The country is slowly easing lockdown measures and soon, both small and large businesses will resume operations – but I don’t think we’re out of the woods yet. The last two months have been ugly from an economical perspective and a recession is no longer a “what if,” but a probability. If you’re like most business owners, you have an emergency fund, but you probably used most of it during the lockdown.
Can your business survive the next six months if a recession hits the country? What measures should you take to make sure your practice is recession-proof?
Today, I share some of the ways I will be preparing my practice from a potential recession period. I discuss when I think the recession will happen and how long it will last. I explain how this recession will be compared to what happened in 2008 and describe some of the services you should stop offering if a recession does happen. I also explain how to identify which team members to let go of first when push comes to shove.
“The pain of not having two months of production in the overall global economy will catch up to us.”
This week on T-Bone Speaks Dentistry Podcast:
- How I plan to prepare for a recession.
- My recession predictions for the coming months.
- How you can get clear with what type of dentistry you’re going to offer.
- Reverse engineering the way you run your practice.
- Improving customer-dentist relationships through emails.
- Cutting back on extra services during a recession.
- The services you can reduce or remove when a recession hits.
- Determining the team members you should let go.
Our Favorite Quotes:
- “Start increasing your emergency fund. Now is the time to start putting money away.”
- “During a recession, we have to take things off our menu.”
- “Fine-tuning your sales process is part of getting the team clear.”
- “We have to get our team aligned to who we are.”
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