Recession-Proofing Your Dental Practice
Posted by Administrator at 8:19 PM on Oct 12, 2020
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There's no time like the present to prepare your dental practice for a recession in light of our current economic situation. COVID-19 is still filling our screens, newsfeeds, and daily conversations, many business owners are concerned about the future of their company. Now is the time to look into making your dental practice a recession-proof one!
Pay Off Debt
A huge issue to focus on right now is paying down debt, especially high-cost debt such as credit cards. This creates some breathing room in your budget and eliminates or reduces interest fees. We suggest working to pay off the highest-interest debt first and then working your way down. Part of this step is to go through your monthly expenses vs. your practice's income and make sure you're always staying at or below your budget.
Dental Marketing Campaigns
How are you currently marketing your dental practice to new clients while ensuring you stay connected to your current ones? You can dramatically increase your dental office's profit margins by using social media, email campaigns, Facebook Ads, external marketing, and direct mail marketing. An excellent dental marketing campaign is the best investment you can make in your practice, no matter the economy's current state.
Focus on Building Your Team
It can be tough to find time to train your whole staff, especially when the economy is booming. Now is a great time to conduct training with your employees so that when the economy picks back up, you'll have a better-trained staff!
Things are changing drastically and in unprecedented ways. We can't be sure of what the future holds for the economy, but taking steps to make your practice recession-proof is a great way to be prepared no matter what!
For help with putting together a budget and paying off debt, please contact Dental Bookkeeping. We've helped dental practices all over the country to become more profitable and successful!