Well, Jeremy Hunt has announced the UK Budget for 2023 and here are the main takeaways you need to be aware of:

• The main rate of corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25%
• Companies able to deduct investment in new machinery and technology to lower their taxable profits
• Tax breaks and other benefits for 12 new Investment Zones across the UK, funded by £80m each over the next five years
• The cap on the amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax – currently £1.07m – will be abolished
• The tax-free yearly allowance for pension pots is to rise from £40,000 to £60,000 – having been frozen for nine years
• Government subsidies limiting typical household energy bills to £2,500 a year will be extended for three months, until the end of June
• Energy charges for prepayment meters will be brought into line with prices for customers paying by direct debit
• Office for Budget Responsibility predicts the UK will avoid recession in 2023, but the economy will shrink by 0.2%
• Growth of 1.8% predicted for next year, with 2.5% in 2025 and 2.1% in 2026
• UK’s inflation rate predicted to fall to 2.9% by the end of this year, down from 10.7% in the last three months of 2022
• Underlying debt forecast to be 92.4% of GDP this year, rising to 93.7% in 2024

One of the more noteworthy points is the changes to capital allowances for SMEs. These changes will take over from the current 130% super deduction:

• From April 2023 until the end of March 2026, companies can claim 100% capital allowances on qualifying plant and machinery investments.
• Full expensing allows companies to write off the cost of investment in one go.
• Under full expensing, for every pound a company invests, their taxes are cut by up to 25p.

This budget is being referred to as the Back to Work Budget, and it’s easy to see why. The intention appears to be to encourage the UK to work more, work longer and to invest in their businesses. We’ll see how it plays out! 

In this quick update, Arun discusses the latest UK Budget announced today (23rd March 2022) by Rishi Sunak.

Most people don’t actually realise this, but you don’t have to go old-school or traditional with how your dental practice looks. Most dental practice owners, especially new ones, need to realise that traditional doesn’t necessarily mean successful anymore.

What do you want your dental practice to look like? What do you want your dental practice to feel like?

Most people stick with the plain, white, ‘surgical’ look that they have seen in dental offices their whole lives. Some prefer for their dental offices to look as professional as can be which to some people means, plain white walls and simple decor.

However, when the cost is marginally different, you can go with a whole different look. You can go differently with the type of design you pick depending on what you are trying to do. Are you trying to make more money? Are you stressed out because the current design is inefficient? Are you growing and booked out so far that you can’t see patients fast enough?

Sure, many dental offices look the same. That means you look exactly like them, it means you’re just another normal old dental practice ‘just like the rest’ in competition with one another. What worked 20 years ago, does not necessarily work today.

If you are trying to make your patients choose you instead of the dentist down the road, if you are trying to stand out in an industry that is already quite crowded, let your work speak for itself and design your practice differently!

What used to work is now seen as ‘mainstream’, sticking with what works isn’t a bad thing, but trying to switch things up may work a lot more in your favour in the long run. 

If you’re looking for a sign to redesign your practice without crisp white walls with the hospital blue accents, this is your sign!

Since your business is in the healthcare sector, you need to ensure that your dental office designers are all conscious of patient well-being throughout the entire design process.

Most people do not enjoy visiting the dentist, in fact it is often the most daunting idea for many people. So how do you slip out of this awful cliche? Maybe try something new with the design.

The planning and design of your practice must reflect intense attention to the little details that will help create a sense of comfort, trust and even style to your practice as well as offering patient privacy.

Lighting and ceiling design as well as colour selection and material finishes amongst many other design factors are all, in their own right, keys to achieving an inviting and appealing environment. 

Being different is good, but a good designer will be able to marry the idea of keeping the dental office classy and clean with hints of your ideas. Since dentistry has become increasingly competitive, dental professionals should ideally make their practices distinctly different from their competitors down the road. 

The main differences will lie in the services offered and the quality of them and how they are delivered; however, your dental practice needs to attract the clients to begin with. 

Is Dentistry as Diverse as You Think It Is?

Try to think about what your dentist looked like when you were younger, can you remember? Was your dentist a male? Was your dentist a person of colour? If I was a betting man, I definitely know what I’d bet your dentist looked like. 

