Is It Time to Move Your Practice to a New Location?
Ask most dental practice managers, and chances are they’ll tell you that they’d like to see their practice grow. With growth, however, comes a number of different challenges, chief among them being space. A practice that starts off in a tiny location may inevitably outgrow itself to the point where moving to a new office space is not only a good idea, but also a necessity. Still, few things strike fear into the hearts of dental accountants quite like budgeting for a move, no matter how necessary it may be.
Is it time to move your practice to a new location? Here are a few things to consider if you’re on the fence.
What is Your Location Like?
Location is everything when it comes to real estate, and commercial real estate is no exception to the rule. For dentists, office location matters not necessarily for the amount of foot traffic a practice may see from those interested enough to walk-in and learn more, but more specifically for the convenience of current and future patients. An office that’s located 15-20 minutes away from every major area of commerce will be inconvenient to say the least, and the issue may even cause certain patients to switch dentists.
If your location isn’t doing your practice any favors, now may be the time to move.
What Are Your Monthly Expenses?
When it comes to saving money for your practice, rent expenses are extremely important to take into consideration. Perhaps the office in you’re in currently offers everything patients could ever ask for and is in an exceptionally beautiful part of town. These are great traits for any dental practice, but only if you can actually afford to operate out of such a space. If your monthly expenses are difficult to keep up with, you may want to consider moving to a less expensive office location. After all, the extra saved money can be put toward investments in equipment and other business assets.
What Does Your Location Lack?
Many dental practices stay in their current spaces simply because they feel “stuck” there. Perhaps they don’t feel their offices are modern enough to put up with today’s demands, or maybe the problem has more to do with patient safety than anything else. Either way, there’s no reason to go year-after-year operating out of a space that doesn’t actually fit the needs of your practice. If this is the case, you may want to consider a move sooner than later.
Moving to a new office location can be anxiety-producing, but it can also be a very positive experience when the right steps are taken. Weigh your options, and the decision about what to do will present itself in short order.