The ADA is presenting a free webinar on April 11 about how dentists can document operational and financial objectives through business plans to achieve short- and long-term success and attract potential partners, associates, investors and lenders.
Lender-Ready Business Plans: How to Create a First-Rate Plan will live stream from noon-1 p.m. Central time and is worth one hour of continuing education credit. A recording will be made available on ADA CE Online for those unable to attend the webinar on April 11.
The presenters are Ronald Milsap, director of business banking at BMO Bank, and Jeffrey Kerst, D.D.S, of Kerst & Caskey Family Dentistry in Shreveport, Louisiana.
The webinar will help attendees understand common sections of a business plan and the detail to include in each; learn how a business plan evolves according to the stage of a practice; identify resources to help develop and maintain a business plan; and discover who will request to see a business plan and how to maintain it.
Both presenters talked about the anticipated takeaways from the upcoming webinar.
Dr. Kerst said that when it comes to business plans, failing to plan is planning to fail.
“A business plan is a critical part of the path to practice success,” he said. “While the primary focus of dentists is caring for patients, a plan helps a business adapt to the rapid changes of the world. This webinar will discuss the importance of a business plan, as well as what needs to be a part of abusiness plan prior to starting a practice. A business plan helps secure bank financing, communicates the path for navigating the world of dental insurance and establishes a plan for effective marketing for a new or existing practice. While the fine points of any business plan will certainly change over time, it provides a great starting point to help a business succeed in its most challenging years.”
Mr. Milsap said that every year, thousands of new businesses open, and without a solid business plan, many don’t survive.
“Think about [the business plan] as your roadmap,” he said. “It requires you to think about your business from all angles, and helps you focus on your goals, especially in this economy. By taking the time to create a solid plan, you’ll be in a position to better understand your market and competition. You can also leverage it in a number of ways: to test the feasibility of your start-up idea; raise financing from lenders or investors; motivate your team of employees; or to simply organize your thoughts about the future of your business by putting them down on paper. It helps to hold yourself accountable to your plan and it can also help you determine if your results and actions are giving you the outcomes you had planned for.”
Endorsed by ADA Member Advantage, BMO understands the dental industry and works with ADA members to find solutions to help a practice succeed and operate more efficiently. For more information, visit bmo.com/dentists .