Even though we are now in the 21st century and we have come a long way in our fight for equality and diversity in dentistry in particular and the wider workforce in general, this article will investigate whether that really is the case in the UK. 

Dentistry, like many other healthcare professions, has struggled with the historical legacy of being conceptualised as a profession dominated by white males. It is widely acknowledged that there are many social benefits to having a multicultural health force but dentistry is one healthcare field that even now, in the 21st century, is still lacking the diversity it needs to represent the population.

Now the question we all want to know is, has that changed now? In 2021, are we still stuck living in the stereotype that all our dentists will most probably primarily be white male?

A Diverse Dental Workforce

Ensuring a diverse dental workforce is absolutely critical to the success of the profession. When dentists are both male and females from all types of backgrounds, ethnicities and races, it makes the care the profession provides inclusive and better for both patients and staff.

Many people have been under the assumption that being in 2021, we were progressing and we’re heading towards a more diverse society promoting as many opportunities for all those from different backgrounds to succeed at any profession they may want to pursue in a fair way. What re-sparked tabloid interest in this specific subject matter and shed much needed light on the fact that we may not be progressing as much as we should be, is the Black Lives Matter protests. They reminded us all that as a society within the UK, unconscious bias and prejudices still exist throughout our workforce. So is this inequality portrayed within the world of dentistry? 

Many minority ethnic groups including black British dentists and dental care professionals are widely under-represented in the UK workforce. The cause for this itself is multifactorial which we won’t look into in great depth, the fact alone represents that dentistry in the UK is not as diverse as it may be perceived. 

So, What Does This Mean? 

The facts state that these groups are underrepresented within Dentistry, but that doesn’t mean that the industry itself is not progressing to be more diverse. 

Over the last ten years, the focus of the government has been to improve the social diversity of the medical and dental workforce. The data suggests that there is progress being made, while it may be minute, the progress is excelling. Statistics show that people of minority ethnic groups, females and all those from BAME backgrounds are slowly entering the healthcare workforce changing their representation statistics. 

Women in Dentistry 

In 1999 there were not many female dentists at all let alone any ethnic diversity to exist within the industry. The change over the last two decades has shown immense progression within the entire dental industry.

The age of women not being able to find quality jobs has come a very long way over the years. While employment has improved, the wage gap between men and women still very actively exists. The surge in women-owned businesses in 2018 has proven to be driven by a combination of both necessity and the increased opportunity available.

The increasing number of women pursuing careers in dentistry is shifting the demographic makeup of the dental workforce.  

While the number of women working in NHS dentistry is steadily rising, there may be a reason as to why we aren’t seeing an increase in the amount of female dental practice owners. This is because statistics show that only 45% of female dental associates intend to leave the NHS while 66% of their male counterparts do intend to leave the NHS and go into a private dental practice.

A similar trend is also portrayed with the statistics accumulated by those in the dental industry. These statistics show that the percentage of male dental associates who have aspirations of owning their own dental practice is double the number of females who have aspirations to own their own dental practice, which explains why many dental practice owners are male.

These statistics portray that maybe success in dentistry isn’t limited to gender, they simply have different aspirations and more female dental associates and practice owners are happier to work under the NHS than their male counterparts and those who are associates are less motivated to have any practice ownership aspirations. 

It is widely acknowledged that there are many social benefits to having a multicultural health force, including ensuring that there is less of a barrier around access for underrepresented BAME groups. Despite the growth over the last decade or so, certain healthcare professions, more specifically; dentistry, have struggled with changing their historical legacy of being conceptualised as a ‘white’ profession and the question or whether it is ethnically representative of the public it serves. 

It is important for dental practices to continue to diversify their teams and to remain inclusive and supportive at all times. As a dental practice owner it is your job to protect your patients and your staff through effective regulation. 

What is Your Dental Practice Responsible For?

To ensure that your practice should operate without prejudice or discrimination and should be both inclusive and supportive at all times. Staff members as well as patients should be treated fairly irrespective or any personal circumstances of background.

It is the overall responsibility of the dental care provider and manager to provide a welcoming, informative and supportive practice for both patients and employees. Every practice should operate without any prejudice or discrimination and should be inlcusive at all times. Everyone in the practice including both staff members and patients should be treated fairly irrespective of any circumstances or backgrounds.

