Providing the unexpected in a down market
Ever met someone who was dead sure about something, but you could easily see they were wrong? It’s like that with increased practice income. People are very committed to their beliefs. I hear from dentists like this all the time – they’re doing everything right and still not seeing any real growth in their business.
Well, their problem is that they’ve already decided what’s right without learning about all of the options. They’ve settled on something that “feels right” to them, and in their mind, it IS right. We’re just talking about simple human nature here. We love our mental and physical comfort zones. Just realize that our preconceived notions are exactly what hold us back. If you’ve already decided you’ve made the right choice about something, you’re simply not going to be open to other possibilities when that choice proves to be flawed or even outright wrong.
Weathering the Economic Storm
So why do we believe that we cannot make money in a down economy? Well, the first reason is we’re all Americans. We have basic beliefs in a capitalist society. This is both a good and a bad thing. We learn to believe that down means down and up means up. It’s basic supply and demand, right? Except when it comes to increasing practice income, we can’t afford to buy into that mentality.
The economy will always have its ups and downs, always. We know that there’s very little that we as individuals can do about it, so my suggestion is to not worry about it. It’s a factor in the equation that we can’t control. What we can control are the choices we make at our practice to deal with the economy. What can we do now to create a sustainable practice that can thrive during times of economic success AND under duress?
Thinking Outside the Box
First let’s look at what’s real: When you woke up this morning, was the sky falling? Were people driving on the wrong side of the road? Was the clock running counter-clockwise? The answer is a resounding no. So if everything is the same, then did your ability to seize opportunity disappear? Again, the answer is no, it didn’t. There are just as many opportunities now as there ever were, if not more. That’s because down markets provide the most opportunity of any time, because the tried and true often doesn’t work and as a result, people begin to think outside the box to figure out what will.
This is how I came to develop Quality Dental Plan (QDP). QDP gives you the opportunity to provide the people of your community with a way of affording dental care, and grow your practice, even in a down market. QDP is a value-oriented, bundled preventive care system. Member dentists are able to eliminate the perceived need for insurance while offering patients a comparable break on the cost of their dentistry.
When it comes to opportunity, there’s always a multitude of possible solutions that exist at all times, you just have reach out and find the one that works.