Read this quote and more now than ever before, I believe it to be true. Don’t wait for whatever you previously experienced as normal to return, it won’t.
What positive changes have you made? Perhaps it is the simple communication you now have in place with your patients and families outlining the new COVID protocols. Maybe it is the virtual consult and appointment process you now encourage to minimize patient flow. If the past six (6) months have not forced you to make some changes inside your practice, what are you waiting for?
A number of my clients have taken the time to immerse themselves into truly understanding their KPIs (KeyPerformance Indicators) and EPIs (Employee Performance Indicators) to heighten their awareness of what is driving business success and what changes are required to achieve their evolving goals. ‘You can’t manage what you don’t measure.’
Despite the unknowns of our future, other clients are making the choice to take real control of their business and prepare a business plan for the next 12 months. There is value in really looking at success and failures of the last 12 months (and just the last 6 months) to help build the map forward. Business plans today also need to include what to do when faced with unpredictable change, not only to be prepared to minimize the impact of an emergency, but to be the first to take advantage of new opportunities.
Does your business plan include:
· What operating cash flow do you need in the next six (6) months should there be a second wave of COVID?
· What immediate changes do you need to implement should there be a second wave?
· Which team members can help make these changes and which cannot?
· What did you learn during the last shut down that will benefit your business?
· What feedback did your patients provide that can help your business going forward?
· What new practice techniques do you want to continue to grow internally?
· What opportunities are there to implement virtual consults and appointments so the back log is less if there is a second shut down?
· How are you going to stay caught up with all your active patients? Has everyone been seen since COVID?
Some market observations:
· Orthodontic practices Canada wide have been pleasantly surprised with the quick financial rebound.
· Patients have been very motivated to start orthodontic treatment.
· Practice transitions are continuing to proceed and initial asking prices are being honored.
· We are in a unique position to see the impact of a pandemic on our business and our ability to rebound. So far, the impact on the orthodontic profession has been minimal compared to the global impacts like the Spanish flu.
At Strategix we experienced very similar business impacts as you have. We have had to adapt our business and processes to your changing needs to ensure we are current and offering you what you need to be successful! Our doors remain open and we are here to help. The next few months we will be diving deeper into the opportunities within your practice and should you want to discuss your specific needs, feel free to reach out anytime.