-hours?
In other words, budget conservatively and think creatively.