Guest column brought to you by:
Nadder Jomha, GH Construction Ltd.
Calvin Carpenter, MNP LLP
Angela Porteous, RBC
Bronko Kornhauzer, LPB
Investing into your existing space can be a cost-friendly way of increasing your bottom-line/profits, as well as presenting your clinic’s saleability. Part of our project management and construction business is helping our clients determine what their best course of action is in terms of their growth or exit strategy. Specializing in all variations of dental construction, we have a detailed understanding of what is going on in the industry and related market requirements. Things like permitting requirements, engineering requirements, and other related construction items often go over-looked when considering a move or expansion. Your dollar goes a lot further in your space using the existing bones and working within a “grandfathered” permit structure.
We provide our clients more than construction costs; we provide them knowledge. Some main factors we consider:
- Functionality and appearance of the existing clinic
- Branding and marketing compatibility of the current clinic
- Dental equipment currently used and opportunities for advancement
- Expansion opportunities & permitting limitations and/or vulnerabilities
- Ensuring we work within a cost/benefit analysis when providing options
Understanding the above, we often find that a refreshing renovation or small expansion are a simple and cost-friendly way to invest into your existing clinic in order to increase profits and receive tax advantages. A refresh tells your patients that you are invested in them as you look to improve the space and provide a better overall patient experience. It also leads to an increased ability to recruit and retain practice staff. This can be as straightforward as a fresh coat of paint, some new millwork, updated flooring, and new equipment; anything that gives off a strong impression. Communicating your renovation not only gives you a chance to solidify your identity as a tenured dental clinic to your existing customers, it also allows you to stay competitive and market your clinic to new customers to escalate your business and stay on a path of success.
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