Harmonizing Your Cash flow And Business Levels In 2012
It has struck me in recent conversations that Practice managers do not realize the power of the data that they are sitting on. The thing that really brought it home to me was the question of seasonality and cash flow. I do realize that there is an element of seasonality in our business. However I do not believe it is nearly as stark as many think.
There have been steeper peaks and lower troughs of late in many people’s business. They complain to me regularly that this is the case. One month is a whopper month, break out the champagne. Then the next month is a disaster. When I question people closely about their activities, it appears that there is actually little strategy applied other than traditional marketing.
The power for a long term business to harmonize cash flow is within their existing database. That is a truism, a fact, the sooner the better people realize it. Because when you realize it, you can then set out a strategy to harmonies your cash flow and business levels. Regular communication with your database will keep a Practice busy. Will give the opportunity to a Practice to boost ancillary revenue through the sales of tubes and tips, drying capsules and washing capsules, air blowers and all of the other consumables that you should be pushing.
It will also encourage your Patients to come back at year four or year five to replace their instruments with you. This constant flow of return visits enforces a Patient’s perception of your Practice and will help towards Patient referrals. It is entirely up to you, sit around waiting for them to come through your door enticed by your marketing. Or actively manage your existing database with a good CRM and drive your business.