Is Bad News In The Media About The Economy Affecting Your Dental Practice?

Despite the fact that interest rates in Australia have risen for ten consecutive months now, I’m seeing that some businesses are still growing and growing significantly, even during these difficult economic times.

The rise in interest rates has been made to try to stem high inflationary situations in the economy, in an effort to have consumers be more frugal with their expenditure.

Managing an economy is a delicate juggling act, that’s for sure.

Yet, despite all this economic negativity and media based “doom and gloom”, there are businesses out there powering ahead and growing during these supposedly restrictive times.

No matter what the economic climate, there will always be businesses that succeed during hard times, and there will always be businesses that fail to grow during good economic times.

Sometimes it’s really all about what you tend to want to believe…

Sometimes if you believe that times will get tough, then when times do get tough, you batten down the hatches and get through it…. and after all that you congratulate yourself on your foresight, because you had forecast these tough times were coming.

But by the same token, sometimes there are businesses that know only one direction and one speed, and so when times are tough for other businesses, these businesses are oblivious to the tough times and just motor on through, as if nothing bad ever even happened.

Sometimes some people can become a victim of their own unnecessary pessimism.

As a dentist, patients will always need dental treatment during good economic times as well as during bad economic times.

It is our duty to help these patients receive the treatment they should be receiving, no matter what is supposedly going on externally in the economy.

Other businesses succeed despite what the media is telling them about the economy at large out there.

You can control your own destiny.

Recently I met a dental practice owner who had tripled the practice production and collections since purchasing that business only three years ago, while all around his community , people were tightening their belts.

It seemed that nobody had explained to him that the economy was teetering on a precipice.

Another dentist I know has increased her hourly rate 38% in a six month period during the height of the COVID pandemic.

It certainly appears that both these dentists didn’t get the memo that the economy was tanking.

So you have a choice.

You can let the news dictate your outcomes.

Or you can make your own news.

Back in the 1990s, while the Australian Prime Minister and Treasurer were keen to tell us how difficult things were, I grew a dental practice by tripling its collections over a six year period.

I did this by matching my efforts in my practice to what my clients were wanting us to deliver.

And not by listening to all of the doom and gloom about high inflation and high interest rates being pushed by the media and by the press.

Sometimes the pack that people choose to follow is a bunch of mindless fools displaying herd mentality.

There’s a reason…

There’s a reason why 95% of people reaching the age of 65 are either dead, or broke, or dead broke…

And only one person in twenty has become successful.

The 5% who are independently wealthy at age 65 usually have done so by thinking outside of the narrow channels perpetrated by the media..

Who’s adversely influencing how your thinking?

And who’s adversely influencing your outcomes?

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