Top 5 Recession Rebound Strategies For Your Practice
Top 5 Recession Rebound Strategies For Your Practice
With current rumors about inflation and another potential recession, the tips shared in this course are more relevant than ever. Revisit the highly acclaimed series from 2022, focusing on strategies to help dental practices thrive during and after economic recessions. Our expert speakers, Brady and Jordon, bring their wealth of knowledge in dentistry, practice acquisitions, marketing, and generating recurring revenue through membership programs.
Purpose:
This course is designed to provide dental practices with effective strategies to rebound during economic downturns, specifically focusing on the lessons learned from the COVID-19 recession. Our expert speakers, Brady Frank and Jordon Comstock, bring their wealth of knowledge in dentistry, practice acquisitions, marketing, and generating recurring revenue through membership programs.
Key Takeaways:
Opportunities in Recessions:
- Recessions can be a time for wealth creation through strategic acquisitions, practice growth, and income diversification.
- Brady highlights the importance of acquiring undervalued assets, leveraging forced appreciation, and harvesting equity as the economy recovers.
Strategic Approaches:
- Practice Acquisitions: Learn how to buy practices at discounted prices during economic downturns.
- Mentorship Joint Ventures: Explore passive investment opportunities in practices through joint ventures.
- Converting Liabilities: Discover ways to turn practice liabilities, such as staff, leases, and supplies, into valuable assets.
- Membership Programs: Implement membership programs to create recurring revenue, increase patient loyalty, and boost practice valuation.
Creative Marketing Tactics:
- Utilize emergency funnels and Facebook ads to attract new patients and maintain a steady stream of revenue during challenging times.
Expert Insights from Jordon (BoomCloud):
- Understand the benefits of membership programs, including enhanced case acceptance, patient loyalty, and practice valuation.
- Case studies showcasing the significant recurring revenue potential of successful membership programs, providing a buffer against economic downturns.
Actionable Items:
- Explore Acquisition Opportunities: Take advantage of the current market to find practice acquisition opportunities.
- Implement Membership Programs: Consider introducing a BoomCloud membership program to generate steady, recurring revenue.
- Innovative Marketing Strategies: Use creative marketing strategies to attract and retain patients.
- Convert Liabilities to Assets: Evaluate practice liabilities and find ways to turn them into assets or additional income streams.
- Further Learning: Access Brady’s resources, including books and courses, for deeper insights into strategies like implants, aligners, and building private equity companies.
Overall, this on-demand course provides valuable insights and practical steps for dental practices to navigate economic challenges and position themselves for long-term success through revenue diversification, strategic acquisitions, and innovative marketing approaches.