Every employee and potential employee should have access to fair recruitment programs, the working conditions should be the same for everyone and all people should have equal employment opportunities. 

This means that all patients and all staff should be treated fairly and equally by the employer and registered manager of care. 

Going forward…

Diversity means being inclusive to all aspects of race, gender, disability or sexuality and we have to be open to the fact that although things are progressing, they could definitely be better. If we do not have a diverse leadership within the industry, we run a real risk of disengaging younger colleagues who will then feel like they do not fit. If you cannot see it, you can’t be it, if women aren’t women or those of ethnic minorities, will these aspiring dental practice owners even be able to believe that it is achievable? If they cannot see it, they will not believe it’s possible. 

The increasing number of women and many ethnic minorities pursuing careers in dentistry is shifting the demographic makeup of the dental workforce. It allows for many opportunities for growth and innovation within the industry consisting of varying backgrounds and perspectives. 

The most excitement I seem to get these days is going to Tesco’s New Malden. Currently, I am living where I grew up, and going to Tesco reminds me of my school days, as my old school, Raynes Park High School, is right next to Tesco’s.

During those school days, most lunchtimes, we would head there looking for a deal or two on cheap cakes or pastries. Nowadays, I am excited just with the prospect of walking around the aisles.

So, in the vein of getting a good deal, I thought I would list in this blog a whole host of free stuff you can access from us.

I am privileged to have a fab team that enables us to provide a lot of this free content, so do access it and read/watch – it’s there for you to use and benefit from.

It’s 20 years of experience and advice distilled into digestable bits.

Free Stuff

Most of the stuff is on either of our two main websites

Samera.co.uk – Our UK centric site

Samera.co.uk/events/ – Our webinar membership and events site.

The Dental Business Guide Podcast – Our brand-new free podcast, hosted by the Samera team and designed to teach dentists for to build a better business.

The Samera Learning Centre – a whole host of articles and videos for dentists on finance, business and marketing at whatever stage of career you maybe at. We have visitors from across the globe using this content.

Free Virtual Calls – As we are all locked down, we have found having virtual calls a real saviour. Whatever your issue you can book a free call with us to discuss your business needs! We do offer evening calls too!

Social Media Channels

We are active across all channels but the ones I would stress you look at and join/subscribe/follow are the three below – we do get a lot of valuable positive feedback on this content:

Dental Business Growth Facebook Group – This has almost 800 members from around the world and we are growing this and sharing ideas and thoughts here regularly. Please do join, we are happy to share and engage on here! Ask your questions, we will help!

Samera Youtube Channel – All our video recordings, with yours truly head lining it.

Samera Instagram Channel – Luckily this is managed by my team, so again some good stuff is shared here!

Overall, there is a lot of experience across all these channels, we hope you find these free resources useful, and whilst it may not be as sexy as a Netflix series, it will certainly help you financially and with your career!

As a result of the recent Supreme Court announcement that small businesses can make a business interruption claim, this is good news for our Dental clients and other SME’s.

We have detailed the steps you need to consider when making a Business Interruption Claim.

But now the time has come that you need to file an insurance claim and you’re wondering, ‘how do I go about a business interruption insurance claim?’ Let’s look at the best tips that can help you during this process. 

1.Make a Plan 

A successful insurance claim takes preparation. It is best to plan ahead of time in case the worst does happen and you have to file an insurance claim. Preparation is key, this means keeping receipts, prior to anything happening, for all things that are insured and keeping your policy documents safe.

If you have insurance on valuable objects, it is a good idea to take photographs showing their condition. The more you are prepared, the easier your claim will be. 

2.Gather Evidence

Always document the damage! After your business experiences something unfortunate that requires an insurance claim, be sure to collect as much evidence as possible to pass on to the insurance company.

Make sure that you take photos and videos of everything, the more evidence the better. Your priority should be to ensure that you get an accurate idea of everything that has gone wrong. Having provisions in place such as installing surveillance equipment will allow you to record the damage.

Taking pictures after the fact is always as useful as before. ‘Before and after’ photographic or video evidence will help you a lot during your entire claim. Not only to show damage but to also compare with the repairs afterwards. You should also make a note of any people who were present to witness the event.  

