Is the World Unraveling? Should You Go Into Hiding Or Come Out Swinging?
I met with a physician last week who was describing his substantial loss of money in his practice and investments over the last two years. As any prudent person would say, he commented, “And, I have had to cut back my promotional budget significantly.” I replied, “That’s the exact opposite of what you should be doing.” Follow my logic. If promoting your practice is the primary way that you grow, how could you expect to grow if you don’t promote your practice?
Granted, things are very scary out there. It is not business as usual. There is a “new normal” but nobody knows what it is. Every time I watch an economic commentary I want to cash it in! What is the natural inclination of people when they get scared? Most hunker down, close ranks, close in, get conservative. In my opinion, just the opposite of what you should be doing.
Now is the time for you to get creative, to get focused and figure out where to target your dollars. Most practices get lazy when times are good. Figure out what made you successful to begin with and do more of it now. Perhaps times have changed in such a way that the old way doesn’t work anymore. Look to new models of exposure like online practice promotion. Whatever you do, don’t do less of the things that will grow your practice.
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