This is a YouTube video titled "Becoming Recession-Proof" containing a monologue by Chris discussing strategies to protect and grow a practice during an economic recession. The content, created in June 2022, focuses on understanding customer behavior and maintaining business value in challenging financial times.
Hey, everyone, it's Chris. You've probably been hearing the news a lot lately. There is a recession coming and the cost of living is going to be going up significantly. It's going to be putting a big financial strain on everybody's budget and every household in the country. What I wanted to talk about today is how you can make yourself recession proof, how you can protect your practice and your income against that and actually potentially grow. So we, in the 2008 recession, our practice actually grew during that rather than shrunk. And I'm going to share with you how we did that and what you can do to help with that as well. So with this recession coming, people are going to be prioritizing quite ruthlessly. They're going to be thinking very carefully about where they spend their money and what things they're going to cut back on. And anything they see is unnecessary is not going to make the cut. So what we need to think about here is why patients would decide that your care is unnecessary. Why would people not buy what you're offering? And there's two reasons people don't buy something. A, they don't want what you're offering, or B, they don't really understand what you're offering. Now, if they genuinely don't want what you're offering, that's their choice. There's nothing we can do about people in that group. But a lot of the time people don't really understand what it is you can do for them. They don't really appreciate the value of the care that you provide and sense it makes.