3. Report and State the Facts

If you are claiming for something that has been stolen or vandalised, a report of the incident should be filed with the police first. There are often two main people you will need to report an incident to; the police if a crime has occurred on your business’s property, and your insurance company.

Remember, with most claims, the process is easier if you know the entire story factually with no missing details and you know as many specific details as possible. It is often best to write these details down such as: times and dates, exactly what happened, what you are claiming for and details of everyone involved (if anyone). 

4.The Importance of Accounting in a Business Interruption Insurance Claim

It is essential that you present your accounting information in a way that will be able to maximise the possibility of the best pay out for you. Hiring an accountant to help you properly file the documentation for your business insurance claim may be helpful to you. In many cases, an accountant can accurately help you evaluate the losses and highlight what the insurance company should cover, helping ease the process of the insurance claim. 

This is especially the case in respect of a Business Interruption claim and essential if you are serious about claiming what you are due.

Every claim is different, and quite often the level of the payout is down to how the financial impact has been documented by your accountants, therefore its essential an accountant understands your loss and then paints the full financial story of how your business has been impacted.

Samera will be able to help you if you need assistance with your insurance claim, contact us today or book a consultation to find out more.

This is the table I started the Samera business on 18 years back. Its teak, from John Lewis and bought in the 1970’s by my parents. It’s still standing strong, and so are we.

Strong foundations in life and business make a huge difference.

In those eighteen years we have experienced many highs and lows, from Bootcamps to new clients to retiring clients to new team members to old team members.

But in truth Samera never would have really got off the ground if it was not for my father, Ajja. He is 90 years of age and still standing strong despite the chaos around us.

Currently, as we have renovation work done at our house, I am back at my original family home in Raynes Park, South West London with my whole family – the table is still here. It feels a little odd being back, seeing some of my neighbours who remember me as a small child holding my mother’s hand. She’s long gone, watching from above.

But my dad, Ajja, is still my biggest fan and critic – Aren’t all parents?

As many, I worked hard through school and university (my dad was a single parent) and I managed to get my dream job in the City. The dream job proved to be a nightmare and this was the impetus to start Samera.

Ajja was dead against me starting a business and turning away a highly financially lucrative career as an Investment Banker, to starting my own business from his dining table.

As they say the rest is history, we may not be the biggest of businesses, but it has been one heck of a ride and we are stronger than ever.

My children (aged 12 and 16 )have grown up knowing nothing else but entrepreneurship in our household (they think their mum has more natural instincts and I tend to agree) but I would whole heartedly encourage anyone seeking to take the bold move into their business to just do it.

It won’t be easy, you will get ripped off, you will lose money and you will wonder many times why are you doing it, but truth be told it has been an amazing 18 years.

There are too many people to thank, so I won’t write an endless list, just a massive thanks to Ajja who was my harshest critic but also biggest supporter to this day.

I am truly so excited about the next 18 years to see what this brings, despite the uncertainty, there are considerable opportunities out there – you just need to hunt them down!

It’s pretty clear that UK dentistry is changing. I sit in a unique position in dentistry, owning private dental clinics with my wife, (The Neem Tree) as well owning and running Samera Business Advisors for the last 17 years – advising many NHS and Private dental practices across the UK.

I have made a short video on my view, but also detailed some of my thoughts below:

This is how I see the market will play out.

1. We all know Dentists were treated abysmally during the lockdown – Misinformation, and poor interpretation of advice
2. NHS Practices – Personally, I think NHS practices will be in a tougher position going forward. Whilst they have been sent a lifeline of funding for the next 12 months, it’s unlikely, going forward beyond 12 months, the government will treat dentists better than before. Simply put, I think this pandemic could be the final nail in the coffin for NHS dentistry. I believe a core service will be offered by the NHS – but everything else will move private. This is a great opportunity for the government to say no thanks to NHS dentistry, and blame COVID 19, and to paint dentists as the usual greedy profession they always do. You have been warned.
3. Private practices – Many have experienced a tough time, with misinformation during the pandemic, and many struggling to cash flow their businesses. But assuming there is no further lockdown, in speaking to many private clients, they appear to be busier than ever. Many unhappy ex NHS patients are leaving their NHS practices to find flexible, affordable private practices.

