Based on the results from the Business Assessment, it looks like your business may be starting to face some issues. Even great businesses can hit a rough patch. The trick is to catch it early before it becomes something bigger.
All business is cyclical. Sometimes we have up years and down years. The key is to determine if the current state is a temporary blip or if it is a warning sign.
There have been countless other businesses that have faced this challenge and found their way through. We’d like you to meet one them. Her name is Jill.
“I started my business to provide care to patients. The business started out fine, but lately, we started to decline a bit. I’m worried about this. I’m not sure if it’s just a temporary blip or if it is a sign of something more serious”
Jill has a successful dental practice. The business had been going well, but recently, it has started to decline slightly. She still has enough cash to pay her bills, but she’s starting to get worried. She doesn’t want this trend to continue.
At one point or another, all businesses face Jill’s challenge. It’s often helpful to go back to the fundamentals to what working and what could use a refresh.
How We Helped Jill
Jill's Course Correction Plan
We recommended the following 4 steps:
- First, secure funding to make the new hire. Jill was in good shape so an SBA loan was the obvious choice.
- Hire an additional dentist to help reduce patient wait times.
- Institute a time in – out tracking system. The receptionist was tasked with managing this system.
- Finally, encourage her patients to write Yelp and Google reviews highlighting the reduced wait times. They loved her so they were more than willing to help.
Aside from the cost of hiring, recruiting, and training the new dentist, this cost next to nothing to implement. It took a few months, but Jill was able to course correct and get her business back in growth mode.