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#2 Financial Modelling
Understand your accounts, cash flows, KPIs and profitability models.
Case Study
The Smile Spa, Stockton on Tees
One of the things that particularly attracts me about the Smile Spa is the excellence of their financial management systems.
They have a full time financial manager to operate this busy multi disciplinary private practice in the northeast and I am happy to say that since I’ve been working with them I am copied in on a monthly basis on all of their financial monitoring systems, which include
- Monthly profit and loss statements
- An analysis of key performance indicators
- A measurement of the productivity of all fee earners in the building
- An analysis of the productivity and the return on investment from each of their marketing activities.
Over the last year or so working with the financial manager and the owners Simon and Sue Andrews, we have managed to refine these systems so that they give an instant check on how the business is doing every single month.
With this in place, we are also in a position to be able to create future cash flow forecasts and agree both marketing strategies for the year ahead and also any capital expenditure or increase in variable costs that need to be taken on board in order to keep this practice at the very forefront of excellent private dentistry in their geographical location.
Testimonial
Simon Andrews, The Smile Spa
Sue and I have worked with Chris for about two years now. We have used coaches before who have helped us with designing the clinical and the business sides of the business, we felt that it was time to make a change and decided that we were looking for someone who would help us identify the strengths and weaknesses of the Smile Spa and to then take the practice further forwards.
In the time that we have worked with Chris he has helped us in so many ways;
He seems to have a real feel for what is happening in dentistry today, and that knowledge has enabled us to identify where opportunities for development exist.
He asks relevant questions of ourselves and the team, that means we can focus in on what works and what doesn't.
He has helped us recruit dentists and is happy to advise and help with staff recruitment
We are aiming this year to grow the practice substantially and despite the country's financial situation, five months on, we are on target. I know we wouldn't have been so successful without Chris's help. 
