There are many concerned with the fiscal policy problems with the EU and some of the countries potentially collapsing. Many in the dental industry here are wondering if that will impact their practice and, if so, how?
It certainly has become a wild world and quite unstable. Right now you have the government of Cyprus considering a 10% tax on all bank accounts, meaning, they will simply take 10% of your bank account balance out without your permission. Of course, only if you have an account in Cyprus.
In addition to the Cyprus debacle, you still have significant problems in Greece and Spain as well. How many times can Germany bail out the EU before it dramatically impacts their country? Could they separate from the EU, and how much would that impact Germany? All great questions, and many economists have debated these outcomes.
Here is the bottom line for us here in the US. Regardless of the outcome, many of our dental products come from Germany. It is one of the largest producers of dental supplies and equipment. The end result of any proposed solution will probably be more expensive products here. And they say what is going on in the EU won’t impact us!!! Those people should take more economics, because it will.
What can you do about it? Nothing!!! Well nothing, other than run your business very smartly so whatever impact there is from the EU won’t run your business into the ground. If anything has been learned in the past few years here in the US with our struggling economy, is that those who didn’t run their businesses well, ended up closing down. When times get tough, the poorly run businesses get exposed, regardless of the industry. Just a simple fact. That being said, get some help from professionals on what you can do to improve yours. How can you attract more and better patients? How can you run your practice more efficiently? How can you decrease your overhead? What impact would it have on your bottom line if your team worked together better? All of these things will dramatically impact your bottom line and improve your buffer for tough times.
If you have specific questions about what you can do to insulate your practice from tough economic times, call us for a free consultation. We would be happy to help you in anyway possible. There are many out there right now growing their practices and you can too. You will have to think differently than you used to and do things differently than you used to, but it can be done. You don’t have to live your life in fear of what some bozos will do in the EU and how it will impact you. Take control of your practice today and realize your dreams regardless!
Contact Danielle Harris to schedule a free consultation
Danielle@AccelerateMyPractice.com
http://www.acceleratemypractice.com/
Connect with Darren on Google+