In my last post, we discussed how you could start preparing for economic change. Today I’ll continue with the last 3 steps you can take to win during the recession.
5. Get out of debt.
If you’ve ever had a slow month of collections, you realize how tough carrying debt can be. You’re debtors don’t care if you are having a slow month, or the economy is in turmoil, they just want to be paid. Proverbs 22:7 says “The rich rules over the poor, and the borrower is slave to the lender.” Lest you think this is some kind of outdated, old-fashioned wisdom, try going a few months not paying your debtors and see what happens.
I know it’s not politically correct to say “get out of debt” these days, in a country gone wild with borrowing up to their eyeballs. But truth is truth, and carrying debt during a slower economic time is a recipe for disaster. So focus today on paying it off.
6. Add other streams of income to your practice.
It’s said that one is the loneliest number. In business and marketing this is certainly true. It’s not wise to rely on one stream of income. Many businesses have been wiped out overnight because they only had one method of making money. What can you add to your practice that builds on what you have, but is different than chiropractic services. Can you add nutrition, weight loss, detox, or decompression programs to your practice? Can you better diversify your marketing, so you aren’t getting new patients from just a few sources?
7. Stay focused on your business.
Who’s going to win the elections? Will the stock market go up? Will real estate go back up? Who cares, none of these things are going to make a difference in your practice in the coming year. You’re a chiropractor. Stop watching the news and get busy on your practice! Did George Bush help build your practice? How about Bill Clinton? No, your practice grew as a result of you, not Congress or the President. It’s what you do over the next year that matters.
Some chiropractors will go out of business in the next 12 months. Some will just do ok. Others will explode past their limitations and build the lifestyle of their dreams. Which will you be?