We pride ourselves on being dental business specialists and always advise our clients on the most effective ways they can improve their business. Business Adviser, Dan Fine, explains that while marketing certainly has its place in generating more money, there is another route you may not have considered, which could provide you with more cash.

Dan Fine blogs:

There are many roles I fulfill for my clients as a Business Adviser and it depends on variables such as where their business is or what they want from it.  It could be a one-off website build or a full marketing programme from scratch, but there is one thing that all marketing activity has in common, a common end purpose: to generate more money.

It may sound cynical, but ‘more money’ is the main motivator. It is the reason dentists leave comfortable associate positions to become practice owners often with no security, support, and incredibly over inflated loan repayments. They do all this for the presumed promise of more money. If only it was that easy.

With practices being consistently overvalued in the current marketplace, more principals are feeling the pinch than you may realise. The resulting issue is marketing budgets drop off, investment in training dissipates and so begins the self-fulfilling prophesy of the downward spiral of patients and thus, profits.

Tax Planning.

Admittedly not everyone is in a position whereby they can do it, but if you can, it is the most straightforward decision you can make to generate more cash.

In its most basic terms – you are buying carrots and you have 50p, do you want 2 or 3?

And if you decide to tax plan, this is just the start of the story. You will have money, which really translates into more options.

Money is the great enabler, it means you could: give the reception area a much overdue makeover, work one day less a week or invest your new influx of cash outside of the practice for your retirement. The list really is endless and the point is, it is up to you; if you want to reinvest and grow your profits further or buy a brand new car. It is entirely your choice.

Here it is a good idea for me to put a caveat in place. This is not a recommendation to focus less on marketing and practice growth. In fact if you are serious about being in business you need a robust, multi-channel, and measurable marketing programme with a clearly defined budget in place. This is simply to draw your attention to the fact your quickest win may not be the most obvious one.

It is VERY IMPORTANT to note that there are so many different tax planning options available if you search in the right place, so it is vital you speak to someone who knows what works best for your industry and your situation.

If you want to speak to Hive to find out how much better off you could be, give me a call on 01872 300232 or email us at hello@hivebusiness.co.uk.