Are you thinking of making a major business change but aren’t sure whether you should renovate, expand, or relocate your practice? Over the years, we’ve helped countless clients find a perfect solution for their business and circumstances. Every business and business owner is different, so it’s essential that you carefully consider each option’s pros and cons before making your final decision:
Renovating your practice is a great option when you are currently operating in an optimal location for your clinic. When renovating, we often work with practices who already have steady appointment numbers and some regular patients. In cases like this, you likely don’t want to risk moving your practice to another area where this steady business flow could waver. Instead, you can upgrade your existing practice and build upon your success.
Your practice is unlikely to need to close for the entire fit out. Usually we can work around and still have spaces in your practice where you can provide your services during the process.
Expanding your practice is a great way to grow your business. More space means that you can offer more appointment periods, attract staff and new patients, and even expand the kind of services you offer. This is a fantastic way to boost your marketability, and often our clients who choose to expand their practice can stay open throughout the construction and maintain services for clients and also cash flow.
The disadvantage of expanding your practice is that there’s more financial risk. There will always be financial outlay without a guaranteed increase in income. However, if your partner with the right team of fit out specialists, they should have the knowledge and experience to expand your clinic in such a way that will be profitable.
This is a good option if you have identified a growth suburb that’s being actively developed and has various medical/allied health facilities and pharmacies nearby. In an area like this, you’re likely to see an increase in your appointment and patient numbers. This could also be an excellent opportunity to purchase a premise or if leasing, obtaining rental incentives. Dentifit can assist by inspecting sites for suitability for fit outs and also provide contact with 1 Group for due diligence services and sale/lease negotiations.
The con to relocating is that it’s costly and you’ll have to pay for the ‘defit’ of your current practice, so your research into your move is paramount. While some patients may choose not to travel to a new location, marketing the advantages of the new practice is vital to maintaining and building a new client base.