3 Financial Tips to Expand Your Dental PracticeSubmitted by Creative Wealth Strategies on September 18th, 2015
Are you looking to expand your dental practice? If so, there are a few financial tips and investments you can make to ensure your customer base continues to grow without drastically increasing your overhead.
However, before you start investing in growth, there is good news. The dental industry is expected to grow naturally. Industry revenue is expected to reach $130 billion in 2016, which is a growth rate of 3 percent from 2010 to 2016, according to a report. The growth is attributed to improved technology, increased health awareness and better access to healthcare since the Affordable Care Act went into place.
While any increase in business is welcome, here are three additional financial tips to keep clients coming in:
1. Find a trusted financial advisor
You can’t make money without spending money, right? While expanding the practice is beneficial, it will also come with added expenses. You may need to spend money on a local advertising campaign, bring on additional employees or renovate your current building.
To make sure you have money put away for this endeavor, it’s a good idea to have a financial advisor in your corner. An advisor can help you plan your expansion, and make suggestions to help ensure your expansion plans are successful.
2. Invest in affordable marketing options
To attract new clients, invest in low-cost marketing options like these:
- Dental practice website
Fifty-five percent of all small businesses don’t have a website, according to a 2103 Google study. In the digital age, a website is a vital marketing tool.
Customers search for services before they find a provider. You can bet customers in your area are searching for dentists, and even looking for online reviews. Still, the older generation of dental practice owners aren’t sold on the need for a website.
Here’s some incentive: websites are the number one patient acquisition channel. About 50 percent of customers conduct a local search before going to a service provider, according to a Google report. Another 50 percent of your customers will use their smartphone to learn about your practice while sitting in your waiting room.
So, if you don’t have a website, it’s time to set one up. You can use do-it-yourself website builders like WordPress that don’t require technical skills.
- Social media channels
You should also set up at least one social media channel. They’re free to use and provide great exposure. Consider using Facebook or Twitter to market to the younger crowd.
Start advertising to locals by using signage outside your practice. Put a sandwich board on the sidewalk, or purchase a banner to hang above your front door that tells people you’re accepting new clients.
3. Invest in digital tools to help your growing business
To help keep expenses low while you expand, consider using digital tools that can cut overhead. Here are two tools that will save you money as you expand your practice:
With added appointments, you'll need to keep your calendar straight. Try Sunrise Calendar. It's easy to navigate and can integrate with other calendar apps too.
Let customers make appointments themselves through online software, SetMore Appointments.
Have you expanded your practice recently? Tell us about your experience and offer tips to others in the comment section below.