My money is firmly on private practice actually growing post COVID 19. It will certainly mean stepping away from the normal ways of dentistry and will take bold leadership but for those that break away from the remaining shackles of NHS dentistry will be handsomely rewarded if they are bold enough to take necessary steps required. Whilst it maybe tough going as the economy struggles those that adopt a much more commercial approach to their practices have an exciting opportunity ahead of them.

I know it may feel scary, but staying put in NHS dentistry is a much bigger risk in my humble opinion.

Comments always welcomed!

Further news from the Treasury today highlighted that the government is trying to paint a picture of hope in the coming months despite the potential fear of job losses. In such a difficult economic environment, sadly there will be many that won’t be helped.

However, the key announcements include:

• A new job retention bonus for employers who bring back furloughed staff.  The offer includes a £1000 bonus for every furloughed employee they keep on until the end of January, and pay at least £520 per month. The idea of any extended furlough scheme appear to be clearly dead and buried for now.
• A £2 billion scheme to create thousands of job placements for young people all via apprenticeships. The government will fund 6-month job placements for 18-24 year olds, who are viewed at risk as being at most risk of suffering the long term consequences of unemployment during the crisis. The government will cover 100% of the national minimum wage for each young employee, for 25 hours a week.
• Stamp duty reduction for houses up to £500,000 until 31 March 2021. The aim is to revive the flagging housing market and applies also the anyone seeking to purchase an investment property but they will still will need to pay the surcharge of 3% on the entire price.
• A 50% discount on restaurant/pub meals on Monday to Wednesday during August, at a maximum of £10 per head. Sadly this does not cover beer. So many pubs who don’t really serve food will not be able to benefit from this announcement.
• A temporary cut to VAT on food, accommodation and attractions. Down from 20% to 5%.
• A £2 billion green homes grant to help homes become more energy efficient whilst creating further jobs.

Of course, there is more that can be done, but this level of government spending is totally off the scale, so holding some back for when we may need more in the future is probably a prudent approach to take.

Difficult economic times ahead, but a drive to helping the young and some of those businesses most heavily effected by COVID 19 is in my opinion not a bad result.

But the question has to be asked how will all of this be paid for? Tax rises may be on the horizon sooner than we think!

From Zero to Hero

Dentistry in 2020: The year of collaboration

On the 17^th March, 2020, my wife Smita closed her private dental practices, like many, due to COVID 19. Just before she left her Wandsworth practice, the telephone rang, and it was somebody wanting to buy her successful private dental practices.

Metaphorically, the paint had not even dried, yet someone had the gall to say “I know dental practices are struggling right now, would you like to sell yours?” – Unbelievable.

Smita being Smita, was shrewd enough to find out who the buyers were and understand their cunning plan, and once she had gathered enough information, she let rip.

It’s safe to say they won’t be calling soon again.

Since then, I have heard from other clients experiencing similar stories too.

Why?

Well there are well financed investors, sitting on cash, ready to invest into dentistry, during COVID 19. They are seeking fearful scared dentists wanting to make a rushed exit during these troubled times.

Some of you may be tempted, but before you do, hold fire.

If your practice was struggling, or you were planning to retire soon pre COVID 19, fair enough, it may be an opportunity to exit, but if your practice was growing and flourishing it’s pretty likely you will be taken to the cleaners.

Post COVID 19

The very recent survey carried out by the BDA highlights the concerns of dentists of the financial viability of their dental practices post COVID 19. Many feel they may not be financially viable by the time the lockdown has ended.

In contrast, in the last few years, investors have been piling into the Dental market (globally) and its pretty likely this will continue, even in a new era of dentistry.

No doubt, infection control procedures will change, and funding will be required to make the necessary changes, but once the lockdown ends, I expect it’s going to be busy in dental practice. People still need dentists, not cruise holidays, so whilst the type of dentistry you may be doing will differ, there will be a need and expect demand to be strong.

So why would you sell a successful business, just because of a 3-6 month sabbatical? You wouldn’t unless you were getting top dollar.

