The Financial Greenhouse – how to grow your practice finances

At a panel discussion chaired by Practice Plan Director, Nigel Jones, experts Mike Blenkharn of accountants UNW, Wesleyan Financial Services Specialist Financial Adviser, Magdelena Harding, and dentist, Practice Plan consultant and Business Coach, Barry Oulton, shared their insights on how to build sustainable, profitable, and fulfilling practices.

Redefining Success: From Profit to Purpose

Nigel opened the discussion by quizzing Barry Oulton on his particular measure of success which challenges the traditional view of what that might mean. “I used to think success was financial,” he admitted. “But I realised I was living to work, not working to live.” After a significant event in his personal life, Barry began exploring ways of improving his health and wellbeing. As a result of his research, he developed the ‘Wheel of Dental Business,’ based on the coaching tool the Wheel of Life. It is a scorecard-based tool that helps practice owners assess and improve all areas of their business—from patient experience to team engagement.

Barry’s a strong proponent of aggregating marginal gains as Sir Dave Brailsford used so successfully during his time as Performance Director at British Cycling from 2003 to 2014. These are small, consistent improvements that compound over time. “It’s about raising the bar by 1% in each area,” Barry explained. However, he believes the primary focus of every practice should be patients. “The epicentre of everything is the patient journey. Patients don’t care about the dentistry—they care about how they’re treated.” Barry believes that having a great patient journey will save on marketing costs; if patients have a good experience and feel they have been well cared for, they will remain loyal and recommend the practice to their family and friends.

Benchmarking for Better Decisions

Having explored the big picture, holistic aspect of running a successful practice, Nigel was keen to turn to the importance of being on top of the details with Mike Blenkharn. Mike emphasised the importance of understanding the practice numbers—not just for compliance, but for strategic growth. “Too many practice owners look at their year-end accounts and still don’t know how their business is performing,” he said. His approach involves intensive benchmarking using NASDAL statistics to compare line-by-line costs and revenues against national averages. His approach helps practices understand where they are so they can assess the effectiveness of any changes they make.

Benchmarking isn’t about conformity. “Being different isn’t a problem,” Mike noted. “The key is understanding why you’re different.” He employs a framework known as BABA. This stands for Benchmark, Analyse, Budget, Assess and helps practices identify inefficiencies, model future scenarios, and track progress. He advises monitoring progress against forecast monthly as this allows an opportunity to adapt forecasts to become more realistic if necessary.

Planning with the End in Mind

Mike is a strong advocate of having an exit strategy as soon as an owner buys their practice, as this can inform how the business is structured. Knowing where you want to end up was a point echoed by, Magdelena Harding. “Begin with the end in mind,” she advised, referencing American author and educator, Stephen Covey’s famous principle. Whether their aim is to achieve a comfortable retirement or build a legacy, Magdelena helps clients reverse-engineer their financial goals into actionable plans.

She stressed the value of early planning: “The earlier you start, the easier and more cost-effective it is to make your dreams come true.” This includes budgeting, pension planning, and protecting against unexpected events that could derail income or business continuity.

Health, Habits, and High Performance

However, as has already been mentioned, money is not the main measure of success for everyone. Burnout is a growing concern in dentistry, and Barry shared his personal experience of overcoming long COVID and reclaiming his health through disciplined routines. “It’s not about motivation; it’s about discipline,” he said. His morning routine, which started with a simple “thank you” upon waking, has now developed and includes grounding and ice baths.

He believes the same principle should apply to business. “Cherry-pick the low-hanging fruit,” Barry advised. “Measure your KPIs monthly, not a year and a half later. Make small course corrections and reverse-engineer your goals.”

Communication as a Growth Lever

One of the most powerful tools for increasing profitability is improving patient communication. Barry’s “traffic light” treatment presentation system—red for immediate needs, amber for preventive care, and green for elective options—has helped his practices double their profits and significantly boost treatment uptake.

He advocates asking patients future-facing questions to understand how they want things to be in 20 years,’ time. “Then we present options that align with those goals. It’s about helping patients choose, not selling to them,” he explains.

