Dentaltown June 2021 - 71

* FOR SHORT-TERM RETURN: INVEST IN MARKETING.
Hire a part-time marketing person or outsource the function to ensure you're
engaging existing patients and attracting new ones. Use newsletters, mailers and
events to build relationships, reward loyalty, show appreciation, and generate buzz over
contests and giveaways. COVID-19 has forced us to learn new forms of communication
we may not have used much in the past, including video messages in emails and
websites, podcasts/webcasts and social media. Marketing doesn't have to be expensive,
and you should see the ROI as soon as you execute.
* FOR A LONGER-TERM RETURN: INVEST IN CAPACITY.
At some point, every practice maxes out the number of patients it can see in the
spaces it has. Once that occurs, you'll see fl attening revenue and collections and eroded
net income and profi tability. You will have two choices: Accept where you are in the
fi nancial cycle and know that profi ts will continue to decline, or invest in capacity.
Interest rates on borrowing money are at historic lows, but they won't stay that way. If
you've ever given a thought (or even if you haven't) to expanding your existing offi ce
with more treatment rooms, or buying or building another
offi ce, the timing has never been better. You won't see the
return in terms of increased new patients and revenue
within the next six months, but you should consider the
money you'll be saving in interest over the life of the
loan as a form of substantial ROI achieved this year.
CONCLUSION
I urge you to invest your time into giving your business a
six-month checkup. Honestly take stock of how your practice is
performing against goals at the midyear point. The remaining six
months is plenty of time to turn things around, if necessary-
but not if you take three months to think about it.
If you're happy with your results, rev up your momentum
so you end up even better. If you're not happy with where
you are now, you're going to be even more disappointed in
six months if you don't do something about it.
We all know the adage: " Insanity is repeating the same
mistakes over and over and expecting different results. "
Change the trajectory of where you're headed by investing
in ways that will give you a different result and a positive
return. Whether the investment cost is in time, energy
or money, it's never too much if what you get back is more
than you have to put in. In other words, " I can't afford it " is
never a valid excuse for not making a profi table investment
in your business. ■
dentaltown.com \\ JUNE 2021 71
http://www.dentaltown.com

Dentaltown June 2021

Table of Contents for the Digital Edition of Dentaltown June 2021

Dentaltown June 2021 - Intro
Dentaltown June 2021 - Cover1
Dentaltown June 2021 - Cover2
Dentaltown June 2021 - 1
Dentaltown June 2021 - 2
Dentaltown June 2021 - 3
Dentaltown June 2021 - 4
Dentaltown June 2021 - 5
Dentaltown June 2021 - 6
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Dentaltown June 2021 - Cover3
Dentaltown June 2021 - Cover4
Dentaltown June 2021 - Outsert_1
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