How to Recession-Proof Your Practice
The stock market has risen over 2,000 points since last year’s Presidential election. The dramatic rise in unemployment is slowing. The outlook today is somewhat less gloomy than it was six months ago. But if, as some experts predict, it takes a couple more years or longer to rebound, there are steps you can take to ensure your survival and practice health for many years to come. Here are five simple strategies to help you weather just about any economic storm.
1. Focus on service.
Patients want and expect more for their money in a down economy. They know they have to stretch every dollar because every dollar is worth less, and because their homes, 401ks and investment portfolios (for those fortunate enough to have them) are all worth considerably less than they were two years ago. By providing better service that meets or exceeds their expectations, you can build patient satisfaction, loyalty and trust.
2. Cut costs.
Determine which variable costs and fixed expenses can be cut or eliminated. Eliminate the unnecessary. Turn off lights and office equipment not being used. Renegotiate leases and contracts as they come up for renewal. Do you still need that $2,000 per month yellow pages ad?
Does your target audience even use the yellow pages anymore? Shop for better prices on insurance. Eliminate marketing strategies that are not producing new patients or referrals. Be sure to track your marketing efforts effectively so you know what is working and what is not.
3. Look for new opportunities.
Has a competitor retired or moved/closed his/her practice? Who will care for their patients after they’ve gone? Does a failing practice have equipment or furnishings you need (at fire sale prices, of course)? A mailing list you can use?
4. Become more flexible.
The more services you offer that meet the wants and needs of your target audience, the more patients and referrers you can attract. Consider repositioning or repackaging existing services and products to be more attractive to patients. Try to accommodate the range of household incomes in your market by adjusting your prices to suit different groups.
5. Intensify your marketing efforts.
You may be tempted to cut back on marketing. Don’t. You still have a considerable target market. If you don’t reach out to them, someone else will. Eliminate or adjust strategies that don’t work and intensify those that do. Consider doing more educational seminars to attract groups of patients interested in your services.
Better still, talk to Practice Builders about expert marketing help. Call 800.679.1262 today and ask to speak with a program consultant.
1. Focus on service.
Patients want and expect more for their money in a down economy. They know they have to stretch every dollar because every dollar is worth less, and because their homes, 401ks and investment portfolios (for those fortunate enough to have them) are all worth considerably less than they were two years ago. By providing better service that meets or exceeds their expectations, you can build patient satisfaction, loyalty and trust.
2. Cut costs.
Determine which variable costs and fixed expenses can be cut or eliminated. Eliminate the unnecessary. Turn off lights and office equipment not being used. Renegotiate leases and contracts as they come up for renewal. Do you still need that $2,000 per month yellow pages ad?
Does your target audience even use the yellow pages anymore? Shop for better prices on insurance. Eliminate marketing strategies that are not producing new patients or referrals. Be sure to track your marketing efforts effectively so you know what is working and what is not.
3. Look for new opportunities.
Has a competitor retired or moved/closed his/her practice? Who will care for their patients after they’ve gone? Does a failing practice have equipment or furnishings you need (at fire sale prices, of course)? A mailing list you can use?
4. Become more flexible.
The more services you offer that meet the wants and needs of your target audience, the more patients and referrers you can attract. Consider repositioning or repackaging existing services and products to be more attractive to patients. Try to accommodate the range of household incomes in your market by adjusting your prices to suit different groups.
5. Intensify your marketing efforts.
You may be tempted to cut back on marketing. Don’t. You still have a considerable target market. If you don’t reach out to them, someone else will. Eliminate or adjust strategies that don’t work and intensify those that do. Consider doing more educational seminars to attract groups of patients interested in your services.
Better still, talk to Practice Builders about expert marketing help. Call 800.679.1262 today and ask to speak with a program consultant.