6 ways to survive a slowdown
Keeping up during an economic downturn means focusing on smart business moves and making a few tweaks. What you might let slide in a normal economic climate—capturing all charges and providing great client service—will only be amplified and painfully obvious to you in bad economic times. Here are a few tips to keep in mind:
1. Provide stellar customer service. If you go above and beyond, clients will choose to spend at your practice even when money's tight.
2. Do everything you can to keep your team happy and in place. Consider layoffs only as a last option.3. Don't stop recommending your best medicine, but understand that some clients simply can't afford top-level care. Provide other options with a nonjudgmental attitude.
4. Get a grasp on your practice finances. Track your transaction volume and your average transaction amount. You can't fix things if you don't know what's wrong.
5. Check inventory to be sure you're not overordering. Keep your stock as lean as possible.
6. Delegate more to team members so you can keep the appointment book full and focus on client visits.