With the doors to my business closed, we are seeing some patients via curbside service, but staying home is starting to get really old. Trying to stay positive so I will look at this “down time” as a perfect time to restructure and rebuild. I’m focusing on what I CAN do instead of what I CAN’T do.
One of the main things that we can do is connect with patients, prospects, referral sources and the community. People are home and isolated and welcome phone calls as they just want to interact with people. Call patients and connect. See how they are doing and then let them know all the good things that are happening in the business during these tough times. Ask patients how they would like you to communicate with them in the future. Call referral sources and let them know how you continue to help patients during this shut down and remind them of the many services you offer.
People are watching more TV now so this may be a perfect time to run some ads on television or contact the local media and let them know about the innovative ways you are transforming your practice so you can continue to serve people with hearing loss such as remote programming, curb side service, and anything else you may be doing. There is tremendous need for “news” in this world of 24/7 coverage.
In case you haven’t noticed, everyone is talking about hearing aids. There has been a ton of television commercials on OTCs and online groups that mail a person a pair of aids and then offer remote support. I heard an ad this morning for an insurance supplement that includes “hearing coverage”. While none of us have money to run unlimited and ineffective ads, we need to be part of the mix of what viewers are seeing. Try to negotiate better rates with cable and network providers. Here’s a tip – Start the negotiation 1/3 less than you can afford or are willing to pay and ask for their demographics and make sure your ideal patient is included in that demographic.
Get some feedback from your patients. Call ten of your patients and ask them to be on your Advisory Board and then schedule a Zoom meting and invite them to share their opinions about your organization, how the economy may effect patient decisions moving forward, and ask them to share what their friends are saying about your business. Patients love to be asked for their opinion!
Yes, this is a tough time but this shutdown also provides us with the gift of Time. Let’s use it wisely to chart the course of our future.
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I wrote this blog a few months ago, but it is even more important today. Who knows how long businesses will be shut down during this pandemic? It’s critical to investigate any and all expenses and to eliminate any unnecessary spending. Take this down time to really dig in and find any Stumps that may be showing in your business.
When you own and work in a business, you have many hats and it’s easy to get overwhelmed between seeing patients, managing employees, creating marketing plans, nurturing referral sources, monitoring profit and loss and the list goes on and on and on … however, these details are critical and ignoring them can derail the business.
I had a tough year in business in 2008 and I know that 2020 won’t be any different. I recall a consultant telling me “High water hides the stumps. When business is good, it’s easy to let costs get out of control and when profitability declines, the stumps start to show”. I knew exactly what he meant. 2020 is a time to get rid of some stumps and during this slow down is a great time to dig into your numbers and investigate where those stumps are.
These challenges necessitate the need to pay attention to every detail in the business.
You may have already laid off employees or that may need to happen in the future. Or, if you keep employees on staff, you will need to examine every duty each one is responsible for and change responsibilities. Employees can still add to a business whether your doors are open or closed. This is a great time to update your database or to investigate a new one. Reach out and touch the patients that haven’t been in the office in six months or more and call patients that don’t have access to your social media so they know what you are doing in your practice during this time.
Are you charging for everything you should be charging for? Some people are having luck with online stores during this time of social distancing.
Are your cost of goods in line with the cost of doing business?
How’s the ROI on your marketing plan? Take the time to check every recent marketing activity to see which ones actually paid off. It’s still critical to continue to market during this time. Social media may be the most cost effective way to get your message out.
Costs for telephone and internet services can vary greatly by provider. No cost is too low to investigate and negotiation is always an option.
Check to see how much you are spending on little-used yellow page ads and get rid of those expenses.
Do you use a credit card to pay expenses? Look for one that offers 0% interest for a given period of time or investigate one that gives cash back.
Investigate shipping charges, as many suppliers fail to notify businesses of small increases and those small increases can dramatically affect profitability.
Use this slow down to make your business better. It’s critical to focus on the cost of running your business and get rid of those stumps that you uncover. Don’t give up. Better times are ahead!
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The last couple of days have been overwhelming. What to do? Should I stay open or close? Actually, as frantic as “Will I survive this?” I have had my doubts but after a meltdown and some research and some discussions with colleagues I am absolutely convinced, “We will Survive this!” But the real question for most business owners is “How will I Survive this?”
There is LOTS that business owners can do in these uncertain times to Stay in Business but it won’t happen unless we dig in, investigate what is happening in the business, and Make A Plan!
We Will Survive! But Don’t just Panic. You need a Plan. Whether your doors are Open or Closed, you have to stay connected to patients.
And… Stay Strong! This, too, shall pass
I have come up with some ideas that may help.
