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Three times in the last three working days I have been contacted, twice by existing clients and once by an old friend, each time complaining about the lack of positive cash flow in their business at the moment.
"We seem to be working as hard as ever, and yet there simply isn't any money in the bank at the end of the month, after we have paid all the bills. What are we doing wrong?"
My observation is that events have finally caught up with dental business owners.
It's a combination of factors:
Prices too low;
Productivity per clinician too low;
Operating costs suddenly a lot higher than they were a year ago (mainly wages);
Promoting products whose profit margins were already low and have now diminished.
Attached is a short (2-minute) quiz that focuses on number 4 above - are you selling the right products?
I'll leave it to you to guess which products I'm referring to:
Products or healthcare ? Are we promoting products or are healthcare professionals ?
How about how are we creating heathcare value for patients rather than promoting products.
"Products" with low profit margins are aspects of healthcare that have been devalued by public (cost artificically lowered by NHS) and this is the opportunity for the profession to build trust and value..