For once, I’m going to refrain from naming the client I’m referring to in this post, to respect their confidentiality. However, I have to report my own feelings of exultation when they shared with me the results of their last 12 month’s performance. Increase in sales – 10%. Increase in net profit before tax –
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With retail sales for the last 3 months dropping well below previous years and in the aftermath of a hard economic outlook in Tuesday’s Budget speech, today’s Black Friday sales will be critically important for British business. UK consumer confidence appears to be low. The high street (and, it appears, everyone else) has gone online
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Yesterday’s blog post was a bit of doom and gloom, all about the recent reductions in consumer spending and a growing sense of panic on the hight street. Then along came the first interest rate rise in 10 years. It’s a good time to have low debt, to be liquid, to have some reserves and
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I refer you to Colin Campbell’s blog yesterday (and don’t forget to scroll down and read the subsequent comments added by myself, Colin and Steve Hudson): http://www.campbellacademy.co.uk/blog/the-future-of-dentistry Possibly one of the most important blog posts you will read this year? If (and only if) the alleged situation is accurate, it signifies the beginning of that
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On Friday we explored the definition of OCPSPD (operating cost per surgery per day) and discovered that many associates are operating at a net loss to your business. (You can revisit that post HERE) At the risk of starting your week on a negative (to add to rail strikes and, for many, first day back
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OCPSPD Operating cost per surgery per day. Let me explain (for my fellow non-accountants). When you look at your audited or management accounts you will see three main sections: Income/Sales – the money that came through the door; Cost of sales/variable costs – the money that you have to spend when some dentistry gets done.
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Here are some questions to think about. Do you know the profit margin on: each product that you sell? each service that you provide? each surgery that you operate? each fee-earner that you hire? Based on experience, the majority of readers will answer “no”. In 20 years of full-time dental business coaching and over 2,000
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Payroll costs in dentistry are increasing as a percentage of sales. To maintain your profitability, are you going to have to pass on that cost to your patients? Consider the alternatives: pay less wages to fewer people pay yourself less make less profit It seems that most owners are choosing the last of these options.
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Recently, I have met three young dentists who have bought practices under what I can only describe as questionable circumstances. Three different locations around the UK and yet the audit trail of events that is disturbingly similar: Existing owner in mid-50’s decides to sell whilst goodwill values are at an historic high; Sales figures for
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As Season 7 of Game of Thrones takes us back to Westeros and re-introduces us to the characters we hate to love (don’t panic – no spoilers here) I’m wondering whether, in fact, winter is coming here in UK dentistry? Earlier this year (and on the recommendation of my friend and client Colin Lawson) I
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