The COVID-19 global pandemic has created unprecedented challenges, the likes of which our society has not faced for more than a century. Crises happen, whether that means an economic crash, a natural disaster, or our current battle against the coronavirus. No matter the circumstance, removing emotion from business situations is crucial to regaining control. That’s why your dental practice coaches at Bryant Consultants composed this list of four ways to remove emotion and regain control even during COVID-19.
Control your information intake
There’s a fine line between staying aware and suffering from information overload. The latter can make you more stressed and hinder your ability to make decisions. If you find yourself repeatedly checking the balance in your bank account or watching the news throughout the day, either can do more harm than good. Take control of your information by consulting trustworthy colleagues and advisors, such as fellow dentists, a financial planner, or even members of your team.
Analyze your business and personal cash flow
Examine your personal finances – your bank account and credit card statements. For your business, look at what’s in your accounts compared to your average monthly expenses. Also, take time to identify possible lines of credit, including some of the newly provided help to entrepreneurs through governmental legislation such as the CARES Act and the Paycheck Protection Program. We recommend using investment accounts for drawing money or taking out loans as a last resort.
Make a priority list
There’s a fine line between meeting current needs, while your practice is limited or closed, and being able to sustain until you can reopen with your full range of services. Expect that the “new normal” probably won’t look as it did before, with possible changes, including staff wearing additional PPE, social distancing, capacity restrictions, and more. This might require purchasing additional equipment, taking extra precautions with cleaning and sanitizing to protect your staff and clients, or preparing to accommodate the economic needs of patients who have lost their jobs by offering different options for financing.
Turn this downtime into an opportunity
An average workday at your practice probably is quite busy. You’re on your feet, moving from patient to patient, and there isn’t a lot of idle time. You may not be seeing your usual workload of cases right now, but there’s still plenty to do. This is a great time to complete your continuing education for the year or renew any certifications that may come do once normal workflow resumes. Other ideas for this time of social distancing include organizing business records, gathering tax information, updating office software, and even sprucing up your practice with a fresh coat of paint.
Being anxious about your practice during COVID-19 is natural, but you want to make sure you have a business to return to once social distancing measures are relaxed. Making smart decisions now will go a long way to ensuring the future survival of your practice. You also don’t need to make decisions all at once. Take your time, take a breath, and ask for help. The experts at Bryant Consultants are a reliable source of advice during this challenging time. We continue to provide consultation, training, and coaching and will continue to post relevant updates regarding the coronavirus pandemic. Speak directly with one of our dental practice consultants by calling (877) 768-4799. Bryant Consultants wants to connect with you on social media. Please follow us on Facebook and Instagram.
