A report by the dental website Dentistry.co.uk has revealed what dentists currently think with regards to the business side of their profession.
The detailed research covers everything from access to finance to how Brexit is impacting on the sector’s confidence. What follows is a roundup of some of the study’s key findings.
Of the dental practices polled as part of the survey, 50 per cent were finding it a challenge to access the necessary funding to invest in their business. Of these, 29 per cent called it a minor challenge, whereas 21 per cent said it was major. Even so, 60 per cent were expecting to invest further in their business during the next 12 months and planning on seeking the necessary finance to do so.
Elsewhere, dentistry in the UK was split when it came to business performance over the next year, with 47 per cent anticipating expansion, while 48 per cent expected to stay the same. Somewhat worryingly, two per cent were bracing themselves for closure.
As far as business priorities were concerned, achieving growth accounted for the highest, with 38 per cent listing it as their chief aim. Paying down debts followed at 23 per cent, with the development of products/services and investment in equipment/assets polling at 13 and 12 per cent respectively.
The question of Brexit threw up some interesting results, with current uncertainty making 27 per cent of dental practices less confident with their business prospects, 21 per cent more confident and a sizeable 52 per cent saying confidence remained the same.
David Jacobs, General Practice Partner at Milsted Langdon, said: “This survey makes for interesting reading as to where dentistry in the UK currently stands.
“It is refreshing to see that 47 per cent of those practices who took part are expecting to expand over the next twelve months. However, the fact that 50 per cent are finding access to funding a challenge is an issue that needs addressing.”
To find out more about Milsted Langdon can help, please contact David at email@example.com or by calling 0117 945 2500.