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Receptionist lobby with patients
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With an economic slowdown and potential recession looming over entrepreneurs, some experts say economic downturns can represent the best opportunities for business growth. Indeed, many of the world’s greatest companies were created during recessions, and minority- and women-owned businesses created huge jobs and stabilized the economy after the last US recession.
While every industry, generation, and company has its own unique set of challenges, as a marketing executive I’ve found one method to be most effective in developing strategy: using insights gained from looking at best practices across polar industries. With that said, as entrepreneurs struggle to think strategically during this time of economic uncertainty, they can find related insights by looking at the dental industry.
According to the American Dental Association, the Great Recession has forced dentists to either streamline and run more efficient, well-run businesses or close their practices for good. Patients are spending less out-of-pocket, and dental costs fell in 2009, the first annual decline in 50 years. Negative economic times have introduced a host of challenges, from fewer patients and a reduction in elective surgeries to lower reimbursement plans and a glutted market.
Forced to confront these threats, Texas cosmetic dentist Dr. Bruce Baird grew his then local clinical practice into a multi-million dollar service-based business. Today, he has been in practice for over 30 years, founded the Academy of Productive Dentistry, and has become an author and serial entrepreneur in other industries.
Dr. Baird believes his dental practice survived the Great Recession because he shifted his perspective beyond his medical credentials and focused on cultivating an entrepreneurial mindset. He attracted new patients and increased repeat visits and patient referrals, but Dr. Baird attributes this achievement to three tactics:
- he hones his understanding of business operations so that his practice grows each year,
- it improved the quality of its products and services for patients and
- he expanded his leadership skills to retain top talent.
As the current economic downturn has the potential to accelerate the growth of small businesses even in declining industries, Dr Baird also believes that now more than ever entrepreneurs need to improve their leadership skills:
“Leadership is often accelerated when entrepreneurs seek mentors, and a valuable mentor is someone who has achieved success in what you are trying to achieve. Leadership is a purposeful activity, and the best leaders become mentors to others.”
Although Dr. Baird is a serial entrepreneur, he also still seeks mentors in other industries. He also cites the use of insights gained from polar industries as an effective strategy development tool:
“Just like the old saying goes, you don’t need to reinvent the wheel. I try to find someone who has done something in an area I’m interested in and build a relationship with them. For example, I have an interest in real estate and became friends with one of the most successful real estate entrepreneurs in the country who also lives in Texas.”
By using insights from polar industries and improving their leadership skills to incorporate a shift in perspective, entrepreneurs have the potential to survive the looming economic slowdown and potential recession.
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