Financial Suggestions
Dig Into Your Numbers
I was panicked until I took the time to really dig in to see how much do I need to survive the next 6-8 weeks and perhaps even 12 weeks? It’s easy to panic when you don’t have any facts. Some things I investigated:
How much do you need to survive? You need to investigate both how much YOU need to survive personally and also how much you need to cover business costs? How much cash do you have on hand? How long will that cash last? How much is due in accounts receivable? I was panicked until I took the time to really dig in to see how much was needed and how long I could afford to pay employees if I had NO additional money coming in? Can I afford to keep the employees or do I need to lay them off?
The answer to all these questions is in the numbers. I would suggest that you keep employees as long as you can as long as it doesn’t threaten the Long Term Health of the Business. Things will come back but if you don’t have the cash, you may need to let employees go on unemployment so you can pay yourself.
Leverage any and all resources
Survival doesn’t just happen. You have to MAKE it happen and that takes a Plan. Do you have any untapped resources? Do you have a cash value in an insurance plan? Can you use a credit card to pay monthly bills? You can put the bills on the credit card and you have 30 days to pay it off without interest. I just signed up for a card that has No Interest for 18 months. Be Careful! You cannot afford to rack up debt on a card that has a high interest rate. Ask your Landlord for one month’s free rent or at least a 10% reduction. Get rid of ANY unnecessary expenses. Do you have a line of credit with a bank? If not, perhaps it is time to get one. Banks are loaning money at low interest rates right now. Is your accounts receivable up to date? Call the insurance companies that haven’t paid or rebill the invoices that haven’t been paid and send statements if you haven’t done that within 30 days. Keep that cash flowing as long as you can.
Communicate, Communicate, Communicate
Let patients know what is going on in your office and the steps you have taken to protect them or yourself during this pandemic. Communicate via social media and call the patients that don’t have social media. If your doors are open, call your referral sources and let them know you are there for patients.
Now that you have the time, develop a marketing plan that you can apply aggressively when this nightmare is over. Call your patients now and make sure you have a text or email. And when you contact patients, make notes and set a recall date with specific info on their needs or concerns so when you call them back you remember details from the original call. Let them know you Care. Plan an Upgrade program for all patients that have aids over three years old and promote new technology that would have helped them during the Pandemic, i.e., hearing aid self checks, hearing care at home, fall prevention, activity trackers, etc.
Many people are home. Send out emails to current, previous and TNT patients and let them know what’s happening and what you are doing to stay safe. Send funny videos. This doesn’t take skill and they don’t have to be perfect. Send recipes or great apps that can help keep people occupied and busy while they are at home. Engage. Engage. Engage.
Don’t Give Up. Fight Like Hell to Survive.
Our patients are loving the Drive Up Clean and Check and the aggressive Telehealth programs we are promoting for patients that don’t require a Face to Face visit. Sycle has a new telehealth option in their software. If you don’t use Sycle, check your software for upgrades and changes.
If you have shut your doors for a short period of time, it’s a great time to reach out to your patients. If you offer a Service Plan, call patients that don’t have one and advise them that it would be a good idea to Protect Their Investment in these uncertain times and allow patients to purchase it over the phone. If you don’t have a service plan, now is a perfect time to start one. Caution, for these programs to be profitable, you have to be able to do in office repairs and cleanings and don’t purchase the extended coverage from an outside vendor.
Am I nervous? You bet. Am I uncertain when this will end? Yes! This is unprecedented. Am I afraid for the future? Hell No! People will still need to hear when this crisis ends. In fact, I heard someone say that after being together so closely for so long, people will be flocking to our offices because their spouse is so sick of them always asking them to repeat☺
Dig into your numbers, Determine the financial needs of yourself and for your business, Develop a Plan to stay connected to patients, and Stay Positive that We all Will Survive and Come Back Stronger and Use This Time to Recharge and Reinvigorate Yourself and Your Business. Stay Strong and reach out and Try to Help Others as We Are All in This Together.
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I realized when going thru old blogs that while these are unprecedented and very uncertain times, I have experienced many downturns in business over the years. In fact, just last year, we experienced our worst January in many years because of a polar vortex in Michigan. And now in 2020, we started the year so strong – our best Jan/Feb in the history of the business, and now this?! What to do?
You do what we as business owners always do when faced with obstacles – we buckle in and get ready to ride it out.
We use the time wisely to prepare for what is sure to be a recovery. We listen to advice from the CDC and are cautious about how we conduct business during these uncertain times. We stay true to our employees and we pay them even if we have to close for a few weeks or have to reduce hours. Yes, it will be a financial hardship in the short term, but it will pay off in the long term.
