Sunk Costs can Float Your Boat!
A sunk cost is an accounting term for funds already expended or committed. It may sound like wasted money when they call it sunk, but that is just accountant talk. Sunk costs are probably around your office right now ready to help you. They may now be assets!
I am continually amazed at the number of Audiologists throwing new money at old problems. I am not surprised that there are sales people attempting to get you to do so.
It is their business to get you to spend more money on their products. It doesn't make them bad people. In reality they often don't know what resources you already have so they offer what they have.
If you are feeling the weight of the economic news and are hesitant to spend new money on the problem look around and see what you have.
Do you have a database of patients you have already paid to acquire? Do you have some of last year's brochures in a box? Perhaps you don't need to buy a mailing list, pay for new printing, and then mail to people who don't know you. Perhaps by mailing existing printed material to people you already know you will have a greater impact. But there is no salesperson suggesting this to you, you must think for yourself!
Do you have a published list of names and addresses available to you? Do you have a computer and printer in your office? Those could be combined to initiate contact with people who are in your target market. Many tax records are online and it is easy to collect addresses from likely people to add to your database.
If you have 100 e-mail addresses that people have given you this might be a good time to connect. If not you might want to start collecting them as a regular part of your patient information.
Is everyone in your office spending all their time on their highest and best use? Perhaps the person who has been answering the phone for the past year is now knowledgeable enough to make outbound calls. A phone survey of past patients can be a great way to connect.
If you are already paying higher rent to be in a visible location are you maximizing that value? Are your signs fresh and interesting or worn? I know one practice on a main road that managed to get noticed by putting up some Christmas lights. Often it is a change that gets noticed. If you have a window visible to those passing buy leave the light on some nights, perhaps with something interesting visible.
Often before you say yes to a new expense it is worthwhile looking around to see what you already have!
I know this will help some of you, who only look.
Rick
