10 Things Your Practice how can your office can come out even stronger than before during uncertain times? We’ll go through Top 10 things you should be focusing on.
Let’s start with an easy one…
1. Don’t panic
It’s easy to panic. It’s natural. Especially gambling data malaysia after “good times.” Just remember that markets go up and down, and pandemics are beaten with vaccines and cures.
Realistically, it could be several months before things are back to normal.
So, why shouldn’t you panic?
However, it’s also important to remember that just like other pandemics in the last century 1918 Flu, SARS of 2003, the Swine flu (H1N1) of 2009 and Ebola in 2014, we’ll get this under control.
Now let’s talk about the markets
. We’ve just experienced the longest bull market run in history.
10 Things Your Practice experts are saying that this isn’t 2008 again, let alone something worse. Although you can just as easily read that the skies are falling- it won’t do you any good.
That being said market corrections are normal- in fact they typically happen every year.
Stock No ne to add cane sugar or cane syrup. The fruit will provide more than is ne market corrections . last 71.6 days, w/ markets dropping 15.6% (https://www.visualcapitalist.com/anatomy-market-correction/).
In fact, since 1920 there has, on average, been a 5% pullback three times a year, a 10% correction once a year, with a 20% plunge every 7 years.
In the five years before 2018, the Dow Jones Industrial Average nearly doubled without any meaningful pullback. https://www.thebalance.com/how-to-handle-stock-market-corrections-2388309
For each of those years, a significant number of analysts called for a correction or even a recession. These predictions have caused investors to pull out of the market too early and lose the impressive gains they could have enjoyed if they didn’t try to predict when the inevitable would come. This is true of individual investors as well as professionals.
BOTTOM LINE: Markets ALWAYS drop…. and they ALWAYS come back up!
2. Be grateful
Look at what you have and be thankful!
10 Things Your Practice whether your practice is just starting out or you’ve been in business 30 years, there are plenty of reasons you should be grateful, here are just a few.
– Gratitude lowers anxiety and depression
– Studies show that gratitude improves satisfaction of life and make you happier
– Markets are going to rebound, they always do
– The Coronavirus won’t last- pandemics always are beaten
Do you ever wish you could mobile lead do a “TIMEOUT,” like Zack Morris in Saved By The Bell, where the world freezes?
You’ll likely have a few weeks where nobody’s working and business is shut/very slow, think of this as an opportunity to get the things done that you always wanted to get done….but never have any time!
3. Analyze your business
I’ll try to keep it simple. A successful business earns more than it spends. Let’s break those two categories down.
a. Earning
Knowing your patient value is crucial– here are some suggestions:
Determine the lifetime value of your typical patient. Lifetime Value (LTV)= Number of Years as Patient X Annual Spend + Client’s Referral Value
Dental office example:
7-10 years X $653 each year = $4,571 to $6,530… NOT counting their referrals!
Do you have certain clients that bring in more money than others?
The 80/20 rule (also known as the Pareto rule) basically states that 80% comes from 20%.