A whole recession and economic dive can be started by just one foolish action that is the wrong thing to do. Businesses go bankrupt every day from this mistake. When your income is down, a natural instinct (and one often recommended by accountants) is to cut back on any expenditures that do not seem “vital” to pay. Promotion is usually one of the first items to be cut back on.
How to Kill a Practice
And guess what? Promotion is the first thing you should be spending money on when your stats go down! The only answer to keeping from getting worse or smaller is to promote your way out of it. To cut off promotion and make yourself more invisible and thereby attract fewer patients does not make any sense at all. How are you going to continue to pay bills and your staff and yourself if you don’t fill the practice back up with business?
Now, this does not mean that you have to spend HUGE dollars on promotion. Many things can be done internally that are promotional actions such as calling past patients or clients and reactivating them back into the practice, email newsletters to your clientele once a month, clean the place and make it sparkle and change up the paint or artwork, start a campaign of asking patients or clients for referrals (not because you are NEEDY but because you are there to treat and you have room to do more of that), and so on.
Spend Money to Make Money
However, you CAN use your Line of Credit to bust open your promotional actions that need money to do them. You can pay the bills AFTER the income starts to come in at the proper level again. But to not do it when you are shrinking is very foolish economy because it puts you further down the shoot when you don’t promote.
Move fast on this when your stats go down and you will experience a wonderful recovery.
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