Learning lessons from big business

Nathan Poole FCCA
Nathan Poole FCCA
Blog learning from big business

Large companies have boards with members who bring different skills to the table – sales, financial, operational. They may be non-executive or executive members, employees of the business or outsiders with external knowledge and differing perspectives.

By contrast, smaller dental practices are usually run by their owners, the dental partnership, supported by the practice manager, who may all bring similar skills and ideas to the table, because dentistry is all they know. A dental partnership with a board is unusual but bear with me while I make my case for an informal dental board…..

When you want to change or improve your business, it is worth having people around you who can bring different perspectives to the table and can challenge and assist you, the business owners. An informal board would meet at regular intervals to help set the direction and ensure the practice is moving towards its goals. You – with your partners if you have them – would take the chief executive role.

How would this work? If you are a client of ours, then most likely we would be external board members, feeding directly into your strategy. At the annual profit and planning meeting, we would help you set goals and thereafter regularly touch base to check on progress.

I have referenced big business, but you can also learn from wealthy individuals who employ accountants and financial advisers, despite not having a business to run. Private client work of this kind involves advisers working together and, in a similar way to a boardroom, experts are brought in to ensure the wealth is managed, maintained and, hopefully, grown.

Linda and I have been working with dentist and orthodontic clients for over 20 years, adopting the type of collaborative approach that in the past was the sole privilege of the very wealthy.

Ours is not the standard service you receive from accountants. For instance, we like to:

  • work closely with your IFA to ensure you are on track to achieve your personal and financial goals

  • ensure you have adequate protection in place to provide security for you and your family

  • collaborate with other advisers, like solicitors and practice brokers

Ask yourself how well your current advisers work together? Do they share information in your interests? As a dental business owner, you need a team which works together to get the best results through a joined-up approach to overall planning, leaving you to get on with the clinical dentistry. We make that easy for you.

Changing the way your dental business operates, inviting support from advisors like Linda and myself is an opportunity for you to step out of your business and look in from outside with an informed, critical eye.

It all starts with a phone a call or an e-mail click here to get in contact.

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