While working with Practices, teams, and doctors around the world, a grave matter has come to our attention… A terrible epidemic is sweeping the dental and orthodontic industries! It’s called…
The “I can’t afford it” Syndrome.
Left and right, we hear rational people utter the words, “I can’t afford it,” about investments they can’t afford NOT to make! We see thousands upon thousands of Practice owners whose current facilities are seriously handicapping their earning potential, but they refuse to invest in expansion. Their excuse? “I can’t afford it!!”
Fortunately, I know the cure, and I am sharing it with whoever will listen.
If you catch yourself repeating, “I can’t afford it,” about investments that you know you should make, it’s time to adjust your thinking. This one tweak will instantly increase your engagement, and will allow you to start making empowered financial decisions. If used properly, it will launch a phase of growth, success, and increased cash flow in your office.
Next time you are tempted to say, “I can’t afford it,” change it to a question. Start asking yourself, “How can I afford it?” You will be amazed how quickly your excuses dissolve and enormous opportunities appear before you!
For instance, you decide that you want to expand your building and add operatories to make room for more new patients! You know it’s a smart investment… But you’re worried you don’t have the cash flow to afford it. So, ask yourself: “How can I afford it?”
Well first, you need to know how to evaluate debt versus earning potential. The fact is, as much as we all hate debt, it’s often a necessary evil when investing in a new building or more space for your Practice. Even though the investment may require you to take on debt, it will also cause a significant increase in your earning potential– allowing you to aggressively pay down your debt and build your net worth!!
Let’s go back to our example… Expanding your building. Let’s say you have 10 operatories, and you want to double your capacity—a great decision, by the way—by building 10 new operatories. So, you get a loan, hire the contractors, and voila! Your Practice now has 20 operatories.
But what does this mean for you financially?
Let’s say you were (hypothetically) producing approximately $30,000 per operatory. Great news—since you added those 10 ops, you’ve just increased your earning potential by a whopping $300,000 each year!! Do you realize how quickly that will add up?
Think about it this way… The investment in building the 10 operatories was a one time deal… But these rooms will continue to serve as a stream of revenue year after year. With this one smart move, you’ve literally doubled your moneymaking capacity!
This might seem like a simplification of a complicated process, but it really comes down to your commitment to growing your Practice, and your ability to trust the math. The math says that expansion makes SENSE, time and time again. So… Are you ready to make the investment?
Help us end the epidemic– remove “I can’t afford it” from your vocabulary!! Fewer excuses… More results!!
Until next time,