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Some people are worried about the recession. The established definition of a recession is a contraction in the GDP (gross domestic product) for at least 6 months. Basically, it means less money is exchanging hands - people change their spending habits. They still spend, but not as often. This means less value is being created by commerce. Also, most businesses cut back on their marketing.
As far as I’m concerned, the acupuncture profession is already in a several decade-long “recession” of sorts. It’s up to us to get out of it.
Most practitioners are underemployed, or even struggling. Simply put, not enough money changes hands when it comes to the Acupuncture and Oriental Medicine profession. The recession in the economy as a whole will make this worse, at least for the people and clinics that go along as they always have.
When I first started studying marketing, one thing made a big impression on me. I forget where I first read it, but some company said
“There’s a recession going on, but we’ve decided not to participate in it.”
Whoa… I didn’t realize that recessions aren’t optional. But think about it - if you can continue to exchange treatment for dollars (or pounds or loonies), then what effect will a recession have on you? If you can increase the rate of exchange, forget the “recession.” In your clinic, you can have an expansion. A huge one, if you want.
The question is, will outside forces be the major influence what happens inside your clinic? Or will you be the major force determining your own success?
5 responses so far ↓
1 Andrea B eth Damsky, L.Ac. // Jun 3, 2008 at 10:27 am
This is an interesting and timely post, Burton. I have definitely seen my practice slow down - almost to nil - in the last few months. Winters are typically slow for me, but spring and early summer are usually my busiest times.
In response, I have explored many things - finding additional work for income, discontinuing my practice, relocating to an area where the economy is not based on tourist dollars, etc. In the end, I have decided to do several things:
Begin publishing and mailing a newsletter.
Join the local Chamber of Commerce (I don’t know why I’ve been dragging my feet on this one!)
Explore an associate, in-house relationship with local chiropractors.
Explore offering NADA treatments at boarding schools for troubled teens.
Carve some hours out of my week for a sliding scale, community-style, stress relief clinic, and advertise this to local MDs, massage therapists, and other alternative healers.
I have also taken a hard look at my office, located in an old building that used to be my town’s first hospital, and decided it reeks of poverty consciousness, so I have also opened myself to relocating to a more attractive and modern building.
All in all, I have decided to use this “crisis” as an opportunity to re-evaluate, re-direct, re-envision, and re-commit myself to my practice. I’ve been paying attention to people’s financial concern and am seeking a way to address it. I’ve been working on all of these projects simultaneously over the last few weeks, and am just now ready to mail everything out. I think I will have some results to report in about a month’s time.
I also have an idea to write books on certain health issues from the perspective of TCM, to sell on the internet. All in all, I have looked at what I have to offer, and the various ways I can bring in income with my knowledge, skills, and experience. I updated my CV last week, and this helped me “re-member” who I am, where I’ve come from in my journey as an acupuncturist, and what I have to offer to others. Doing this was the turning point in my decision to re-commit to my practice - I recommend it to everyone who is faltering or having doubts during this financial dip.
2 Allan Fradsham // Jun 3, 2008 at 2:45 pm
This is a great example of manifestation. The question is “am I going to be dictated by the environment or am I going to do something about it” This is like the guy who stands in a leaky house and says “well I guess I’m going to get wet”, or the guy who says “well I guess fixing the roof is the best use of my time right now”.
The problem that I find is having the motivation all the time to stay positive and get going on bringing business to the door. I think part of it is not getting caught up in the hype. If you believe and people believe that TCM is a priority in their lives then there is no problem. Its when you start to think that your services are less valuable then other things that you get in trouble.
Forums like this are a great reminder that we al need to give ourselves a shake now and again and get going.
Allan Fradsham D.T.C.M.
3 Dennis Kinnane // Jun 3, 2008 at 9:18 pm
Recently my business seemed to have slowed dramatically….. after 20 years in the same place. I didn’t know what to do but as usual, decided I needed to “get in front of the public” more… and I did. Nothing seemed to happen. Then after 3 months of slow down I happened to speak to a friend who is a chiropractor AND a Feng Shui master of over 25 years experience. He had “done” my office a few years ago and I had an update last year but had forgotten all about doing it again. As he explained, Feng Shui is based on astrological movement as well as earthly placements and naturally, the heavens are in constant motion….thus year after year though nothing much may change in your office the really important Qi “beings” of our solar system and the rest of the heavens are changing and this requires an update. He came over, did the re-evaluation and I made the changes he suggested. Amazingly within 24 hours the phone started to ring with new patients. There were some other bits and pieces of the Feng Shui which I still needed to get, like 3 brass Qi Lin “dogs to set up facing south in my waiting room, and immediately after doing this, believe it or not, my business picked up AGAIN. I am now about as busy as I am comfortable being.
Lest we forget, China is the oldest contiguous culture in the world and the same Taoist principles and science upon which acupuncture is built also offers all of us an incredible opportunity to enhance every portion of our lives, including the business aspects. I have to laugh when I hear some individuals refer to such things as Feng Shui and astrology as “superstitions” without ever having taken the time to study or explore the underlying mathematics and natural science behind them. Usually these same people are the ones who laugh at acupuncture. Wake up, people! Make use of the full culture of China, not just its’ amazing healing science…..explore the ability of Feng Shui to enhance your workplace.
By the way, after the Feng Shui I decided to upgrade my entire office and have just had it painted. When business is down is the time to invest in it! Look around. Does your office need a freshening? Do you need to throw out some old junk? Whatever it takes to get the Qi flowing in your office will help immeasurably. Do it and know you are using the opportunity of a slow down to regroup and re establish your foundation!
4 Jeremy // Jun 4, 2008 at 6:14 pm
In all seriousness, you only need a few hundred people a year to be successful. Its not like everyone is struggling in America. You just got to grab the ones that aren’t.
5 Frank Caruso // Jun 7, 2008 at 8:23 am
I think there are more than one factors involved in a successful or busy practice. the economy is lowest on the list, unless you charge$85 or above for one acupucture session. During hard times - recessions and depressions, two areas of the economy always do well: entertainment and the ice cream business. This tells us people want to feel good. Health care does not suffer from a weak economy, it is a necessity. If a practice focuses on facial acupucture or simply feel good stuff that is high priced, than they will be affected by s depressed economy. If however you are in pain management and health care, and chage a fair price, than you and your services are not optional, they are a necessity because people want to feel good.
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