Your practice will grow in 2017 unless you lock the doors and put bars on the windows. Patients are going to demand dental services in the coming year for three very solid reasons.
Consumer Confidence. In late 2016, consumer confidence hit a 15-year high. This confidence index is a psychological snapshot. When people feel more optimistic about their economic well-being, they spend more money. When they spend more money, the economy grows. When the economy grows, people then feel even more confident and the cycle repeats. As Hamlet says, “as if increase of appetite had grown by what if fed on.”
Economic Vibrancy. The U.S. economy grew at 3.5 percent in the third quarter of 2016, its best showing in two years. The country’s unemployment rate fell to 4.9%, the first time this important measure has been below 5% since 2008. Because more people are working and the economy is growing, people have more money to spend on personal care such as dentistry. Your practice will grow in the coming year, because a rising tide raises all ships.
Demographic Destiny. Every day in the U.S., 10,000 people reach the age of 65. Many people in their 60’s are still working, or retiring and deciding to travel, dine out frequently, and spend money on themselves, especially for services that improve the quality of their lives. As these Baby Boomers continue to mightily influence the economy, the Millennials are on the cusp of their peak earning years. Larger than any other group and driving social media and consumer trends, the Millennials are starting families, buying houses, and becoming an increasingly important part of the dental population.
These factors are coming together to create a perfect storm for production growth in your practice in 2017. With the external factors all moving in the right direction, the challenge is to position yourself to take full advantage of these trends.
Throughout the coming year, I will be writing about how to ride the wave by seizing on trends, running the practice efficiently, motivating the team, and finding creative ways to tap into a growing market for your services.
Happy New Year!