There’s been a lot of talk of economic downturn and recession lately.

It’s got consumers, business owners, and financial forecasters all in a bit of a tizzy trying to figure out what’s going to happen next.

The possibility of a recession brings about a lot of doom and gloom.

But, the good news is that your practice can absolutely thrive in any economic conditions and even pull in 7 figures throughout a recession!

The key is to keep your cool, and act strategically throughout this time.

How? We’ll show you right now…

 

1. Keep your eye on the cash flow

Whilst we talk a lot about increasing profit and revenue, a key metric to keep in mind is your cash glow. In the simplest of terms, cash flow is the cash a business has at hands to keep the business operational and profitable.

The idea is to convert profit into operating cash and then free cash flow. If you are the owner of your business, then you can distribute that free cash flow to you, as a dividend.

Alternatively, you can use that free cash flow to reduce debt levels by paying down debt. You can also invest some of that cash flow in purchasing more assets.

 

2. Retain patients

It is far more expensive to attract new patients, than it is to re-engage your existing ones and they keep coming back for their appointments.

It’s absolutely crucial to ensure that you give your patients a compelling reason to return, and have them leave the practice with their next appointment already booked.

Whether you’re looking at incomplete treatments or just making sure your patients come back for their six month-check-up, leave them with no less than three reasons to come back in for an appointment.

 

3. Ask for referrals

Asking for referrals is an excellent way to expand your patient base, and attract more of your ideal patient avatar.

If you have people and patients that you really enjoy interacting with, it stands to reason that friends and family of these patients are likely to be a similarly great fit for your practice.

If you’re not quite sure how to approach that conversation, we’ve got a super simple and actionable framework you can use to ask for referrals today.

 

4. Minimise costs where you can

This can be done by doing a quick audit of your profit and loss statement, and identifying wants vs. needs – and being ruthless in your culling.

These are some of the most obvious options, but the balance sheet can be equally as useful and reveal a lot about the money story of your practice.

 

5. Check on your accounts receivable

Cash flow is about getting money in, but we often already have a lot of money floating around out there.

Chasing money is a painstaking task that takes time, effort, and resources – which means you’re spending money to get money.

It’s much easier and more preferable to get the money up front.

 

6. Regularly review your fees

Reviewing your fee structure regularly is just part of good business practices.

Your fees are a direct reflection of your costs; rent, staff, interest rates on loans, equipment, etc.

Because your costs and the economic environment in which you operate changes so often, you need to review your fees periodically.

So if you can stay calm and execute these principles consistently and effectively, there’s no reason why you shouldn’t hit 7 figure success!