When we think of investments, most of us automatically default to stocks, bonds, mutual funds, real estate and so on.
Truth is, there is one investment that trumps all the rest.
And, your insider knowledge and intimate relationship makes it one of the most perfect opportunities for SAFE, future returns.
Dear friend, it's your dental practice!
Yes, that's right. There is no better place to invest your hard-earned cash than in the place that provides not just an income for you, but equity growth, too!
I mean, where else can you invest $1000, $2000, $5000 or more in marketing, generate patients and income, plus a future revenue steam when those patients return for re-care exams. Few businesses have this luxury...yours does!
What other business are you aware of that by just adding another provider to your team, will your income jump up $5,000-$15,000 or more per month?!
Why do you think Wall Street loves dentistry?!
Is there a time and place to invest in stocks, bonds, and the rest? Likely, yes. Perhaps, maybe. (How's that for a Presidential Election Year Answer?!) I'm a safety first guy when it comes to investments, so as my ability to invest outside my business has grown over the years, I've sought safe, reliable and secure avenues to watch my money grow. (Tax liens are one of my favorites!)
But right now, with an election year upon us and economic news indicating another downturn is coming (read my previous blog post and my recent release of the 3rd edition of The State of Dentistry: UPDATE 2016), NOW is the time to re-look at investing in your practice.
At my own office, we're heavily focused on team training, doctor recruiting (to help meet the demand our aggressive marketing is creating), and patient retention and attraction (both!).
In fact, each week, we're conducting team meetings and working through different aspects of leadership training, team building, re-visiting our Mission, Vision and Values, team communication skills, and more.
On the patient retention side, we're actively engaged in regular monthly communication via good ol' fashioned US Mail, emails, patient appreciation event planning and more.
It shows in our numbers. It shows in new patient numbers from REFERRALS (a by-product of a monthly newsletter mailed to our patients) and in the feedback our patients are giving our team.
If you're looking for somewhere to put your money, consider the asset you're most familiar with and can leverage/control the most. Yes, there's a time and place for stocks, bonds, etc., but it may not be right now.
An investment in marketing, team training, and physical plant are just darn hard to beat when it comes to return on that investment!
And, if it's new patients you need to attract, be sure to request my free DVD/CD program, "7 ADVANCED Practice Building Strategies," here.