Slipping

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.

Jill's Story

“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

Back to Basics

We looked at how Jill made or lost money, and what the biggest mistakes were behind the scenes. The first place we started was to look at her customer base. We started by talking to them. We talked to the regulars, and we talked to the past reviewers. We wanted to know why they came, and if they weren’t coming back, why was that?

What we found:

We learned a lot. For her regulars, it was a comfortable routine. They didn’t mind wait time. The loved Jill. She put them at ease. She was seen as a friend. For those who left, they liked Jill, but they just couldn't afford the wait times. They just got annoyed and didn't come back.

It’s a common misconception that satisfying your customers is enough. And, that’s the first mistake that was hurting Jill. People are driven by our emotions. The people who stayed were emotionally attached. Those who didn't felt Jill wasn't being respectful of their time. Unfortunately, her regular patients were not enough to keep the business afloat.
pain-free delegation

Staff Evaluation

Jill's staff was friendly. The hygienists were efficient, friendly, and knowledgeable. The front desk was pleasant, helpful, and perceived well. Jill's time management was the problem. When she was running late, that message didn't make it to the front desk. People were left waiting without information.

Operational Review:

The operational and staff issues were interrelated. Jill's business was operating fine, but she was not. It was pretty clear that an additional dentist was needed, as this was the clear bottle neck. Billing, cash flow, etc. was all in order.

Spending

Jill's spending was fine, but her investing was not. She didn't need to spend more on bringing in patients. She needed to invest in bringing on a partner or hiring another younger dentist.

Results of the Review:

After all of this, we came back to Jill with a plan. It wasn't an easy conversation. But, Jill was open. She knew the business wasn't working as it should so, thankfully, she wasn't resistant to the feedback.

Jill's Course Correction Plan

We recommended the following 4 steps:

    1. First, secure funding to make the new hire. Jill was in good shape so an SBA loan was the obvious choice.
    2. Hire an additional dentist to help reduce patient wait times.
    3. Institute a time in – out tracking system. The receptionist was tasked with managing this system.
    4. 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.

How can we help you?

(646) 543-7804

available from 9:00 – 5:00

Address 505 W. 37th St. New York, NY 10018