The Corona Effect

I feel compelled today to write this as I feel some responsibility toward the well-being of your future businesses.

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Life becomes unstable whenever we hit a crisis of any sort, let alone a worldwide event. Looking at the past, the previous global recession we had in 2008 was very different to what we are about to embark upon. That was due to a banking situation of too much unfounded credit, which in effect caused the world economy to destabilise. This was, however, a gradual decline, giving everyone an opportunity to react.

Now, however, it is simply due to the fact that we are all unable to work. This has led to economies grounding to a halt with no forewarning, so in effect, it’s a shock to the business world. So, let’s look at this more carefully as it applies to you. I am calling it the Corona Effect.

The way the Coronavirus pandemic has or will affect you is in three ways:

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Before The Corona Effect

Some of you may have had somewhat unstructured businesses. There may have been a lack of leadership or proper sales or targeted marketing. Some practices I know have been running like an ordinary average practice that runs day to day without any direction or vision. And many have been focusing on things that did not directly positively impact the bottom line. This means that a lot of businesses were already quite disadvantaged.

This is why I find a lot of dentists seek my help in the first place. They were not making the profits that they felt should be present for the work that was being put into their practices. I call this busy being busy. So now, we add more instability to a business that already needed much help with the advent of the Coronavirus pandemic.

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During The Effect

This is where we are currently. You now have a cash flow situation, which you need to plan to get out of. We are all on lockdown, and as dentists, there is not much we can do in the way of earning income.

The way you come out of this pandemic is really in your hands and the perspective you decide to take.

Many in our profession are sitting at home, getting bored, wasting their time or stressing and focusing on negatives, i.e. the things you can’t do. You, on the other hand, can take your future into your own hands and focus on what you can do. Look out for my next blog, which will highlight the critical areas in which to be proactive.

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After The Corona Effect

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There is also much uncertainty as to what the future holds. But one thing I do know is that you can either be reactive with it, and that is going to be very uncomfortable for you and your team, or you can be proactive and come back as a strong, effective team.

Please don’t be under any illusion that you will simply pick up your business from where you left it. Things are going to be very different, at least in the short term.

Your patients may or may not come back to you.
Your team may or may not come back to you.
You may or may not have a business left.

Those practices that I have seen work on themselves have always come out on top with significant growth. There are practices that have taken my guidance and now have enough cushioning to ride them safely out of the Corona Effect. They are confident and sure of what they need to do. They are simply waiting for the “Go Ahead” green light.

Creating profits is not a one-time activity. There are no short cuts. You have to work on it.

Give your business your focus and attention consistently and not just rely on your practice manager. You have to be relentless in your want to achieve.

However, whatever uncertainties lie ahead, you can plan and strengthen yourself now, ready for whatever is to come.

For your sake, do not wait; act now!

Talk to us about how we can help.

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Best,
Bhavna