Recession-proofing your Business

Being in business has certainly been tough over the last few years. Every generation has its challenges, but since covid struck at the beginning of 2020, we certainly seem to have had more than our fair share. There is nothing but doom, gloom and scaremongering on every news report, and with a government that can’t seem to agree on the best way to resolve the country’s financial problems (at the time of writing at least!) there doesn’t seem much to look forward to.

Kate Harrison

MInstChP, DChM However, I think that we are in a very fortunate position - there is a nationwide shortage of podiatrists, and to a lesser extent, FHPs, AND there is increasing demand for our services, given the pressures on the NHS. It is also important to remember that not everyone is affected by the cost of living crisis in the same way. Martin Lewis has quoted that a whopping £190 billion pounds of savings were built up during the worst of the pandemic so whilst this is undoubtedly a worrying time for a large proportion of the population, there are still people with money to spend. But, whilst that may be true, I am sure that many of us will be seeing a drop-off in phone calls, diaries that were booked solid for several weeks now looking holey which can be a great cause of anxiety. So what can we do to offset these problems? To ensure that our businesses survive and come out the other side stronger than ever? Although it might seem as though the situation has no end in sight, history shows us time and again that all economic downturns are followed by an uplift. So building strong foundations now will stand you in good stead when the good times return.

look after our existing clients

A few ideas to look after the clients you already have: Offer a payment plan

Instead of paying at the time of the appointment, why not offer your patients a monthly payment plan to help spread the cost. A company like GoCardless makes it very straightforward to set up direct debits for different treatment options. We work out what they would pay us over the average 12 month period and then divide that figure by 12. We then round down the monthly sum to make it better value for them and offer 10% off products as an added incentive. So while we take less than if they pay as they go, we benefit from the regular payments appearing in our account, minimal administration and less time taken at the reception desk.

Keep in touch

If you use practice management software, this is very easy to do, if not, it will be a case of going through your record cards. We pull off our ‘Missed Appointment’ list, and ‘Clients without upcoming appointments’ list and give people a call. Whilst automated email generation websites, such as CliniqApps, can be time-saving, you will probably get a much better response by talking in person. We use a script along the lines of “Hello, Mrs XX, this is Kate calling from XXX. It’s just a courtesy call to see how you’re doing and if there is anything we can do for you.” This is a great way to fill some gaps in your diary, and can really brighten the day of someone stuck at home. If you have a large database, an easier option could be to send a bulk SMS message. Using a website like Text Magic, this can be a cost effective way to reach a lot of people and has a better response rate than email. Something along the lines of “Hi XX, this is Kate from XXX. Is there anything I can do for you right now?”. Short and to the point with no hard sell.

Send email newsletters

This is another great way to stay in touch with your patients. We send them on a monthly basis, keeping them short and chatty with a mix of foot care tips, clinic news and promotion of a service. This can be daunting to set up yourself, but paying a local social media expert to set you up with a template and give you some basic training is money well spent.

Attracting new clients

You may need to cast your net a little wider to find new clients during a recession, particularly if you service a less affluent area.

You also need to stand out from the crowd. So many printed ads just have a list of all the usual things we treat: corns, callus, toe nail trimming, etc, plus a phone number. Here are a few ideas to help you stand out: • Include a photo and your name, don’t just use your trading name. People want to know who they’re contacting before they pick up the phone. • Can you offer online bookings? Most PMS systems will have this facility and makes it super easy for potential patients to get themselves booked in at 11pm when they’re scrolling on their phone.

•Is there something that you love treating? Promote this above the other stuff. You will still get bookings for the full range of foot problems, but this will help set you apart and appeal to people with that particular problem. • Can you offer something extra? For example, nail bracing, wax treatments, massage with organic foot care products?

This might seem like a counter intuitive thing to do during a recession, but this can really put you in a stronger position to ride out the storm. There are a number of ways you can invest for a brighter future:

Social media support

If social media fills you with dread, why not book a session with an expert who can show you how to plan, create and schedule your posts as painlessly as possible. Get your face seen and your name known.

Accounting/bookkeeping support

Similarly, if trying to balance your books is your least favourite job of the week / month / year, take on an expert. A good bookkeeper or accountant will save you time and money. If it’s not your area of expertise, pass it over to someone else. Free your time up to do what you are good at, and what brings in the money.

Free (or nearly free) support

Not all support needs to be paid for. Investigate all your local options:

Invest in technology

Swift machines, gait analysis equipment, shockwave, laser - depending on your scope of practice, there is some great kit available that will enable you to offer advanced podiatry to your patients. If spending thousands of pounds seems scary, investigate what the cost would be over 5 years. How many clients would you have to see each month to cover that cost? Probably only one or two if you set your prices accordingly. • Contact your Local Enterprise Partnership who can put you in touch with free training in a whole host of areas. • Your Local Chamber of Trade or Commerce (there may be a small annual fee, but it’s a great way to network and get known in your local area)

•Other local networking groups. Most allow you to attend as a visitor before you enroll.

•Podiatry / FHP FaceBook groups. Some are more supportive than others, but can be a great way to pick the brains of a larger group.One person spending £300 will mean that you don’t need to worry if 2 or 3 patients cancel their routine appointments. Preparation is key. Plan ahead. Make sure EVERY client that comes into your clinic knows about this amazing new treatment that you will soon be offering. Put it in your newsletters, social media, and hand out leaflets. Tell the local paper - they are always on the lookout for good news stories! Cherry pick a few clients to treat first, at a reduced rate if necessary, to build your confidence. Ask them for testimonials. Offer payment packages to make it more affordable.

•Join your town’s local FaceBook group. Comment when it is appropriate to do so and help support other local businesses. They are then more likely to return the favour. • There are a host of free podcasts available which are a great way to Free your time up to do what you are good at, and what brings in the money ‘‘ ‘‘ expand your horizons. Look for clinical AND business related ones. It can be really interesting to hear about businesses outside of the healthcare world. We can learn a lot from a different perspective. • And of course, your local IoCP Branch who are always there for moral support and will probably have a fair few years experience under their collective belt.

Invest in support

Business Coaching

It might seem an extravagance, but I for one have found it invaluable. A fresh, unbiased, non-judgemental pair of eyes cast over your business will spot things that you can’t see because you are right in the middle of it. A good coach will help you prioritise, keep you accountable and cheer you on. You trained as a clinical professional - running a business is a whole different ball-game.

Why try and figure it all out yourself? And whilst you will probably learn from any business coach, you will get more bang for your buck if you use someone within the Podiatry field. There are a few out there, do some research and find someone you can click with.

If you are struggling or anxious, do reach out. We are all stronger together! Kate Harrison

MInstChP, DChM, HCPC Registered Podiatrist CH17798

Director of Kenilworth Footcare Partner Clinic within the Foot Medic Group