EVENT RECAP: TAKE PAUSE DURING THE GREAT PAUSE. A WEBINAR FOR DENTISTS
If you missed the webinar for dentists we hosted on May 29, “Take Pause During the Great Pause,” don’t worry! We’re providing a summary of the valuable information presented by a panel of professionals who have plenty of experience working with dentists.
While the webinar was designed with dentists in mind, the advice and recommendations offered are applicable to any business owner in the medical industry—optometrists, chiropractors, therapists or any other medical office.
Panelists included our very own Randy Gerber, founder and principal of Gerber LLC, Jim Boltz, president of Zimmerman Boltz & Company, and Cheryl Devore, senior partner/attorney at Thomas Law Group.
Here are the key takeaways:
Be the solution, not the victim
Don’t play the victim card. We are all learning how to navigate this “new normal,” so we should push hard to be the best business owners we can be. Take this “pause” to really identify whom you serve, how you serve them, and how you are going to grow your business.
Revisit why you are in business & reevaluate your team
Know your life goals and your business’s WHY, and make sure they are aligned. Solidify your core values—those statements that truly define your company— and hire and fire against them. Dentists had to make fast employment decisions when non-essential businesses were forced to shut down, and many furloughed employees. “The Great Pause” may allow for changing the terms and compensation of your team upon rehire. Ohio’s hiring at-will law allows flexibility on who you rehire and when. Bring your A-players back first and work from there. A slower start is a better start.
Review your financial statements
Most business owners live day-to-day, paycheck-to-paycheck, without considering how much cash they have. The crisis exposed the fact that businesses don’t have much cash. Now is the time to think about cash flow instead of revenue or competition. Use the appropriate tools to predict your cash flow.
Returning to the dentist might be a scary thought for some patients in light of how the coronavirus spreads. Let patients know the precautions you are taking to keep them safe. They may find peace of mind knowing that the dental industry has already taken extreme safety precautions since the introduction of HIV. Keep educating your patients. If you need to charge them extra to cover the cost of increased PPE, communicate that, too.
Create a continuity process
Crises are inevitable. We saw them during 9/11, the 2008 recession, and we’re seeing one now with a global pandemic. While the specific type of crisis can’t be predicted, we can prepare for the next one no matter what it is or when it is by having a continuity process in place.
Document a process for who will run the business if the owner is unable to; identify a succession plan; appoint a guardian for your children in case you can’t care for them, and make sure your spouse knows how to continue the business if you aren’t available. Like the Boy Scout motto, always be prepared.
If you’d like more recommendations on making the most of “The Great Pause,” please reach out!
And if this summary piqued your interest, watch the full presentation here!
We hope you will join us for more upcoming events: