While pressure mounts on businesses from an economic and governmental standpoint (taxes, regulations and rules are rarely dropped; only added to), whether you’re in business or not beyond 2013 hinges on just a few business fundamentals:
1.) Deal Flow. Solid marketing and advertising campaigns to keep the new patients or clients calling – basically, more work than you can handle;
2.) Financial Management. If you’re not managing your finances and every month, paying off or down your debt, it’s managing you and you may not survive;
3.) Always asking: What’s Next?
If you’re business is not putting the money you need into your bank account, start by stop digging. Stop digging yourself a financial hole so you can assess where you really are.
Then, as quickly as possible, increase deal flow. Contact past clients or patients. Reach out and ask how you can be of service. That includes patient or client reactivation campaigns (easiest and most economical while most likely to work, too). If all else fails, go back to the basics. Make sure your phones are being answered properly and you’re staff appropriately.
Howard Farran, DDS, founder of DentalTown says, “In business, there are only 3 things to manage. Just 3: People, Time and Money.”
Let one slip and they all will.