2014 – a better year for dentistry

As we all know, 2013 was not the best year for many Australian dental practices. The hangover from the end of EPC, depressed consumer market and increased competition created by an ever-increasing pool of available dentists were all factors in making it a tough year for many.

While not all these issues simply disappeared, all indications point towards 2014 being a better year for our sector. The new government scheme, which should be a real practice builder, the property market is improving in our capital cities, which ultimately improves consumer confidence and EPC is now in the distant past.

As much as last year was tough, many of my clients had their best year on record. So, how can it be that when a large proportion of practices saw a downturn in 2013 some managed to double their revenue and flourish?

Of cause there are many factors when it comes to success, but the single common denominator between all the dental success stories of last year is simple – mindset.

Irrespective of how these successful practices embraced new marketing techniques, expanded through new services or invested in their own education, the single thing that allowed them to expand while others contracted was their total belief that the success of their practice was up to them and not controlled by some outside force called the economy.

As small to medium business owners, there is always more we can do to boost revenue. When the broad media tell us the economy is bad or colleagues at a conference tell us how tough it is getting, we can either become a victim of negative news or do something to combat it.

If you have read my articles over the years you will have heard me say time and time again that great businesses expand when others either stand still or contract.

There are a number of reasons for this; firstly, no matter how many positive and inspiring articles are written, most practice owners will not change the way they conduct business and will ‘tough it out’, which leaves plenty of opportunities for the few who will embrace change and invest when most consolidate.

The other reason why a small percentage of practices flourish in tough times is that in order to flourish, they need to do the basics very well. Things that every practice should be doing all the time, such as having a highly effective recall system, sending out regular newsletters, excellent case presentation material and even things like answering the phone correctly.

When we are busy it is very easy to let the basics slip, but getting the basics right will not only build the practice in the tough times, but when the economy improves you’ll be way ahead of your competition.

“ordinary things done consistently will achieve extraordinary results” Anthony Robbins.

If like many of us you use the New Year period as a time to reflect on the successes and failures of the previous year and set goals for the coming year, I would strongly suggest you give yourself realistic and pragmatic targets.

When it comes to marketing there is an abundance of new and highly effective ways to promote your practice. But instead of rushing off and dabbling with a few of these and not necessarily maximising each opportunity in turn, it’s far better to implement one new marketing activity at a time, fully understand it and assess the benefits to the practice.

If you only implemented one new strategy a month and 50% of these strategies worked well, this time next year you would have six highly effective and tested marketing strategies working for you.

In coming articles I will be explaining in detail some of the strategies you may wish to consider to help grow your practice in 2014 and beyond.

Here’s wishing you a healthy, happy and highly successful year and if you have any questions don’t hesitate to contact me.

Happy New Year,

Carl