One of the biggest expenses for a dental practice is almost always going to be the money spent on dental supplies. You will be spending a lot to keep your dental practice up to date on both big supplies like x-ray machines and computer software, as well as smaller supplies like cups and rubber gloves.

In order to make sure the dental products you need to make money aren’t going to throw your business down the drain by costing you too much money, you need to figure out a way to get  control. Here are some of the best ways to save money on dental products for your practice.

Analyze Your Budget

Don’t be afraid to take a look at your budget and see what is happening with your money. If your dental practice doesn’t have a budget that you are sitting down and doing an analysis of at least once a month, then you need to get one. Figure out what your dental practice is bringing in and then look at finding the best way to spend it all.

You might be overpaying on certain supplies and need to find another supplier who can get you the content you need for a lot less, and then you can put the difference somewhere else inside of your business. Additionally, don’t be afraid to do a bit of negotiating with your suppliers because you might be able to get an even better deal.

Research Prices to Avoid Debt

Even if you manage to get into a good dental practice and manage to find a good practice right away, chances are you are still holding onto a lot of debt from dental school and other sources, and you don’t want to get into any more debt while buying dental supplies. So make sure that you know about prices.

Figure out what the average prices for supplies are, and keep checking those prices each month or each quarter. That way you know what you would be paying, and you can avoid sellers who are charging too much and also work with those who are offering genuine deals on their supplies.

Take Control of Your Ordering

It can be very very easy to put ordering supplies on your dental assistant or on another member of your team, but you need to monitor and manage your money. Even if someone else is writing the checks, it is okay for you to monitor them and hold them accountable if they mess up. 

If you set good expectations and tell your team what good deals are and what good deals aren’t, then you can save money and prevent mistakes or prevent overpaying on your orders.

Finally, allow your team to look in on comparison vendors and look for alternatives to brands you are already buying from. While you might want to stick with a vendor or a certain brand out of loyalty, you might also find a better deal looking elsewhere for handpieces in dentistry or other supplies. 

Know What you Need

This is another part of having a sit down with your business and your budget, because you might run out of items faster than you think, or you might be over ordering something and not even know it. While it is nice to have some extras in case of emergency, knowing just how much stuff you are using every month can help you manage your budget. 

Being able to evaluate your supply usage and make changes accordingly can save you a lot of money in the long run, so don’t be afraid to make those evaluations and make those calls. Make sure that you or your staff is keeping an accurate inventory of what is being brought in, what is being used, and what is just sitting on the shelf.

Focus on Reusable Supplies and how to Clean Them

While many dental practices thrive on disposable supplies in order to keep their practice sanitary, you also need to see if their are reusable versions out there. While you will need to spend more time cleaning the supplies yourself, you will save money and also help out the planet by replacing your disposable items with ones that can be used.

You Will Find That Money can be Saved Without Quality Going Down

Instead of buying the best supplies at the biggest prices, just to ensure your dental practice has the best, you can save some money on cheaper supplies. All without the quality of your business decreasing one bit!

The UK start-up space is booming. According to GOV.uk, between 500,000 – 700,000 new businesses launch yearly. However, Office for National Statistics data shows that fewer than half of new startups ring in their fifth birthday.

What can new startups do to increase their chance of success? Learn how to negotiate, for one. Startups skilled at negotiating can grow an incredible 30% faster according to research by Columbia Business School. They are also twice as likely to achieve profitability. Keep reading to learn four tips from Negotiation Experts that could help you steer your startup toward explosive growth.

Create an investor profile

Many founders make the mistake of chasing any investor flashing their chequebook. Be warned that hooking your wagon to the wrong partner can leave you spiralling rapidly to an early grave.

An investor profile helps you zero in on who is best to approach. That way you’re not wasting time schmoozing people whose interests you’re unlikely to spark. Here are some questions to consider when creating an investor profile:

• Funding details. How much money do you need? It’s important to be specific as it demonstrates that you have done your research and have a plan.
• Industry experience. An investor who knows your industry can provide valuable insights and help you avoid potential pitfalls.
• Track record. Do they tend to invest in companies that go on to achieve great results? Or do they have a history of getting involved in questionable deals?
• Alignment of interests. Are they looking for a quick flip or are they in it for the long haul?

Build relationships before you need them

Negotiating can be daunting and doing it with strangers is even more so. There’s always the risk that they might perceive you as untrustworthy since they have no frame of reference for your character. That’s why it’s a good idea to build relationships before you need them.

Building relationships takes time and effort but it’s well worth the wait in the long run. Think about it this way: if you show up with 20 solid references, people are more likely to trust you and take your word on a deal you propose. Just remember, great relationships are a two-way street. Be sure to add value and make it worth their while as well.

Figure out how to leverage your product, service, or skills

When cold hard cash is in short supply, you’re not out of options. You can still leverage your products, services, or skills. Here’s how Unbounce used this tip to score big. The company wanted to offer beer at its first open house. However, cash was tight. So, they struck a deal with Granville Island Brewing.

Granville, a local startup microbrewery, was struggling to get their product into local bars and restaurants. Unbounce offered to showcase Granville’s beer at its open house. They also designed (a skill they’d mastered) a new label for Granville Island’s seasonal beer. In exchange, they asked for enough beer to serve at their event.

The deal was a match made in heaven. Unbounce got free beer and Granville Island got valuable exposure. Everyone walked away deliciously happy. The cost was also minimal in comparison to the gains. So, think about what you have to offer and get creative. You might be surprised at what you can get in return.

Strengthen your emotional intelligence

Emotional intelligence (EQ) is the ability to be aware of and understand your own emotions and the emotions of others. Negotiations will often test your patience and resolve. If you keep flying off the handle when things don’t go your way, it could sour any future business dealings.

When you have a strong handle on your emotions, it’s easier to stay levelheaded. This allows you to make sound decisions, even when discussions get heated. Strengthening EQ can also help you build rapport and trust, which is vital when you’re trying to grow your business.

To strengthen your EQ:

• Be well prepared as it will help you feel more confident and in control.
• Pay close attention to what the other person is saying and try to understand their perspective.
• Don’t try to bulldoze your way through the meeting.
• Don’t take things personally. Remember that it’s not about you as a person. It’s about getting the best possible outcome for your business.

In closing

Whether you’re trying to slash overhead expenses or looking to tap into new markets, knowing how to negotiate can help accelerate your startup’s growth. These expert tips can help you confidently pitch your business and close impressive deals.