I would urge you to resist the temptation to sell at a discounted price, just to get out of dentistry. The vultures are out to try and obtain a deal, but it’s important you hold your ground, and come back strong once you re-open, as you will re-open.

Working Together

As someone who has been entrenched in dentistry for almost 20 years, as an advisor, but also co-owner of clinics, the goal for me has been to help dentists improve their businesses through offering a better patient experience. 

Whilst selling your successful practice maybe a short-term fix, I propose an alternative arrangement whereby independent dentists work in collaboration to overcome the challenges they face.

You don’t need to sell the practice you have worked at for many years, just because this temporary though significant break in business has occurred. 

You can maintain your autonomy, brand, team culture while collaborating with others and outsource the parts of your dental practice that would benefit from scaling. 

For example, a dental collaborative could be formed whereby all the owners retain ownership of their practice and they outsource certain services for a fee including:

• Supplies at reduced rates due to economies of scale
• Accountancy and payroll services at reduced rates due to economies of scale
• Marketing support (including websites) at reduced rates due to economies of scale
• Continuing education

Then in the future, when it does come to selling your practice, if all of  the owners have opted in to a collaborative sale , the exit multiple they achieve on sale would be considerably higher than if they sold now, or alone in the future.

Such an approach ensures dentists retain control of their own businesses, develop them the way you want to, and ensure the team culture is protected and the level of patient care you have created is maintained – all very valuable. We want you to retain your autonomy and stay in the driving seat.  Right now, it might seem like an easy option to just sell and drive off into the sunset . But at what price ?

Collaboration

Today’s changing Dental landscape requires independent practice owners to evolve. By working together, not in competition, in such a scenario outlined, allows such practices to offer the services they desire, whilst creating real value in their business.

Now is NOT the time to exit, now is the time to come together.

The Numbers ALWAYS tell the story – Safety in Numbers

An alternative way to look at this is through the numbers. In the current market, an opportunistic buyer may offer a low-ball price, say 3x EBITDA (cash profit), whilst prior to the crisis this may have been nearer 5-6x.

Translated into hard numbers, for example. A dental practice with an EBITDA of £200,000 may now be achieving a price of say £600,000 (3x EBITDA), but if they can ride out this period of uncertainty and rebuild, the value can go higher maybe up to nearer £1.2m (6x EBITDA).

However, by collaborating in such an arrangement I have detailed above, prior to COVID 19 a group of dental practices would routinely sell for multiples in excess of 10X EBITDA (£2m for a £200,000 EBITDA practice), so the question has to be, do you sell yourself short now, or ride out the wave and build your business to achieve a much higher multiple in the future? Groups of practices will always attract a much higher multiple!

The larger the collaboration (the number of practices), the higher the value. 

Further Information

If you are interested in how you can actually thrive and not just survive POST COVID 19 in a new way of operating, please get in touch with us as we are in a unique position to help bring independent practice owners together.

Together, you have options, access to capital and the opportunity to build a better patient experience whilst creating real value for you, your team and your families.

If the above is of interest to you, please email me on [email protected].

“Keep safe, keep healthy, and most importantly keep positive, don’t let fear dominate your life and your mindset”

COVID-19 – Free Crisis Business Support Hotline 0207 100 8788

ALL HELP AND ADVICE PROVIDED VIA OUR HOTLINE IS COMPLETELY FREE

As we continue to digest the constant news flow of COVID-19, I wanted to reach out to everyone across the Dental community to see if anyone needs any Dental Business help or assistance.

There will be business decisions and problems that you will no doubt encounter over the next few weeks and months that you have never experienced before.

It’s hard to avoid the constant barrage of fear mongering, but now is the time to stand strong and fight the fear, for you, your business, your team, your family and your communities.

So if you need ANY DENTAL BUSINESS HELP OR ADVICE, regarding your Dental Practice our team are ready and able to assist you in these fast-changing challenging times.

We have been inundated with a variety of questions on how to manage this crisis in the last week, below is my attempt to answer some of these!

FAQ’s we have faced in the last week

1.Leadership and Team Management

Firstly, you will not get through this crisis alone.

Now more than ever you will need to lead from the front, and rally your team behind you. They may be scared (you maybe scared) but together you will need to work smartly and prepare for the worst possible scenarios, such as closure.