And don’t panic.
People don’t stop wanting and needing good hearing healthcare. There is a constant battle in our minds between positive and negative thoughts, and the more negative things we listen to, the greater our chance of being controlled by negativity. While it is important to know what’s happening in the world, we don’t need to be exposed to 24/7 news coverage to stay informed. Thirty minutes twice a day may be ample to stay in touch.
Reducing
expenses is not easy but there is always a way to cut some “fat” out of the
budget. I asked my accountant for a list
of every check we wrote last year categorized by the type of expenditure. It’s amazing how cash can fly out the door
when you aren’t paying enough attention.
There have been many times over the course of my thirty plus years in business when everything seemed to be going well, the schedule was full, revenue better than expected and then things ground to a halt. But there is always lots to do – clean up your database, plan new educational events, investigate your previous marketing activities to see what did and did not work, clean out those cabinets that have stuff you no longer need, update software, analyze your current pricing and see if it needs to be modified. Many times shipping costs increased or cost of goods went up slightly but you didn’t increase prices. Use the time to contact patients you have lost touch with and see why they left or what is going on. Call patients that you know are homebound and make sure they have the resources they need to survive these time. And, when you get all that done, just take a break.
While we are in an awful time in this world, good things can and will happen. Tough times are inevitable in business but be assured, you learn from each one and it’s what you do in these tough times that defines you. Awful can be followed by Awesome. Stay well. Stay Strong and Take Care of Yourself and Keep Believing that Things Will Get Better.
Join us and Rise Above Life’s Challenges!
This innovative seminar was created to give you the tools to look beyond what is happening around us right now and find a way to not only Rise above it but to Thrive!
We’ve got more than 20 incredible speakers with topics ranging from Rising Above Burnout to Infection Control. We’ve got business topics to help your business thrive and topics on the importance of girlfriends…and everything in between! You’re not going to want to miss this one-of-a-kind virtual seminar! Learn more …
Feeling overwhelmed? Like your plate is Overflowing? Maybe it’s time to hire another or even your first employee. I know this is a scary step but the truth is that if the business is growing and you want it to continue to grow, there will come a time when hiring someone is necessary.
I was faced to deal with this dilemma many years ago. As my practice grew, I realized that the business could not continue to grow unless I hired an employee. I was working 14 hours a day trying to keep up and on the verge of a nervous breakdown. I realized that if I was going to continue to grow the business and have a life, I needed to hire an employee, at least a part time person to answer phones, schedule appointments and to greet patients while I was busy completing diagnostics and recommending and fitting hearing aids.
So how do you know when it’s time to hire an employee? If you are missing opportunities to schedule patients because you don’t have a person answering your phone, then it’s time. Or, if you are scheduling new patients out more than a week, then it’s time. Colleagues have shared that they are reticent to hire an employee for fear that they will lose control of the business or that patients will not like to talk with anyone but the owner. I hate to burst your bubble, but if employees are managed properly and have specific written job descriptions that you are monitoring, then employees will Add and not Detract from a business. The world won’t fall apart if you don’t do EVERYTHING yourself. That’s the joy of owning or managing a business, you have the opportunity to decide what tasks you want to retain and what jobs you want to delegate.
So, if you find yourself overwhelmed with jobs to do and don’t have enough time to see patients and revenue generation has stalled, then it’s time to take the leap of hiring an employee.
A business owner or manager should be focused on revenue generation and the employee should handle all the support work. But.. beware. If you give an employee a job, you have to let them do it. I have many friends (and actually I do it too) that hire someone and still keep the employee’s job on their plate.
While you are evaluating if it’s time to hire someone, it’s also worth considering if there are tasks you could contract out. Some services can be outsourced or completed by free-lancers. This work may include accounting, web-site design, marketing, etc. Most Patient Care Coordinators should handle calling patients to get them to return for re-evaluations, annual evaluations, or to invite them for a special technology event.
Deciding what tasks to outsource and what to hire an employee for may come down to whether the function is needed on a regular basis. I know it’s a scary thought to think about taking on the expense of an employee, but in many cases, it will be the only way to grow the practice.
Join us and Rise Above Life’s Challenges!
This innovative seminar was created to give you the tools to look beyond what is happening around us right now and find a way to not only Rise above it but to Thrive!
