Our natural response to a crisis is usually fear and panic.
However, most people do not realize that such situations often provide
opportunities that can be harnessed to grow. This seems to be the case with the
current Corona Virus situation.
Although the current crisis is indeed more than just a storm
in a teacup, it does offer an opportunity – a chance to reflect, learn and
grow. That is especially true for service industries, including dentistry.
The core purpose of this blog is to help each other tackle hurdles, and achieve dental success.
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The Reality
Considering how the current situation is developing, it is
likely that you may have to shut down your practice for an unknown period of
time. It is obvious that this will directly impact your staff, patients and
your cash flow.
I will share 4
steps that you as a dental practice owner can deploy immediately with
the goal of minimizing the business impact of the current crisis. Also, these
steps will help you keep your team productive and will help you hit the ground
running once the crisis is in the past.
Please understand that any advice within this blog post is
general and that you must consider your state laws before implementing any
advice mentioned herein.
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STEP 1: Maintain the “Right” Mindset
Don’t panic! Most people say it, but end up buckling under pressure when the time comes. Your most important job as the business owner is to stay level-headed. A little will go a long way in easing the nerves of your team and your patients alike.
You must constantly
let your team and patients know that you understand the extent and severity of
the situation and that you are doing everything within your means to mitigate
the risks. Let them know that you’re willing to go the extra mile to ensure patient
safety.
Your staff is naturally going to worry about what happens if
there’s no work for potentially some number of months? How will it affect them
financially? You must make the effort to reassure them. Instill positivity – sincerely
acknowledge their concerns and let them know that you will stand by them
through thick and thin.
To start, make sure your staff is fairly compensated during
the downtime, otherwise, they will leave. The best way to tackle the pay issue
is to approach it on a case-by-case basis with each employee. There
are a couple of ways you can go about it:
* Look into using a contractual pay agreement* Ask your employees to utilize their vacation days that you can replace int he future
Secondly, see if you can renegotiate terms with your suppliers. Ask for extended payment options. Doing so could substantially reduce the pressure on your cash flow.
Here are some helpful Human Resources guidance regarding employee pay from Bent Ericksen, https://bentericksen.com/coronavirus-faqs/.
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Watch below as Alex Nottingham JD MBA, Founder and CEO of All-Star talks about how best to approach a crisis such as we are experiencing. You can watch Alex’s discussion on YouTube or find the podcast version at the bottom of the page or in your favorite podcast service.
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