Now, you might be thinking, “Sales? In a dental practice?” Absolutely! When you’re running a dental practice, you’re not just providing care – you’re also running a business. Tracking sales helps you understand the financial health of your practice and gives you insights into what services are resonating with patients. By monitoring your sales, you can spot trends, adjust your offerings, and improve your overall practice management.
The power of knowing your numbers
Let’s face it, you are often busy cleaning teeth, filling cavities, and making sure your patients’ smiles remain radiant. But if you’re not keeping an eye on your sales, you might be missing out on important trends, opportunities, and potential issues that could be hiding under the surface. When you track your sales, you’re not just looking at revenue; you’re building a better understanding of what services are performing well, where you can improve, and how you can optimise your practice for growth. Tracking sales can tell you a lot about what your patients are interested in, what they’re purchasing, and, even more importantly, what they’re not purchasing.
Examples of systems for tracking sales
If you’re thinking tracking sales sounds complicated, let me reassure you: it doesn’t have to be. There are systems out there designed to make it easier than flossing between your back molars (and we all know how important that is). Here are a few options:
- CRM (Customer Relationship Management) systems – systems like Dengro and Boxly can be used to track the relationship you have with your patients, and yes, that includes their sales. These tools can give you a snapshot of how each patient interacts with your practice, which treatments they’ve bought in the past, and whether they’re likely to purchase additional services. These systems provide detailed reports on sales over time and can even track the success of marketing campaigns. Plus, they can help you stay on top of follow-ups and reminders – so you’re never missing an opportunity.
- Spreadsheets – if you love a good Excel file like I do, then tracking sales manually with a simple sheet can do wonders, especially if you’re just starting out. Set up columns for services, patient names, dates, and amounts. You can get as fancy as you like with formulas and macros to calculate totals and averages. Remember to keep it updated regularly. This can be great if you like to keep your financials in-house and prefer the satisfaction of manual tracking.
How to track effectively without losing your mind
You’ve got the systems in place, but let’s talk strategy. If you’re not leveraging these systems effectively, they’re just as useful as a dental floss dispenser gathering dust in the back office.
- Track the right metrics – don’t just track everything. Focus on what’s important. Sales revenue, average revenue per patient, the services that are driving the most revenue, and patient retention rates are all key metrics. By tracking these, you’ll see not only how much you’re bringing in but where your practice could improve.
- Set goals and benchmarks – if you don’t know where you’re going, how can you get there? Set monthly or quarterly sales goals. For example, you could aim to sell 20% more teeth whitening treatments in the next three months or set annual revenue targets like we do . Use your sales tracking system to see if you’re on track and adjust your strategies as needed.
- Review regularly (but not too much) – as a practice owner, it’s tempting to check your sales numbers every hour. But resist the urge. If your systems are set up properly and you have the right people in place, you should review your data weekly or monthly to get a picture of your practice’s sales health. If you see a slump, that’s when it’s time to dig into the data and understand why.
- Adjust based on insights – the beauty of tracking your sales is that it gives you the power to change things for the better. If certain services aren’t selling, maybe it’s time to rethink how you’re presenting them to patients. Perhaps your whitening packages are too expensive, or maybe your patients are just not aware of the benefits of veneers. Sales tracking will guide you.
Why it all matters
Tracking sales might seem like a small part of running a dental practice, but it’s actually one of the most powerful tools you have to ensure your practice is thriving. By keeping an eye on your sales numbers, you can gain insights into what’s working and what’s not, allowing you to adjust your strategies and make better business decisions. Plus, with the right tools and a little consistency, it’s easier than ever to stay on top of your sales data.
In short, tracking your sales is like brushing and flossing for your financial health. If you don’t do it regularly, things will get messy. So, keep your practice’s finances as fresh as your patient’s breath and start tracking your sales today. You’ll be amazed at the results – both in your practice and your bank account.
If you’d like to discuss how we can help you make sense of your sales, get in touch.