We’ve got more than 20 incredible speakers with topics ranging from Rising Above Burnout to Infection Control. We’ve got business topics to help your business thrive and topics on the importance of girlfriends…and everything in between! You’re not going to want to miss this one-of-a-kind virtual seminar! Learn more …
The first month of 2020 is already over and it was a great one in my practice. Business was fabulous, patient satisfaction was high and we exceeded our goals. But what does that really mean? In the youth of my business, an increase in revenue meant being able to pay off some debt or the ability to purchase new equipment or even being able to plan a vacation or to buy a new pair of shoes. And now, many years later, a goal that is met or exceeded has become just a number and sometimes, I wonder, “What’s the point?” I can eat and afford to keep the doors open and employ a large staff even if we don’t hit those goals, at least for a while anyway. So why should I spend the time watching the numbers so closely? What do they really mean to the business and to Me? I guess the answer to that question all depends on my Why. Have you spent any time lately thinking about why you do what you do? Do you look forward to going to work or do you dread Mondays?
I attended the Starkey Expo in January and it was an amazing meeting. Of course, Las Vegas is always fun but this experience was different. I listened to the inspirational speakers and their stories and one thing became very clear to me– Success isn’t about Chasing the Numbers, it’s about Living your Passion.
The outstanding speakers inspired me and I came back with a renewed sense of purpose for what I do and I began some soul searching for my Why. Being the competitive person I am, working has always been about achieving and accomplishing. Of course, I care about helping people hear better and doing the best job possible but what is my real passion? I have always believed that anything is possible and that people can live their dreams but sometimes I am so busy Chasing the Numbers that I forget my Why.
After some time for reflection and some internal exploration, I better understand my Why. Better hearing is essential to communication and as I get older and my time on this earth gets shorter, I understand that every conversation matters. My husband has a moderate hearing loss and every time he asks “What?” and I respond, “Oh, never mind” it puts a little space between us. Of course, he wears the best hearing aids available but we all know that hearing aids are just one part of the solution. He still has to listen twice as hard as anyone else and pay very close attention to be able to understand. When the noise in a restaurant causes him to be left out of a conversation and I see that blank look in his face, I long for even better technology and want to make certain his fitting is providing the best hearing possible.
Through this recent soul searching I have discovered that my Why is that I always want to provide the very best care I can to help patients hear as well as they can to live the best life they can. That passion is my Why.
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Bari Grohler
“I have attended Dr. Gyl's trainings since they began and I keep going. Year after year, do I not only learn something new, but also come away inspired. So many of you know that running a business that you love can deplete your cup. Dr. Gyl's trainings always have great lessons on running the business, staff, etc, but it also fills your spirit and your cup so you are refreshed, renewed, and inspired.”
Dr. Lacey Brooks
“I am better because of Dr. Gyl and what she has poured into me year after year. The other amazing thing is the people you meet. I have made friends with some the most incredible women you will ever meet. I look forward to seeing them every year and learning and sharing what is working or not working in each of our practices.”
Anonymous
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Anonymous
“Last August I had the opportunity to have Dr. Gyl visit my office for a consultation. I knew I was doing a lot of the right things but needed some direction moving forward out of the pandemic. We reviewed my P and L’s, revenue and cost of goods, marketing dollars and payroll. She helped me see where I could cut costs and improve profitability. I have to say I was a little nervous before she came, because I thought she was going to give me the "white glove test" LOL ! It’s a little intimidating to lay out all your business doings, as we all know she is a very astute business lady! Spending time with her though was amazing! Her warmth and her real caring about how I was doing both personally and professionally was clear and evident. Not to leave out she is a hoot to hang out with! It was definitely worth my time and dollars spent! She left me with great ideas and confidence in what I was doing already! Can’t wait for the next Dr. Gyl conference!”
Christine Wilson, M.S., CCC-A
“Why do I enjoy attending Dr. Gyl's WOW summits? There are so many reasons! The Guest Speakers: They are inspiring and uplifting as well as informative. The topics covered could range from how to build a better practice to learning how to achieve personal growth and goals. Friends and Colleagues: We share ideas and encourage one another. The Venue: Gyl always chooses exciting venues. She goes beyond to make attendees feel pampered and special. When leaving the Summit, I experience a renewed sense of empowerment to be the best person and professional that I can be.”
Cheryl Ward
“Gyl is a truthteller and thoughtful guide for anyone wanting to dive deep in the nitty gritty of what it means to run a successful Audiology practice. There is "no fluff" when it comes to her coaching! She has lived it and she isn’t afraid to get into the trenches with you to help identify areas that are weighing down your rise to success and those that need to be accentuated to shape the business of your dreams. Gyl is a passionate voice of change and an ally for women everywhere, especially the unique issues that impact women in business. She is a fierce advocate and cheerleader on the often bumpy road of professional life!”