Some difficult conversations may need to be had regarding pay, such as paying minimal contracted hours/requesting for some of your team to take unpaid leave, but this should only be as a very last resort.

By ensuring you continue to pay your team, even if you are forced to close, will ensure team loyalty like you have never known before.

Speak to your team early and often, and air your concerns and problems. You maybe surprised how accommodating and helpful they will be.

In times of need, people tend to flock together – i.e. herd community (following the UK’s herd immunity approach).

2.Cash flow

On the assumption you close for an extended period of time your cash flow will be greatly impacted. You will need to continue to pay your team (see above) and will have overheads that need paying.

Hopefully you will have a rainy day fund to assist in such situations but if you don’t, there are a few things you need to address early on, rather than burying your head in the sand.

1. Calculate the worst case scenario and how much cash you will need if you close for a number of weeks/months. If you have the funds to cover this, great, if not speak to your bank ASAP to extend your overdraft. As an alternative, please speak to Nigel or Dan in our finance team who are experts at raising cash quickly. They have strong relationships with secondary and tertiary lenders who are able to assist promptly.
2. Contact your suppliers early on, saying you are experiencing cash flow issues, and that you have every intention to pay them but your practice has been impacted by COVID-19. Some maybe accommodating, others won’t, but definitely do this, just to manage the situation.
3. Speak to your accountant and see if they can assist with HMRC related payments. Ensure HMRC are made aware of the situation and that these are extraordinary circumstances beyond everyone’s control. We are helping several clients with payment plans with HMRC, so if you need assistance contact Nathan or Alex in our team.
4. As we approach the year end for hitting your NHS UDA targets, the last thing you needed was this virus. If you think you are going to struggle to hit the targets contact your local area teams ASAP, citing the Force Majeure clauses in your contract. They may be able to assist you if you speak to them as early as possible.
5. Speak to your insurers, and ascertain if you can activate the Force Majeure clauses in your business interruption insurance policy. They maybe able to provide cash in such situations, but all policies vary.

3.Patients

Communicate, communicate and communicate with them. Via email and social media make sure your patients know what is happening and that you are open for business and taking all the necessary precautions.

Make sure they are aware that you are following all the relevant infection control guidelines and that if they are sick to follow Public Health England’s guidance.

You don’t want a sick patient to come to your clinic as this could lead to the closure of your practice if your team become sick, so make sure you are crystal clear to your patients on what they must do and to stay away if they have the symptoms relating to COVID-19.

The BDA have provided guidance on what to do on the following link:

https://www.bda.org/advice/Coronavirus/Pages/faqs.aspx

Make sure you read this and follow this advice in detail.

Keep the communication channels open regularly with your patients and make sure they are aware that you are open. Most patients want to support their local businesses, but it’s imperative you speak to them regularly over all the necessary channels.

4.Marketing

This appears to be a recurring question I am seeing across various social media platforms – should you cut your marketing budget in this time of crisis?

That’s a difficult decision and you will need to be flexible on this.

On the one hand, if less patients are actually making a dental purchasing decision you may think its time to cut back and wait until this whole ugly episode passes. However, if more patients are at home, surfing the web and on social media, an argument could easily be justified to actually increase your marketing spend.

The more current and potential patients see your marketing, when they are ready, they are likely to come to you. In addition, whilst everyone is cutting back, you are seen more, which only helps you take any market share in the markets you operate within.

This will be greatly dictated by your cash flow (see above) and whether you are forced to close, but if you remain open, albeit it with less patients coming through, I would advise to keep your marketing going strongly, perhaps trying to optimise it where required as when we do eventually get out of this episode you will hopefully hit the road running!

How Team Samera can Help!

We have taken the decision to move the majority of our team to their home locations over this week, and our IT and phone networks are all set up to help anyone and everyone who needs help.

I appreciate business and money may well be down the pecking order for most in these unprecedented times, but the reality is businesses will need to try and keep things afloat for all concerned stakeholders.

