This chiropractic coach has been around the block enough times to know that you can survive an economic downturn but what most people don’t realize is that you can thrive.
Every so often, about once every 15 years there is a market reset of sorts. When this happens, the interest rates go up, there is a decrease in consumer spending and people who are not prepared feel the hurt of this contraction.
You do not have to be wealthy to make the best of this situation or to see the opportunities, but you must have the right mindset and be willing to go outside of your comfort zone.
- Identify weak areas in your practice and start to fortify these immediately
- Is your front desk slow on collecting payments?
- Do you have outstanding debts from insurance companies, auto insurance payments? What can you do to collect on these now?
- Do you have alternative streams of revenue? Ie: supplements, massage, acupuncture
- Can you re-evaluate your marketing? Let go of what’s not working and incorporate new ideas that would have a bigger ROI
- Are you efficient in your working day?
- What is the culture of your office?
- Do your patients know that their adjustment is something they need to feel their best and function optimally?
- Do you talk about lifelong chiropractic care as a necessity rather than a luxury?
- Do you regularly give them the benefits of the adjustment that go beyond relieving neck and back pain?
- Do you have compassion for your patients at each visit?
- What can you buy more of now to save at least 10% later?
- When the economy goes through a downturn and interest rates increase there is always an increase in consumer goods. You can buy more of what you use regularly to save yourself some percentage in the future. It doesn’t mean that you need a lifelong supply, but it helps to gradually feel the effects of this inflation rather than feeling it all at once.
- Are you saving regularly?
- Every pay period you should be saving some percentage of your income and preparing yourself financially.
- When you feel financially stable then you give yourself the best chance to stay mentally clear from the noise and chatter of others who are fearful and have lost hope.
- Can you raise your rates now instead of later?
- The worst time to raise your fee is when everyone else is, so figure out how much you think you should raise your fee and do it now.
- This is good for everyone. Your patients can budget in your fee into their monthly budget before other goods start to increase. Once they have their chiropractic budgeted, they can decrease spending on items that may not be good for them: soda, candy, cakes, etc…
- The last thing you want someone to do is to create a budget based on unhealthy items and not have enough room for something they really need like their adjustment.
- Can you re-negotiate your lease for a lower fee?
- This can be done on any bill your office is paying regularly.
- Landlords and other businesses would rather have a steady income than no income, so ask them if they would be willing to work with you to keep you in the location.
- Can you bring in other independent contractors to decrease overhead?
- In an economic downturn, there may be massage therapists, acupuncturists or other professionals who want to decrease their overhead and join up with chiropractors.
- Adding in other professionals to help offset your monthly overhead can be a win-win for both professionals.
If you take advantage of what I have laid out here, you will have a lower overhead, a better culture, a more efficient office, and more money in the bank.
When the economy does turn back around, which it will, then you will leap and bound ahead of other people who were fearful and put their heads in the proverbial sand.