In every business owner’s life, there comes a time when an economic downturn tests how well they can adapt. In my case, during the recession of 2008, I was forced to choose among being rigid, hoping things get better, or taking a risk by learning new things in an attempt to recession-proof my practice. I chose the latter, which also helped me prepare for the pandemic of 2020, which is still persisting today. 

Today, I describe some of the methods you can use to prepare your practice and make it recession-proof. I share how the crash affected my mindset toward business goals. I distinguish between the 2008 and 2020 economic crashes and why my practice is more resilient today. I explain how dentistry has always been a thriving industry. I offer advice on how to make your services more affordable without reducing revenue. I also share why having a survival mindset will restrict the growth of your business and your long-term aspirations in this industry.

"I don't believe there's a one-size fits all approach to patient financing and payment plans." - Tarun Agarwal

This week on T-Bone Speaks Dentistry Podcast:

• The recession that made me change the way I ran my practice
• Comparing the disruptions in 2008 and 2020 and my thoughts
• Why an economic downturn is inevitable regardless of how well the economy is doing
• The steps involved in making your practice recession-proof and optimizing it
• How to make your practice more affordable for patients
• What to expect from the 3D Dentist Retreat
• Getting out of survival mode and focusing on growth
• How to make sure that activities you schedule happen

Our Favorite Quotes:

• "Patients aren't going to tell you they need financing."  - Tarun Agarwal
• "For the last 11-12 years, dentistry has seen unprecedented economic greatness."  - Tarun Agarwal
• "You can't let yourself stay in survival mentality forever."  - Tarun Agarwal

Resources Mentioned:

• Apex Payment Solutions

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