After the Acquisition: How to Run Your First Small Business

After the Acquisition How to Run Your First Small Business

Once the dental practice acquisition process is over, it’s time for the rewarding part: running your practice. If this is your first time owning a practice, which is really a small business, it can be a tough transition. There are nearly as many small business closures as openings each year according to the U.S. Small Business Administration.  These tips on how to run your first small business will help you get your new practice started on the right foot and running for years to come.

Talk to the previous practice owner

The previous owner can give you an immense amount of insight. If it’s possible, talk to the previous practice owner about the ins and outs of their dental practice. They will have extra knowledge on unsearchable details, such as community nuances to be aware of, the employees’ typical work practices, the marketing channels with the best results getting new patients, or opportunities within the practice that can be expanded. Gathering this insight beforehand allows you to arrive on the first day ready to take advantage of opportunities and to tackle any possible roadblocks.

Prioritize your employees

When you acquire a practice, you do not just gain a new business—you gain a team of employees. They may be wary about the transition, so make it your top priority to put them at ease. Running your first small business is hard, but by paying attention to your new team’s concerns and leveraging their strengths will help make it a smoother process.

Invest in updated equipment

In the dental world, up-to-date equipment is a must. If your new practice isn’t up to technological snuff, it’s time for an update. If the practice has outdated technology and equipment, replacing it will likely improve your operational efficiency, provide better patient care, and help keep patients coming back, not to mention referring family members and friends. To make your first small business a success, you’ve got to give patients the best dental experience possible.

Make your practice stand out

Even though acquiring a pre-existing dental practice makes this process simpler, it’s still important to make sure your practice stands out. Marketing, both through both traditional digital methods, is a great way to alert the community to your new role in the dental practice. The practice’s website is critical since it’s often the first ‘face’ the patient sees. Another technique is to update your practice’s interior. With just a fresh coat of paint and some sleek fixtures, your practice will feel brand new.

Even for the most seasoned dentists, acquiring your first dental practice is quite the transition. If you go in with the right mindset and tools under your belt, the process will be that much smoother. When the acquisition is done, you can truly throw yourself into the growth of your new small business.