Creating & Managing to Budgets
Budgeting is the “name of the game” and something overlooked or not managed by many dental labs. This is often due to a lack of understanding regarding how and where to set budget targets and to whom to assign the responsibilities of meeting, or beating, them.
Let 8&9 Consulting help your lab with preparing and managing to budgets.
Create
Creating budgets that begin with goals for profitability and targets for each component of profitability, including SG&A, gross margin, COGS, and revenue by volume and average selling price.
Analyze
Analyzing revenue mix by practice types, products purchased and price, to pinpoint opportunities for growth or areas needing improvement, and strategize to enhance sales and profitability.
Understand
Breaking down cost of goods sold to identify areas for improvement and examine these elements to determine efficiency opportunities and where investment might lead to better profitability.
Manage
Creating KPIs, delegating responsibility and providing the necessary reporting. This approach ensures alignment with objectives, enhancing the lab's ability to achieve growth and profitability targets.
