The title of one of my favorite songs by Pink Floyd, “Comfortably Numb” describes the state of mind of many dentists. They have acclimated to their status quo, become used to a “normal” that might blind them from outside threats and changes.
PPS recently had a front row seat witnessing such an implosion. Doctor “S” had a generalpractice and enjoyed a worldwide reputation for certain “NICHE” treatments. People travelled from near and far to be cared for by Dr. “S”.
Dr. “S” suddenly and unexpectedly passed away. Even though he was in his 70’s and even though he had an associate, he failed to plan for a transition.
The result was that his wife was left with a rapidly devaluating asset. 9 months later, the associate has left and the practice is unsold.
I was asked what the value of that practice is now. Fortunately, the real estate that the practice occupies is quite valuable. But the practice? While it was once worth 7 figures, it is now worth nearly ZERO, other than the value of the equipment.
Complacency can be a fatal disease for businesses.
Our world is changing and the rate fo change is exponential. Businesses like AMAZON, GOOGLE, UBER, AirBnB and so many others were unthinkable a decade or more ago.
Dentistry is not immune to such change. And those who think “my business is different” are fooling themselves. Their “comfortably numb” attitude could be their undoing.
PPS has also seen practices get “Blindsided” by corporate encroachment into their market. We’ve seen Doctors dependent on too few referral sources see one or two of their main sources dry up resulting in severely diminished new patient flow.
The bottom line is that YOUR bottom line is not something to be taken for granted. Being “Comfortably Numb” may be a great song to listen to but not a great state of mind for any business.
If you stop paying attention to what’s happening around you, you could be blindsided too.
YOUR PRACTICE IS AN ASSET. If treated properly, it can be a growing, valuable and even liquid one. If ignored, it could disappear.
Ignorance or Complacency is NOT BLISS. Ignore your business and it just might just disappear.
Want to look at YOUR business from a “STRATEGIC” perspective?
Contact PPS at firstname.lastname@example.org
We can help open your eyes to both opportunities and threats, while showing you ways to capitalize on the former and help prevent the latter.
Michael, Laurie and the PPS team