Lunchtime Lockdown Webinars
Organised by MediHoldings in partnership with Spot On Business Planning and the BDA, the Lunchtime Lockdown Webinars are helping thousands of dentists and business owners through an exceptional year of hardship and unpredictability.
Catch up now on the latest edition The Second Wave
In this packed edition, our dental and business experts keep you up to date on market activity and provide valuable advice on how to prepare for the winter spike in COVID-19 and the possibility of future lockdowns. They also explain why the current climate need not deter you from making positive decisions for the future of your practice.
Dental Business Mentor and head of Spot On Business Planning Andy McDougall explains why dentists are looking to the future with uncertainty. Capital Loan Repayment holidays are coming to an end and Coronavirus Business Interruption Loan Schemes (CBILS) repayments are due, so dentists are understandably apprehensive about their businesses. Despite a bumper period of demand following the first lockdown, dentists have noticed an increasing number of cancellations throughout November, with patients facing difficulties due to redundancy and self-isolation on top of trying to plan for Christmas.
Attack is the best form of defence
The furlough extension to March 2021 has provided a lifeline to many businesses but, as Andy explains, it also implies further restrictions well into the new year. So, having contingency plans in place is the best way to prepare for whatever’s round the corner. For example, you can reduce the risk of your practice closing due to coronavirus infection by organising your team into work bubbles; working remotely where possible; as well as furloughing staff.
Staying connected to patients
It is vital to keep lines of communication open to patients and the wider public. Now couldn’t be a more important time to stay in touch and there are more ways than ever to do it, particularly through the use of social media platforms. Remind people you are still open for business and provide reassurance that you are COVID-compliant and ready to welcome new and existing patients.
Greater visibility for the future
Another crucial way to remain in control of your business is through financial planning. Spot On Analyst Anne-Marie Houston explains how creating a rolling cashflow forecast can give you some welcome peace of mind during this difficult time. Organising your fixed and variable business costs balanced against your income can provide you with a predicted net profit to help you plan for an uncertain future. You can even use your real-time monthly results for more accurate forecasts on a rolling basis. It gives you the freedom to make sound business decisions such as whether to spread your January tax payments or extend Capital Repayment holidays. It can even help you decide if it’s the right time to expand your business by buying new equipment or building another surgery. The Spot On forecasting model can help you lessen the impact of COVID restrictions on your business while giving you options to grow as a successful practice.
Growth may be closer than you think
The thought of expanding your business may seem strange in the current climate, but Andy and his expert team have found that many practices are sitting on a cash mountain following Lockdown 1.0. While the closure of practices resulted in significant losses for the industry, savings in running costs followed by the post-lockdown treatment boom have resulted in higher profits for many practices compared to previous non-COVID years. So, despite the uncertainty ahead, now is a great time to create a strategic financial plan that could lead to business growth.
Business as usual during Lockdown 3.0
The good news for the third lockdown is that surgeries can remain open. And we have more good news from Henry Schein Finance Business Manager, Kimberley Parker: banks are also open for business! If you’re thinking about next steps for your practice, Kimberley has valuable advice on where banks are currently placed in terms of loans and financing.
Is it time to assess the value of your practice?
You may also be looking at longer term changes or thinking of exiting the business completely. Many dentists are using this period to take stock of their assets and adapt their businesses to retain the maximum value of their practices for future sale. Commercial Director Maja Thompson reveals how an increasing number of dentists are contacting MediEstates for a practice valuation and examines the reasons behind the upswing in detail.
The market is still moving!
Good news from MediEstates as Maja reports an active market throughout both lockdowns. Changing market trends also show practice buying is livelier than ever as more independent buyers and small groups look to invest and create a more stable future for themselves. In fact, MediEstates analysis shows the number of independent buyers increased by over 20% between January and September 2020. Corporate buyers have also been active over this period, with practice sale agreements going ahead throughout both lockdowns.
Private market changes and NHS practices
Finally, Maja provides a round-up of market changes due to the pandemic. Find out why NHS practices are dealing with delays when coming to the market and private treatment is seeing an increase in demand. The treatment landscape is changing and it’s important for practices to change with it.
Hope for the future
Despite uncertainty out there, there are plenty of ways practices can continue to grow. Effective planning is the best way to prepare for the future. Find out more by watching The Second Wave webinar now
It’s not too late to catch up on all previous editions of our Lunchtime Lockdown series. And for real-time expert advice and support, sign up for the next live webinar coming soon. You can find more information about this and all industry events here