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2023 is going to be tough. I know it.

When you are starting your own business or practice, you have most probably assessed prices, overheads, profits, and reserves. This may not be the most sufficient if you want to grow without working your fingers to the bone. Economics is not only for big conglomerates - they have an important role to play in small businesses.

Small Business Economics

We all know that more sales should mean business growth and profit. We also know that each sale can require A LOT of work, even if you are using my Business Kamasutra methodology. While my method can position you to make sales soar, it still requires an investment of effort, as all successful relationships do.

But here’s one of my most valuable business tips that makes a lot of money with the same amount of effort - prioritize referrals!

You are looking for new leads for your business but there are no obvious similarities between them such as age, gender, income, or some other demographic. In fact, you may not even want to call the group of people you are looking for a "niche"... To call them a "tribe" might be more accurate. But what can you do? Is there no way you can find these people and market to them?

 If you are a dentist interested in dental marketing for their dental practice, you may have come across many agencies that have said they can do marketing for any industry, including dentistry. And therein lies the rub - healthcare is not just a business - it is a vocation that helps and educates people, so they achieve a better quality of life. You are not “just” selling a service or experience - a person’s quality of life and health is directly linked to your work. Very few non-medical industries can claim this, and this is where dental marketing is different.

When I was a kid "trust" was assumed and it was up to the person to screw it up. Walter Cronkite ended his evening newscasts with "And that's the way it is" and politicians could be trusted to do what they said (mostly). Now, trust is at an all-time low with polarized social media posts, obviously lying politicians and "fake news". As business owners and marketers, it gets even worse because according to Marketingcharts.com, "To further illustrate the low level of trust people have in advertising, the survey of more than 36,000 respondents from 28 countries reveals that one-fifth (21%) of respondents say they will never believe the information in advertising is true if it’s the only place they see it. Moreover, most respondents (41%) need to see the information in advertising repeated at least once or twice beforethey believe it."

Cash reserves are an important part of business economics and are a critical pillar of your business growth. This doesn’t mean it is easy to build these reserves, especially for small businesses and dental practices.

Let’s look at their importance and how to build them up.

Managing Creditors

Renegotiate your debt with your creditors to ease your debt pressure, as they will often accept longer settlement periods. This lowers monthly installments, and you can allocate the difference to building cash reserves. If they are not open to re-negotiation, then take your debt elsewhere for a better deal.

"Content is King," the speaker on the stage said. 

Last week we  spoke about automating your system to bring in your Dream 100.

Today, we have a universe of business information available to us with infinite options. So why are thousands of entrepreneurs in dentistry, retail, services, and every kind of industry flailing about with shaky income certainty?

Keep reading to find out how the Business Kamasutra gives you control of your future!

Why Is Universal Information Not Helpful?

Having infinite information is not great. You need the right information and a business plan that you can use monthly. And the latter is mostly missing from struggling businesses.