Home Practice ManagementFinance Your “Must Haves” To Survive This Recession and Thrive

Your “Must Haves” To Survive This Recession and Thrive

by Heidi Mount

This is by far the worst recession in the history of dentistry! If you do not have a clear business plan and recession-proof your business, it will be nearly impossible to pull yourself out of this COVID-19 pandemic. Don’t stress! Having a thriving business is easier than you think. Trust me, I have been through three dental recessions since 1988!

The past few decades of speaking to dozens of dentists a week guides me on what exact information I need to share to keep you current. Honestly, as a business coach and trainer, I’ve found that most dentists have the same issues. I do my best to share how to prevent revenue loss and how to maximize every minute in your dental office. In general, the biggest issue is mindset and how you make your business decisions. I know many of you count on podcasts, blogs and what your colleagues are doing instead of hiring a professional coach. As I see poor advice given on Facebook and other platforms…I cringe hoping YOU will not follow that advice. So here is the deal, speak with someone who has achieved what you want to achieve! Period.

Recessions will come and go during your life in dentistry. But what I’ve found is it shouldn’t affect whether you have a successful dental practice or not. Believe it when I tell you that people are spending LOTS of money during recessions and you need to learn how to attract your ideal patients. If you don’t happen to notice that people are spending money on frivolous things, start looking around at all the women who have plump lips like the actress Angelina Jolie or no wrinkles after age 40. Seriously, check it out! Go on Instagram and type “lip filler”…notice the young generation spending over $600 on buying luscious kissable lips.

If you don’t adapt to this generation, you may need to go and work for someone else. My clients ask for the truth and that is what I am giving you here. The key is to be that ambitious entrepreneur and stop settling for less. So many of you do not take the time to create a real vision of your life and then reverse engineer it.

Some of you must not want it bad enough. You should want your vision so bad that you can see, smell and taste it. I know that worked for me when I wanted to live on The Big Island of Hawaii. You see, when you want something more than your excuses, you get on it and do whatever it takes. People see the fire in your eyes and know you mean business.

This may be your “kick in the rear” article, and I am lovingly telling you that you don’t have time to think or say any more excuses. Just stop it from now on and watch where you go. No more stinking thinking and hanging out with whiners.

So here is the bottom line as to what you need to do to thrive in this recession. First, you and your team need to be CONFIDENT in your higher fees. If you are worried that your patients will leave or that you are a skosh higher than your neighboring dentists, then you do not believe you are worth being paid a fair market value for what you offer. You should rethink about all your sacrifices you made to become a dentist and own your own dental practice.

We know human resources and handling employees are the hot topics of discussion. However, if you had clear expectations and hired your A-team, this would not be an issue at all. So again, what is your vision for your practice and your life? Take the time to write it out and make all business decisions off of it. The best marketing in the world is a team that loves their job.

Lastly, stop doing one tooth at a time. People WANT nice looking mouths, being able to breathe while they sleep, peace of mind and so forth. Learn how to ask the right questions and give patients what they want. If you have unscheduled treatment and your employees are having to play Guido trying to fill your schedule, something is wrong. And if you don’t change what you are doing, you will not be able to sustain seeing less patients per day. You CAN have the practice of your dreams without working any extra hours. Put aside your ego and get support from a successful person. Someone would be more than happy to help you.

It is time to create your new life! How will you do that? Find a mentor or coach, create a vision that you emotionally must have, quit your stinkin thinkin, hire your A-team, create clear job descriptions and expectations, offer comprehensive dentistry, charge what you want and be confident in your fees. If you do those things in the next 30 days and make all business decisions off of that, you will thrive in this 2020 dental recession.

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