I’ve seen or read much lately about the growing odds of economic recession in our near future. Some suggest we’re already in one, while others talk of “soft landings” and the chance that we might avoid a downturn at this time altogether. With a once-in-a-century pandemic recently behind us, mounting unrest around the globe, and a U.S. presidential election looming, we face a wide range of expert predictions.

As a whole, the only thing that seems certain is . . . well, uncertainty.

After 55 years in business, I’ve been around long enough to see these cycles come and go. So I tend not to fret as others do. Not because I’m beyond the sting of adversity. I worry every day about the peace and prosperity of more than 5,000 employees! But I’ve learned there’s nothing to be gained from worrying—particularly when it comes to matters beyond my control. I’ve also learned there are steps I can take to safeguard my business in any economic climate—as can you.

Most have probably heard this phrase or some variation of it before. In business, I like to think of it as expecting the unexpected. Every enterprise faces headwinds at one point or another. A dental lab feels it when incoming case volume slows, which of course tells us when dentists are seeing a reduction in patient traffic or case acceptance. Both are natural byproducts of a sluggish economy, when elective services are postponed and more expensive treatment options are bypassed in favor of low-cost or even provisional solutions.

So what can a practice owner do? Here are four key approaches that have served me well for more than half a century.

(1) Adopt a long-term view. Like storms of any kind, recessions come and go. Don’t wait for one to arrive, or panic when it does. Short-term decisions, such as taking out loans in a high interest rate environment, can have negative long-term consequences. As obvious as it sounds, you should have capital set aside for these rainy days, as rare investment opportunities often present themselves in times of communal distress. In essence, you want to be able to buy when everyone else is selling. For those caught unprepared, you might still be better off making a key investment—even under less-than-ideal terms or conditions—if confident that it will pay worthy dividends into the future.

(2) Invest in innovation. Keeping up with technology can be difficult. Never has this been truer than in this age of digital transformation. Equipment, software, and protocols are constantly evolving—with manufacturers occasionally leapfrogging one another with competing solutions. Separating fact from fiction while cutting through their tempting claims can be an endless challenge. But the worst thing you can do is stand idle. Adding new services that enhance the comfort or convenience of the patient experience can make all the difference. Unless you trust your competition to become complacent, you shouldn’t risk doing the same. Those who are unable to adapt will inevitably fall behind.

(3) Aim for self-reliance. At Glidewell, we’re obsessed with vertical integration. We own rather than lease our buildings. We manufacture our own materials and components. We design our own software. We handle our own construction, marketing, payroll, information systems—you name it. Doing so allows us to ensure quality, protect against supply chain disruptions, and drastically improve our speed to market. Naturally, it also helps to minimize vendor markups, greatly reducing our overall costs so that we can keep our customer prices low.

(4) Choose reliable partners. Vertical integration will always have its boundaries. So when it comes to reliance on others, choose carefully. Be wary of promises that aren’t backed by quantitative data. I can tell you “we’re experts in zirconia” or that we’ve produced more than 35 million BruxZir® Zirconia restorations since 2008. I can say “we’re fast,” or guarantee a three-day turnaround on digitally submitted cases. I can say “we stand by our work,” or direct you to our no-fault remake policy and lifetime product warranties. No partner is perfect, but some have been around longer than others, can help in more ways than others, or do more than others to make up for any disappointments.

Recessions are inevitable. Experts can only guess how long they will last, or how painful they may be. But we also know they will eventually end.

My advice to dentists is this: Don’t wait for the economy’s “talking heads” to come to a consensus before taking prudent action. Be proactive. Take charge of your future as only you can. Expand your capabilities to service more patients, offering an experience that will generate positive word of mouth in your community.

There are investments you can make today, or tools you can adopt, that will strengthen your practice in both the near and long term. The goal should not just be to weather the immediate future, but to emerge stronger on the other side.

Embrace or increase your investment in digital dentistry solutions like chairside milling and 3D printing. Place your own implants, or switch to a proven system that offers predictable outcomes at a more affordable rate. In these and all other ways, adopt a long-term view, invest in innovation, aim for self-reliance, and choose reliable partners.

Or you can trust in hope. Just remember, hope is not a business plan.