Communication also plays a part in building a high-performing team. Barry introduced the idea of having a ‘Culture Deck’. This is a collaboratively created document that defines the team’s shared values, behaviours, and expectations. “It’s not the owner’s vision—it’s the team’s,” he said. This tool supports recruitment, training, and even performance management. Practice Plan has produced its own culture book which sets out the company’s values and gives an insight into the culture.

Mike stressed the importance of involving the team in financial goals. Making them aware of things such as the need to reduce materials costs can be highly effective, especially when tied to incentives. However, he cautioned against oversharing financial data, which can lead to misunderstandings. “Choose specific KPIs to share, not full profit figures,” he advised.

The Role of AI in the Future of Dentistry

Looking ahead, AI is set to revolutionise dental practices. Barry is already working on an AI-powered training coach for receptionists and clinicians, capable of simulating patient calls and providing feedback. “AI will enhance diagnostics and communication,” he said. “It’s a game changer.”

AI can also free up time by automating admin tasks, allowing teams to focus more on patient care and relationship-building—key drivers of loyalty and long-term value. There is still some trepidation around AI although it is reducing. It is a tool to help reduce the time teams spend carrying out predictable, repetitive tasks not replace hands-on clinicians.

Exit Strategy: Start with the End in Mind

When it comes to selling a practice, timing and structure are everything. Mike recommends starting at least seven years before retirement to optimise profitability, implement tax-efficient structures (like holding companies), and maximise sale value using adjusted EBITDA.

“Your practice is a valuable asset,” he said. “Plan early to ensure you exit on your terms.”

Magdelena agreed and reinforced the importance of aligning business exit plans with personal financial goals. “Use your business to fund your future,” she said. “Maximise pension contributions, use tax allowances, and move money into your personal name.”

The Financial Greenhouse session made one thing clear: success in dentistry is about more than just numbers. It’s about clarity of purpose, disciplined execution, empowered teams, and a long-term vision. Whether you’re just starting out or planning your exit, the time to plant the seeds of sustainable growth is now.

This year, Practice Plan celebrates 30 years of welcoming practices into the family, helping them to grow profitable businesses through the introduction of practice-branded membership plans. So, if you’re looking to switch provider or are considering a full or partial move away from the NHS and would like a provider who will hold your hand through the process whilst moving at a pace that’s right for you, why not start the conversation with Practice Plan, on 01691 684165, or for more information visit the Practice Plan website: https://www.practiceplan.co.uk

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About Nigel

Nigel Jones is a Director at Practice Plan. He has been working in the dental sector for around 35 years and has a special interest in the development and future of NHS dentistry in the UK.

His knowledge and passion for dentistry has led him to become a trusted voice, offering invaluable advice on how to strategically and successfully run a practice and a member of Dentistry magazine’s Top 50 of the most influential and innovative individuals in the UK dental profession.

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About Mike

Mike is a Partner and Head of Dental at UNW LLP, and has over 10 years’ experience in working with dental professionals.

Mike has overall responsibility for over 300 practice clients and is actively involved in advising clients in respect of accounts, practice purchases/sales and restructuring. Alongside his dental accounting experience, Mike has a wealth of experience in NHS contracts, net pensionable earnings, tax affairs, exit strategies, and retirement planning.

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About Barry

Dentist, Business Owner, Lecturer, Coach and Mentor, The Confident Dentist Academy Ltd

Dr Barry Oulton is THE dental coach to ensure you achieve more. More patients, more balance and more income. Barry is a dentist, business owner, lecturer, coach and mentor. Working closely with practice owners and associates, he facilitates their growth and development to achieve high incomes with increased patient satisfaction and 5* reviews, recommendations and referrals. Barry took his £250,000 practice to over a £1,000,000 turnover, just him, 3.5 days per week and a hygienist. This was achieved by providing routine dentistry, no implants or orthodontics and was a result of the best patient journey in the profession aligned with the perfect team communication - all without any marketing spend.

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About Magdelena

Magdelena Harding is a dental Specialist Financial Adviser at Wesleyan Financial Services, supporting dentists, their families and their practices with financial planning to secure their financial future.