Annual Planning
ANNUAL PLANNING & GOAL SETTING: 7 STEPS TO PRACTICE SUCCESS & PROFITABILITY
Does annual planning feel like something you can put off until next year, or the year after that? Maybe never do at all? ("We're doing just fine as we are.") If so, test your 'Overhead IQ' with these five true or false questions:
Read why "It's all about the numbers."
- T or F: Overhead is compared to collection, not production.
- T or F: In most general practices, overhead should fall within the 45-65% range to ensure
profitability. - T or F: Doctors' wages are considered part of practice overhead.
- T or F: 54% of dentists offer medical insurance as a staff benefit.
- T or F: If you are collecting at least 92% of your production, you are doing as well as you
can expect to do.
How did you do? (Answers below.) If you got 100%, good for you! If not, you're not alone. The truth is, many dentists, especially those who are just starting out, may not know the answers to these simple, but vital, questions, and the results can be costly. Without a well-thought-out annual plan, practices very often flounder under the weight of unexpected expenses and unrealistic expectations.
It doesn't have to be that way! An annual planning session just takes just one day and will give you the answers you need for your production, collection, staff, equipment, and training issues, and more.
The Annual Planning session will walk you through the important process of:
- analyzing your profit & loss statement
- forecasting the coming year's expenses
- determining the new production goal
- determining work days
- establishing hygiene production goals
- establishing doctor production goals
- setting an action plan for coming year
Are you ready to take control of your practice?
Whether you're just starting out or have been in practice for many years, annual planning is a must-do if you desire financial stability, predictability, and profitability in your practice. Call or to schedule your Annual Planning session, and be on your way to greater success and profitability.
Answers: F, T, F, T, F (98% is your minimum goal)
