Hassan Mushaid, Managing Director of the Creative Composite, a fast-growing marketing company, explains the importance of marketing in practice, providing a long game strategy on how to help to maximize the exit value.
The owners of most independent dental practices that receive high valuations share certain traits.They all have a vision, a long-term goal and work with a team that is truly up for the challenge of succeeding.
High valued independent dental practices have common characteristics. They possess a loyal and well-trained support team which includes qualified dental nurses, well trained receptionists, a treatment coordinator and a full-time practice manager. Behind the scenes of the business, everything runs like clockwork with strong and smooth-running systems in place.
From the very first meeting with a new patient, to delivering the final smile results, everything has been systemised.
You can thank McDonalds for highlighting the importance of business growth with the help of a systemised approach to business.Ensuring that each client receives a bespoke experience and is valued even after their treatment is complete, is essential.
Consistency is a key factor in making sure that this approach becomes second nature to your team and will require good leadership.Highly valued independent dental practices have in common an effective marketing strategy.
The aim of which is to attract new patients. Buyers do not seem to appreciate when the principal dentist is the top earner within the practice, but this will be the case for many practices.
This is because the principal dentists have vested interest within the business; they are responsible for the performance of the practice both financially and in relation to reputation. Grooming your team to become experienced dentists and helping them develop the necessary skill sets allows the principal dentists to delegate and not be the main income generators.This help making the transition from personal to commercial goodwill, doing so attracting more buyers and increasing the value and marketability of the practice.Because of this approach associates can grow and succeed which inevitably builds a healthier practice.
It is important to ensure that the whole team operates at their very best without losing confidence and clinical experience, it is also crucial in preventing them from looking for greener pastures.
This is precisely why a planned marketing strategy is essential.
It takes a lot of patience, commitment and high performance under great pressure to create something that will surpass the test of time.
But it all begins with a vision, with determination to succeed and working with a top team.