Interest rates in Australia are at an all time low.
Those of us old enough to remember with HORROR the interest rates inflicted on us by Paul Keating when Australia plunged into the Recession We Had To Have will roll our eyes at the current low rates.
At its peak, I was paying 17.5% per annum on my home loan and a whopping 28% per annum interest on my business loan.
Just to put that in perspective, 28% interest means that every year I was paying more than one quarter of the money I borrowed back to my lender as interest for his generosity, without making any dent into the capital he lent me!!
Now with interest rates at this all time low and heading lower it seems as the government tries to MANAGE these questionable economic times, it’s a really good time to take a good look at those things that you can do in your business to beat the recession and power through any economic downturn.
Customer Service and Internal Marketing.
People do business with people they like.
If your customers and patients have an emotional connection with your team members and with you and your practice, then chances are those customers will maintain their loyalty to you and your practice.
After all, their dental needs are their health needs, and because you’ve built up this emotional relationship between them and your team, there’s a mutual respect between them and you that is very difficult to dissolve.
When there is no emotional connection, then it’s very easy for “so-called” patients to PUT OFF or defer their necessary treatments.
Which isn’t good for them.
External Marketing.
In difficult economic times, many businesses cut their advertising budgets and expenses in an effort to save money.
For the astute business owner, difficult economic times can present advertising opportunities.
Firstly, with less businesses advertising, advertisers will be looking for businesses who actually want to advertise…they will have more ADVERTISING SPACE to fill and so opportunity to pick up ad space at a lower rate [i.e. better value] is an opportunity not to be wasted.
Secondly, because your competitors are cutting back their advertising and maybe even cancelling it, to the population in general out there who need your services it is going to seriously look as though you are the ONLY business in town able to help them.
So make sure you’ve put plenty of money away for a rainy day… because while all your competitors are trying to scrape by, this is the opportunity for you to posture your business in its best position.
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Need your phones monitored?
Are you concerned about the number of calls that are not being answered as best they can be?
You need Call Tracking Excellence.
For the cost of a less than one cleaning per week, you could have your phones being answered much much better….
Convert more calls into appointments…Click the link: http://www.calltrackingexcellence.com
Call Jayne on 1300 378 044 or email Jayne@theDPE.com for more details.
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Have you read my book , How To Build The Dental Practice of Your Dreams [Without Killing Yourself!] In Less Than Sixty Days.
You can order your copy here: Click Link To Order
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The Ultimate Patient Experience is a simple to build complete Customer Service system in itself that I developed that allowed me to create an extraordinary dental office in an ordinary Sydney suburb. If you’d like to know more, ask me about my free special report.
Email me at david@theupe.com
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