Booms, Busts and Business Survival
The end of the year is a time for relaxation and reflection. Amongst the many topics of contemplation one major area should be how well our businesses have performed and if there is anything we should be doing to improve our situations. An event that now seems to be left happily behind in the far distant past is the economic recession of 2007-2011. Most businesses seem to have regenerated themselves with newfound leases of life. However, there has been much to learn from that economic downturn and to dismiss and forget those events entirely could spell disaster, especially if you were to fall back into complacent patterns.
Lessons from the past
So here are a few tips and strategies that could help you to re-focus on the important elements of your business for the coming year:
- Reassess your goals and priorities on a regular basis. You may find that what was once important now no longer is. Using up your resources in trying to meeting redundant objectives can slow down progress and increase costs unnecessarily.
- Regular Team meetings. Regrouping with your team on a regular basis can help to refocus and redirect your most expensive overhead in the correct way. This can help you to emerge in a better and stronger position than before.
- Encourage Creativity. If you are ever faced with limited resources (including limited cash flow) then fostering creativity within your team can help to seek out new and better ways of achieving the same objectives. This is especially evident in marketing activities where occasionally unconventional methods can help to attract attention from potential customers.
- Make sure you have all the business fundamentals in place. One thing I have learnt from working with so many dentists is that it often doesn’t matter how much you focus on any one area of the practice; if you don’t have the fundamentals systems and strategies in place in all the core elements of business then things almost inevitably will go wrong. There are 7 core fundamentals in total: Vision, Clinical Skills, Team, Marketing, Gaining Case Acceptances, Systems and your Financial Model.
- Don’t fear making mistakes. As long as you have analysed your risks and weighed up your options after detailed due diligence, don’t fear taking the next step because you might make mistakes. You will only grow from whatever outcome you obtain.
- However do learn from your mistakes. It is not making the mistake that actually hinders your progress as much as not learning from them. Having said this, take a moment to check all the activities you are doing and make sure that you are not repeating any past mistakes which could become very costly to you.
- Get help. Sometimes it is better to gain momentum and speed of success by simply taking advantage of someone else’s experience. Get yourself a business mentor or coach to help achieve your success faster. They will often have experienced your situation to varying extents and will facilitate progress in a much easier and bearable fashion.
- Develop clear focused Strategy for success. This helps you to manage your daily outcomes as well as keep one eye firmly on your future goals. It amazes me to see how many dental business owners keep their heads buried deep in the day-to-day problems with no thought for where they will be in six months time. Strategy helps you to re-invent your business. Positive change in this way keeps business fresh and up to date.
These are a few essentials to think about when planning for 2015. So this Christmas break you may want to consider how you would like to change your practice for the better unleashing new life into creating business success. Create your own luck in achieving your vision and a boom in your business. Meanwhile, let me wish you a very happy and successful New Year!
Don’t miss next month’s blog when I will be providing tips on how to make cash “king” and how to make your own luck.
DWB working in close association with The Perfect Smile Advanced Training Institute