Dentistry can be a very repetitive business. Like any business where day-to-day operations are pretty much the same, dentists can let their guards down when it comes to paying attention to warning signs. And that can have long-term implications for retirement because things change outside your practice. After the break, I’ll be back to tell you the 3 mistakes you must avoid if you’re going to make a graceful and well-compensated exit from dentistry. Stay tuned.
– Thanks for watching the Patient Attraction Podcast™.
– I’m Colin Receveur, CEO of SmartBox.
– Like you, I’m a business owner.
– I know that a lot of my days are basically repeats of the previous days.
– I’ve found that it’s easy for me to fall into a routine, and to focus on what’s going on inside the business.
– But no business exists in a vacuum, not even dental practices.
– Yes, you make money seeing patient after patient and solving their dental problems.
– If you’re fortunate, you have good repeat business from loyal customers and a good supply of new patients ready to replace the ones who move away or drop out.
– But one of the truisms of business is that what works today won’t necessarily work tomorrow.
– It’s important to keep an eye on what’s going on outside the walls of your practice.
– You need to prepare for changes in the economy and in the industry.
– And those changes are coming.
– Without trying to get political, I think it’s fair to say that the current Administration has introduced a high level of economic uncertainty.
– The safeguards that were put in place to avoid another Great Recession are being whittled away.
– And another recession can put your retirement plans at risk.
– That was proven when the Great Recession of 2008 forced countless dentists to delay their retirements.
– Those dentists wound up working far longer than they intended to.
– If you’re 20 years or more from retirement, you can probably weather another economic downturn and retire pretty much on schedule.
– But if retirement is less than 10 years away, you might be forced to delay it.
– Or you might have to retire with a great deal less money in your pocket.
– There is a way to safeguard your practice against economic uncertainty.
– That’s to stop making the 3 mistakes that can sink your retirement.
– Mistake number 1: Focusing on volume rather than on quality.
– All patients deserve quality dental care, but not all patients represent the same case value.
– If you focus on the prospects in your market who have the ability and the willingness to pay more for the right dentist, you can work less and make more.
– Those better prospects are typically about 20 percent of a given market.
– Mistake number 2: Being “just another dentist.”
– Dentists today are viewed as being competent professionals.
– In other words, one dentist is about as good as another in your prospects’ minds.
– You have to give prospects reasons to choose you instead of a competitor.
– You won’t accomplish that through advertising low prices, specials, and discounts.
– That’s what “just another dentist” does.
– Establishing yourself as the preferred choice for your prospects takes time and a systematic approach to your marketing.
– Mistake number 3: Continuing to drink the dental marketing Kool-Aid.
– Most dentists market for new patients as if it’s still 1995.
– They do postcard campaigns, newspaper ads, and maybe a radio spot or two.
– Dental prospects these days overwhelmingly begin their search for a new dentist online.
– Google says that people consult an average of 10.4 sources of online information before making a buying decision.
– If you want prospects to choose you as their dentist, you have to provide most, if not all, of those online sources.
– You may or may not be comfortable with using the internet to market your practice, but the kids coming out of dental school are more than comfortable.
– You have to market where people are looking for you, or they won’t find you.
– Dr. David Maloley, a SmartBox dentist in Colorado, knows that.
– He told us, “Scratch what’s not working and double down on the internet … To ignore the Web is at your own peril.
– “If you’ve been doing this for 30 years and you try and do what you did 30 years ago and think that’s going to be successful, I think you’ve got a long road ahead.
– “And when you try to transition out, that young dentist isn’t going to find too many
appealing things in a declining practice.”
– Dr. Maloley is reaping the rewards of SmartBox’s industry-leading Patient Attraction System™.
– Stop being just another dentist and use the power of our Patient Attraction System to safeguard your retirement.