Key Factors in Valuing a Dental Practice
08-08-2024When it comes to valuing a dental practice, understanding the key factors that influence its worth is crucial. Location plays a significant role; practices near large towns tend to attract more patients. However, changing residential patterns and the rise of remote working are altering traditional views on location. The tenure rights of a practice also … Continue reading “Key Factors in Valuing a Dental Practice”
Understanding Practice Profit and Loss Statements
08-08-2024A clear understanding of profit and loss (P&L) statements is essential for dental practice owners. P&L statements provide a snapshot of the practice’s financial performance, showing revenue, expenses, and net profit over a specific period. Key components of a P&L statement include gross income, cost of goods sold, operating expenses, and net profit. Analysing these … Continue reading “Understanding Practice Profit and Loss Statements”
Building Your Dental Practice’s Financial Health
08-08-2024Building and maintaining financial health is essential for a dental practice’s success. Diversifying income streams, such as offering both NHS and private services, can provide stability and improve financial performance. Practices should regularly review their revenue streams and identify opportunities for growth. Managing the cost base is equally important. Staffing costs, being a major expense, … Continue reading “Building Your Dental Practice’s Financial Health”
Importance of Financial Health in Practice Valuation
08-08-2024The financial health of a dental practice is a pivotal factor in its valuation. A practice that is financially stable and profitable will naturally attract higher bids. Key indicators of financial health include revenue streams, profit margins, and cash flow stability. Practices with diversified income, such as those offering both NHS and private services, may … Continue reading “Importance of Financial Health in Practice Valuation”
The Way to Get (Like for) Likes
31-07-2024If accumulating likes on social media has become a laudable and legitimate business goal, it’s a fair bet that excessive use of accounting jargon in your posts would be a good way to lose them again. However, it need not be that way, and, as Oliver Acton of Frank Taylor & Associates points out, understanding … Continue reading “The Way to Get (Like for) Likes”