Further available online help

We will be regularly updating the following for advice and tips during this crisis:

1. This Blog Page
2. Our Facebook Group Page – You can join here
3. Our Facebook Page
4. My personal linked in page

COVID-19 – Free Crisis Business Support Hotline 0207 100 8788

ALL HELP AND ADVICE PROVIDED VIA OUR HOTLINE IS COMPLETELY FREE

Call our free hotline if you need help or advice on any of the following areas:

• Crisis Management Planning
• Business Contingency Planning
• Keeping patients informed with effective communication strategies
• Maintaining your income streams
• Managing cash flow
• Paying your team
• Paying your overheads and suppliers
• Paying HMRC
• Leadership and keeping your team motivated in these challenging times
• Effective marketing of your services to keep a flow of patients coming to your dental practice
• Dealing with insurance related claims
• In fact, any business related issue

In a nutshell, call us if you need any business related help.

Please note this is not a money making exercise, just a genuine attempt to help those who need it. All advice we provide over the phone will be free to anyone who calls.

A problem shared, is a problem halved – period.

Finally, keep safe, keep healthy, and most importantly keep positive, don’t let fear dominate your life and your mindset.

Please share this post to anyone who may need help in these extraordinary times with their Dental Practice.

Thank you,

Arun Mehra

Take charge and Market like you never have before!

It would be easy to provide commentary on today’s budget, and just re-iterate much of what has been said in the press already.

Some key points that will impact many of the dentists we deal with on a day to day basis include:

• Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks
• Small firms will be able to access “business interruption” loans of up to £1.2m
• Scaling up of HMRC’s “Time to Pay” service, including a new helpline so businesses and the self-employed can arrange to defer tax payments.
• The rate of corporation tax will remain at 19% rather than falling to 17%.
• Entrepreneurs’ Tax Relief – Business owners who sell their firms on were entitled to tax relief on profits of up to £10m over their lifetime. The tax relief has been scaled back rather than abolished, with the lifetime limit reduced to £1m.

Push Even Harder with your Marketing

Whilst some of these actions may be welcomed to help with the coronavirus issue (except for anyone selling a business for more than £1m) the businesses that will survive (or even thrive) in these interesting times will be those that don’t rely on the actions of the Treasury but actually take the bull by the horns and take on the challenge of what may be in store for the economy.

Let’s be clear, this is not a time for the faint hearted, but a time to step up and take on the many challenges that your business will face.

The public may be staying away, people maybe working from home, shops, restaurants, supermarkets and your dental practice maybe quieter. This, therefore, requires you to be present in people’s faces, now is the time to step up your marketing, not cower into insignificance.

So if you have not done this already, do the following:

1. Rally your team together – you will not get through this on your own, but with your team. Now is the time for leadership, and your team need to be on board with you whilst you drive the business forward in these challenging times.
2. Market your business until the cows come home – Other’s may pare back on marketing expenditure, in my humble opinion – DON’T. People still need your services, and they may be fearful, but now you need to raise your head above the parapet and be seen. Patients, who need your services will come to the practice they see most. Make sure you are the practice of choice in your area – period, now more than ever.
3. Use all Marketing Channels Available – Email your patients, tell them you are open for business, continue your Google and Facebook marketing, keep writing your blog posts, and be out there so people see you. Whatever you have done in the past, and it worked, just do more of it.
4. Rinse and repeat 1-3 above – Constantly strive to improving your marketing message.

It may sound scary, and you may be tempted to cut back on your marketing spend, worried about a lack of patients coming through your doors, but keep the marketing going – this should in fact be one of the last things you stop, as people still need your services whatever maybe lying ahead.

Keep going, and push hard as this will make the difference in these trying times.

One of the many questions we are asked by clients is ‘what are the best books for business owners?’.

Listed below is a selection by Arun Mehra, our CEO, which he has read and have helped him shape his thoughts and businesses. 

Awaken the Giant Within – Anthony Robbins

7 Habits of Highly Effective People – Stephen Covey

Good to Great – Jim Collins

Think and Grow Rich – Napoleon Hill

Start with Why – Simon Sinek

The Infinite Game – Simon Sinek

The Lean Start Up – Eric Ries

Emotional Intelligence – Daniel Goleman

The Art of War  – Sun Tzu

How to Win Friends and Influence People – Dale Carnegie

Business Adventures – John Brooks

Blue Ocean Strategy – W Chan Kim, Renee Maurbogne

Purple Cow – Seth Godin