Improving Profitability
Like sales, many labs have a great and immediate opportunity to improve their profitability. This often stems from an incomplete understanding of the financial metrics, as well as reporting tools, that are essential for dental lab owners and managers to enhance profitability.
Let 8&9 Consulting help you start improving your labs profitability today.
Guidance
Working with CFOs, accountants, and bookkeepers to create ‘management accounting’ reports, focused on profitability metrics, without interfering with existing ‘tax accounting’ reporting.
Information
Showing lab owners their actual breakeven and how profit is generated in their lab above that point. Showing lab owners their actual breakeven point and explaining how profit is generated in their lab beyond that threshold.
Prioritization
Rank and prioritize the profit growth opportunities based on their value, cost, and difficulty, ensuring that management is always pursuing the most valuable and easiest-to-implement opportunities first.
KPIs
Creating financial goals and KPIs for COGS, Gross Margin and SG&A expenses and the expenses within each. Then assigning ownership and creating compensation plans that motivate and reward success.
