Dental Office Recession Strategies: Emergency Fund
Dental office recession strategies might be good to consider right now. And our economy does ebb and flow. Leaner times remind us to be mindful.
We learn early in life to put away 10% of our earnings into savings. And to have several months of living expenses in an emergency fund.
Plan, Budget & Save
The same is true in business. An emergency savings fund is important. And to have at least 3 months of all business operating expenses available in cash is wise.
Focus on Customer Service & Patient Experiences
Our dental patients may be fearful or hesitant to scheduled needed treatment. So, it’s even more important for us to show compassion. And to help our patients stay on track.
A delay in treatment can be more costly long term. Remind patients that postponing dental care may affect their health in bigger ways as well. And we have seen cases of this. Perhaps share a story or two.
Dental Office Recession Strategies: Patient Care
Be cautious in financial matters. Considerate of over extending payment options. Maybe a pre-payment option for patients.
Encourage patients to send monthly payments to hold on account. Which allows for a savings plan of their own for needed dentistry. Even if they don’t need anything right now, they’ll be prepared when the time comes.
Build Your Team & Document Your Systems
Build team spirit and rapport with system and process documentation. This is another emergency fund of sorts. Because we just might have to pull from our reserve funds if someone is out of the office one day. Which will happen!
Reward and encourage the team for the task of documentation. Set aside time to do this. And bring some food and fun into the work. You may just find that the days grow more enjoyable. And systems become more streamlined.
Dental Office Recession Strategies:
Do you have team appreciation days or celebrations? This might be a great time to make it so! In fact, you might want to celebrate after each system or process document completion!
Keep it simple. Be creative! Even rotate through the leadership of having different team members choose the way you celebrate:
- a new lunch tote
- water bottles
- travel mugs
- office coffee maker
- gift cards for coffee
- ice cream
- ask your team!
Dental Office Recession Strategies must include an eye on expenses. When our items cost more, we pass that along to our patients. Which can cause even more hesitation for them.
So, we watch our inventory carefully. And double check to be sure we pay the best price and get the best value for everything we buy.
I’ve Got You!
Nothing but value and amazing opportunity for you and your dental team here. Be sure to take all of my experience and expertise, and put it to work for you!