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Whether you’ve been working in the dental sector for a while or are a novice and want to begin your journey, you definitely must’ve stumbled upon the concept of dental plans. Dental plans have the potential to earn you great profits and are an effective means of collecting payments. They facilitate great freedom, flexibility, and convenience for the patient and professional while eliminating the involvement of third parties.
Dental plans have been around for quite a while and since their remunerative nature has been identified, they are now incorporated into almost every dental practice.
If you have been wondering how to formulate a dental plan for your practice; you are in the right place. Here we have gathered all the basics that you must know before you proceed with the formulation of a dental plan.
#1. Read a Sample Business Plan
The easiest way to draft a business plan is by thoroughly studying samples. You can refer to the templates online and examine the patterns. You will come across many common features and sections that you can utilize to design your own business plan, which is neat, organized, informative, and easy to understand.
#2. Include an Executive Summary of Your Practice
An executive summary is found in every business plan. Its purpose is to provide the readers with a brief overview of the plan. It should give a holistic idea, feature all the essential details, and provide an outline to your audience which is precise and clear. Usually, this section extends up to two pages and could include details about the implementation of the plan, hiring staff, allocation of budget for operations, market analysis, target market, services offered, and so on. Framing the executive summary can be quite challenging as you need to summarize anything and everything about your plan in 2 pages.
You must avoid writing a generic summary and customize it as well as you can to include the specifics of your business. The introduction of your executive summary should be engaging enough to hold the readers’ attention; although care should be taken that the information can also be easily comprehended. Begin with the objective of the plan and do not miss high-priority information. You can also incorporate statistics that are relevant to the information.
This section plays a significant role when approaching lenders. It should be enticing and persuasive enough for the lender to invest and fund your plan.
Once formulated, you should proofread and fix errors to ensure the executive summary is truly well-written.
#3. Provide an Overview of the Services You Offer
The executive summary is usually followed by a short section about the company description, after which you need to get to the central segment of the plan—the services you offer. If people are reading your plan in the first place; it is to get acquainted with the services you offer and avail of them. Therefore; when you frame this section, make sure it is concise and explains in its entirety the services or products you offer.
Compile this section in the most alluring manner by mentioning how your services are going to be high-quality, propelling you to be widely demanded in the locality. You can also highlight how your services will stand tall amongst the competition and will enrich the community. Thoroughly describe the services, their pricing, competition, inventory required to support your plan, and so on; all while not making the section too overwhelming. Refrain from using medical jargon and complex terms so the layman can actually get an understanding of your services.
#4. Include a Market Analysis
The market analysis section justifies why your plan should be preferred over the rest. Begin by providing an outline of your dental plan and the target audience. Include as many details as you can about your target audience to establish specificity. For instance, mention their income level, age group, etc. Post this, commence with the task of actually investigating and analyzing competitors. Rigorously study their online presence, digital content, and target audience.
If you come across similarities, make sure you mention in this section how exactly will your plan offer better than what your competitor does. Only an in-depth analysis of the competition will facilitate the presentation of your business in the most positive light and will demonstrate that your business is indeed an asset for the lender.
#5. Mention Detailed Financial Information
Financial health is the core of every effective plan. Note your financial information in a way that the audience will get a glimpse of your knowledge and skill. This section should include a statement of your cash flow, expenses incurred on marketing, historical analysis, and so on. For this section, you need accurately collected data on your end. You can employ dental payment software to simplify the task and streamline monetary transactions.
An effective dental plan has the potential to forge the path to long-term success and growth. The plan should showcase your business’s pertinent aspects and depict your superiority over your competitors. A dental plan is a tool that can help you gauge your progress. So, utilize it to the fullest!