Renee Matlock, the owner of The Private Practice Coach, shares with clients her wealth of experience, gained over 30 years of building a profitable, multi-disciplinary private practice.
BLOG: Is Your Practice Prepared for a Recession?
Is Your Practice Prepared for a Recession?
While there is speculation around whether we are headed for a recession or already there, one thing is certain -- you need to take action to minimize the impact to your practice.
Despite the multitude of dire predictions, there is no need to panic. By taking precautions now, you can position your practice to weather this temporary downturn.
Start with a review of your business' financial data, marketing plan and systems. It is important to know your numbers, so you have the right information to act upon. Reviewing and revising your financial plan is critical to all aspects of your business and will drive decisions for the remainder of the year. Review your current expenses to identify spending that can be reduced, eliminated or re-negotiated. Explore new sources of revenue so you don't have all of your eggs in one basket. Try to reduce debt.
Next review your marketing plan. This is not an expense that should be eliminated. It is often the first one companies think they can dispense with, but in reality, the exact opposite is true. If you stop marketing, you are losing opportunities to reach your Right Fit Client -- opportunities your competition will take! Instead, look at the data from your marketing initiatives and determine if you need to pivot in your current plan. Is your content still relevant? Are you reaching your target market? Are you adequately capturing email addresses for your email marketing list?
Review your current systems to ensure you are operating as efficiently as possible. Do you have systems for lead generation and nurturing, tracking referrals, customer service, recruitment, etc.?
Finally, keep delivering stellar customer service. Exemplary customer service starts the moment your client walks in the door. Do you or your staff greet clients as they enter your office? Are your clients made to feel welcome? Treat each client as an individual and show that you truly care about them. The client who has a positive experience becomes your next referral source.
Take steps now to minimize the impact of an economic downturn, and don't panic! While some practices saw a temporary revenue dip at the beginning of the pandemic, others quickly saw a surge by pivoting their strategies to capitalize on new ways to garner new clients and maintain current ones. Your practice can weather a recession by employing similar strategies.
Do you need help preparing your practice for a recession? Contact Renee Matlock to schedule a complimentary, no-strings-attached, “Talk with Renee” session to discuss your practice, your goals and your dreams. Renee, the owner of The Private Practice Coach shares with clients her knowledge and expertise gained over 30 thirty years of building a profitable, multi-disciplinary private practice.
