Should You Put Your Prices Up?

With a loss of earnings, and mounting costs on the horizon, many dentist practice owners are asking the question: should we be raising our prices?    In this week’s show, Brad talks about why raising your prices might very well be the strategy you need to adopt.    KEY TAKEAWAYS    We need to stop commoditising our services. We are providing value not just in terms of a product, but also through the care we supply. This is worth far more than we sometimes credit. Your target market are the people who recognise your value, and don’t mind paying for it. If people don’t want to stick with you after a fair price rise, they are not your target market.  If you’ve been building your business correctly, then losing the customers who don’t stick with you when you do raise prices, shouldn’t impact your bottom line as harshly as you believe.    BEST MOMENTS    ’The question isn’t “Should I be raising my prices?”. The question is “Can I afford not to?”'  ‘We need to be maximising the value that we give to our patients’  ‘It isn’t wrong to earn a profit!'        ABOUT THE HOST   Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.    Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry.   In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family.   He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK.   Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development.   CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]