If you're like most chiropractors, you probably believe that the success of your business will suffer with bad economies. This assumption can be self-fulfilling and true if you allow it to be, but it doesn't have to be—there is a better way.
In the recent economic downturn, many Docs I've met have complained about lack of success for various reasons, but most of those reasons came back to blaming their lack of production on something outside of themselves. Ironically, this is what most of us coach patients through on a daily basis in regards to their health—people blaming their health on something outside of themselves.
You know better than that, so to help remedy this diseased mindset and take control of your own financial situation, here are 3 ways to stay profitable in any market:
1) Invest in yourself first and foremost.
Forget the traditional investments that have plagued you (and most of America) in the past. The stock market has been touted as the 'one size fits all' investment for retirement, but for most people, nothing could be further from the truth.
Investments outside of your understanding and control offer no certainty or confidence for your future. On the contrary, when you invest in things you understand and where you can influence the outcome, your feeling of confidence soars, leading to greater production in every area of your life.
2) Having a clear purpose behind your actions will naturally attract dollars.
It's been said that businesses don't do business with other businesses, people do business with people. In other words, whether they realize it or not, people will do business with you because of what you believe, the confidence you convey, and the energy you bring.
There are thousands of other Docs with the same type of business as you, but none of them bring the same convictions or passions to their business as you. Outside of price, there is only one reason people will work with you: value.
If you believe in the purpose behind what you do, the value will always be an outgrowth of accomplishing your purpose rather than going through the motions in the hopes of making money off of someone. Without purpose, your business can be a ship lost at sea, but with vision, you can always find ways to create value in alignment with where you are headed.
3) When times get tough, play to win rather than playing to 'not lose'.
Change is a constant companion for everyone, but especially for business owners. We are on the front lines of innovation, economic swings, and constantly fluctuating trends. The key to staying ahead of the curve is always playing to win and thinking abundantly instead of going on the defensive and letting fear dictate your actions.
Just as in a battle or sporting event, nobody wins by only playing defense alone. Get aggressive (in a good way) by strongly going after profitable growth. There are always opportunities amidst chaos, so learning to recognize and capitalize on the ones right for your business is vital.
If you can focus on the opportunities at hand and how to grow in spite of changing conditions you can gain market share as others play to 'not lose' and get conservative. The key to this is having a paradigm that is always focused on the positive rather than fear of change. Keep this in mind and you're already ahead of most of your (so-called) competition.
Remember, the economy is going to have its ups and its downs, but each of those changes has the seeds of opportunity. Many of the Docs I know have had their best years during the recent recession because they understood that value creation and the right perspective will trump external forces 9 out of 10 times.
By focusing on developing yourself, staying clear on your purpose and how it creates value for others, and watching for opportunities to grow your business as others retract, your future looks brighter than you might have ever anticipated!
Garrett B. Gunderson is a financial advocate to chiropractors and engages a Vitalistic financial philosophy to assist Docs in creating sustainable wealth. He wrote the NY Times bestselling book Killing Sacred Cows. Get a signed, hardcover copy of yours on behalf of ChiroTouch by clicking here.