
Ray Cox, managing director of Medifinance, stresses the importance of taking the long term view in times of uncertainty in the economy.
The state of the UK economy has always been a political football. Politicians on all sides have agendas but no genuine answers. Their thinking is largely short term and their experience and understanding of commerce frequently non-existent. The bottom line is that the global economy, which impacts on us all, will always be unpredictable and mitigate against any kind of permanent stability.
It is for these reasons that, if you are running a business (or thinking of setting one up), the advice we always give to our clients is to recognise that your thinking should be long term and to plan accordingly. No business can ever be immune to the variables that beset the economy, and it will have to trade through good times and bad. But if you prioritise and plan, the likelihood is that you will prosper.
Keep in mind that there will always be a demand for dentistry irrespective of the state of the economy and those who take it seriously will not jeopardise their oral health in order to save a few pounds. So you have a distinct advantage in a competitive High Street. With this in mind, let’s look at the steps you can take to ensure your business runs as successfully and as profitably as possible.
The positive things you can do
- At Medifinance we have decades of experience of working with the dental profession, providing business guidance and sourcing funding. As a result, we have been able to put together business planning templates that we make available to the profession free of charge and without obligation. Whatever stage you are at with your business, you will find the templates an invaluable tool. Email me at [email protected] or call me on 07785 757782 and we will send them through to you. You will find the templates will not only help you prioritise and plan, but often consider and address issues you may have overlooked
- Continue to invest, on a planned basis, in your practice. See it not only as enabling you to enhance the service you provide patients, but as a way of giving you a long-term competitive edge
- Take a good look at your overheads, both fixed and variable. Monitor them carefully against monthly management accounts and keep a close eye on cashflow. If possible, pay off any high interest loans and/or consider refinancing on better terms. This is an area in which we have considerable expertise and experience and may well be able to save you significant sums
- See if there are opportunities to arrange better terms from your suppliers. We are not advocating ignoring the benefits of reliability, but customer loyalty has a value!
- Ask yourself (and advisers and others within your practice) if you are taking full advantage of technology. Administrative speed ups will impact quite significantly on the bottom line
- Above all stay calm and focused. Have a strategy and use it to give your business, and your business advisers, direction.
How Medifinance can help
We specialise in sourcing funding for the health professions and our team has experience and contacts that our competitors cannot match. Our service is fast but always considered and, without exception, personal. We believe in establishing long-term relationships and investing the time to understand the individual needs and aspirations of our clients.
If you have a funding requirement, large or small, please do contact us. We are always happy to share our experience and knowledge of the market without any obligation on your part.
Contact us at [email protected], 07785 757782 or www.medifinance.co.uk.
This article is sponsored by Medifinance.