When practice owners renewed their insurance they probably weren’t thinking about anything like Covid-19 and the impact it might have on their business. However, that doesn’t necessarily mean that they aren’t covered in some way.
At Smile Marketing, we have teamed up with experts in this area to assist dental and healthcare businesses to determine whether they have a basis for making a Business Interruption Claim. They will undertake a FREE review of your policy and will let you know whether they believe you have relevant cover. If so, they will be happy to manage the entire claim process on your behalf on a NO WIN, NO FEE basis.
The service includes: – Negotiating with insurers – Agreeing settlements with the insurer – Securing payment on account (because practice owners will not know the full extent of losses yet)
Many claims are being processed for principals even though their broker had told them that they were not covered.
At a difficult time for dental practices we thought we could provide extra help with our FREE Smile Advice Helpline. So, just after the ‘lockdown’, we decided to offer guidance and support at this crucial time for dentists and indeed other SMEs.
So what have we been helping with?. Here’s a flavour:
– Patient communications support to help you through the pandemic e.g. ideas, content, social posts, blogs – Advice on the planning and preparation for when your practice can reopen – What to avoid in these challenging times – How to turn the current negatives into positives for the future – A ‘sounding board’ service on ‘future proofing’ your practice
Just give me a call anytime on 01626 897713 or 07974 748550.
“How much should I be spending on my marketing?” is a question we get asked regularly.
Obviously, it’s a very important question for every practice
– whatever the size or location – and is one that vexes Principals and Practice
Managers up and down the UK.
With many years of experience in the dental sector we recommend that the ideal annual marketing budget should be somewhere between 4% – 8% of your annual turnover.
The reason we give this range is that it really depends on how established your practice is, the local competition, your growth aspirations and many more factors that will be specific to your practice.
All that said, using the 4% – 8% of turnover as a guideline
is a great starting point for most practices.
So, the key question is – how does your planned marketing
budget for 2020 stack up?
If you need advice on setting your budget and help to create a marketing strategy and plan to ensure 2020 is a great year then why not get in touch.
At Smile we also ensure clients get the biggest return for their marketing spend. That includes advising on the ever-changing nature of the marketing world and how to use social media, internal marketing and even TV to generate the best results for your money.
I often get asked by practice principals what the value of a facial aesthetics business can be for their dental practice. There are of course lots of factors to consider, including the premises and capacity, whether the use of an existing dental surgery stacks up financially, the recruitment or training of qualified and dedicated practitioners, front of house staff training as well as the local market and how to position the practice to set it apart from competitors.
It’s important to look at it as a separate business, with a separate profit centre, with clear objectives and milestones and a carefully thought-through Business Plan is of course a ‘must’.
To Facial Aesthetics and beyond!
Many practices launch a Facial Aesthetics successfully to include wrinkle reduction and fillers and then extend into offering a wider range of treatments spanning beauty treatments such as facial rejuvenation and treating skin conditions such as acne, redness and pigmentation. Some clients focus solely on being skin and facial aesthetics specialists.
Finding and keeping patients for a Facial Aesthetics or MediSpa businsss does present its own unique set of challenges. Is the target audience the very different to the dental patient audience in your specific catchment area? How does the treatment mix break down in terms of demographic? How price sensitive is this market? Can a membership scheme work in the same way as it does for dental patients who sign up for monthly payment plans for their routine care and hygiene appointments?
We’ve helped an award winning clinic to plan and launch a VIP membership scheme for their clientele and it’s success to date is allowing the owner to put even firmer foundations in place and paving the way for even greater success.
With businesses that are classed as SMEs (small & medium-sized enterprises with up to 250 employees), research shows that investment in marketing is often too low and that this hinders growth. Private and ‘mixed’ practices without NHS contracts fit into this category.
Here are some facts about SMEs:
SMEs report that they could raise sales by an average of 15% if they maximise the impact of their marketing effort
The average SME only achieves 39% of their planned marketing activity
11% do NONE of their planned marketing
1/3 rate their marketing efforts at under 5 out of 10 yet 77% recognise it is important to the success of their business
Reasons for not doing enough marketing: 36% say there isn’t enough money, 21% there isn’t enough time
The average SME spends £23,810 a year on marketing
Every £1 spent on advertising benefits an SME 8 times as much as it would a larger firm
Of course, it’s not solely about making a larger investment to help build a dental business. It’s about spending it wisely through careful marketing planning and avoiding costly mistakes.
For a no-obligation chat about your objectives contact us on 0845 287 3051 for a free initial consultation.
Sources: Centre for Economics and Business Research (CEBR) Advertising Association
To make it happen, you first need a plan, a roadmap if you like. In the same way you don’t get in your car without knowing where you are going and how you are going to get there, it’s the same for building a business.
A business plan supported by a marketing plan that helps you achieve your business objectives is the way to reach your destination, whether measured in income, profit, cases, professional standing within your profession or exit, if you have an exit plan (which is a huge subject in itself).
For help with a business plan and marketing plan from the people in the know, it’s important to work with a specialist marketing agency that knows your challenges, your industry and the roadblocks potentially in your way.
It’s that time of year when businesses, including dental practices, have the ambition to make the New Year their best year ever. All too often though, it never really happens and one of the reasons is that the practice doesn’t have a business plan and almost certainly doesn’t have a marketing plan with clear objectives.
It is of course important to plan set targets in terms of patient income, cases, referrals and Patient Plan memberships if you have a scheme in place.
A dental practice business plan should at the very least cover the following topics:
Objectives – growth, acquisition, exit, new partnership…
Practice strengths and weaknesses
The financials e.g. 2-3 year financial projections, with breakdown in treatment mix
Supplier services & costs e.g. supplies, sundries
Practice and equipment maintenance
Team development plans – clinical training, personal development training, recruitment, practice management
Marketing – external support, such as Smile Marketing, and internal responsibilities
Success criteria i.e. what does success look like?
So don’t leave “your best year ever” to chance. Do talk to a specialist dental marketing agency for advice and guidance.