What Got You Here, Won’t Get You There? August 18, 2022
Private Practice is not dead!
It’s exciting to read the posts on the various social media sites of individual optometrists who desire to open a new location. The questions are many. How do I negotiate a lease? How do I secure the best pricing for products? How do I recruit my first staff member? There are, literally, hundreds of questions that must be answered before you strike out on your own. The fact that these questions are being asked is a good indicator of the vitality of our marketplace.
Yes, often the reads are of “the sky is falling” type. Negativity is everywhere. The current environment reminds me of the wave of concern that came over the frame industry when Luxottica came on the scene almost 40 years ago. “We’ll end up with only 3 or 4 frame companies, was the mantra. “The frame industry is dead,” many said. I chuckle about this every time I visit Vision Expo and see the scores of new frame lines that come on the market annually. No, the frame distribution business isn’t dying…nor is private practice optometry.
But what is clear is that, just as with every one of your patients, the business development needs of optometrists are different, depending on your given situation. Your business challenges and opportunities are not “one size fits all.” The needs of start-ups are much, much different than that of mature practices. A three hundred-thousand-dollar practice is very, very different than that of a 3-million-dollar enterprise. A single location practice is very different than that with three or more offices.
That’s why, way back in 1989 when I founded this firm, we decided to focus our attention on the development needs of larger practices. “We will serve million-dollar practices and million-dollar attitudes,” I said. To that end, over the past three decades, we’ve developed a host of services, based on gobs of experience, specifically designed to serve the owners and managers of larger practices. We support all kinds of business development, whether it be related to strategy, culture, finance, operational excellence, recruiting, brand development, all types of business transactions and, of course, wealth-building. Our client list now reads like a “Who’s Who” of larger practice optometry.
We’re proud to have played a role in the development of many of North America’s most successful optometry practices. Over the years, we’ve helped our clients develop, lead, manage and, ultimately, sell enterprises worth billions of dollars. With such a long history, we’ve the experience to take you and your practice from where you are right now through to the ultimate goal of any entrepreneur. When you’re building multi-
million-dollar enterprises, with many staff and, often, multiple locations, your needs are more complex. Further, as the owners of Leaning Tower of Pisa can attest, building your business on a solid foundation is mission critical.
In simple terms, what got you to where you are now will not likely get you to where you want to go. The needs of a start-up are very different than that of a more mature business…and there are more moving parts, more complexity.
So, if you’re feeling like your practice is not moving forward at the pace you’d like, perhaps it’s time for a chat? Give us a call for a no-obligation discussion.
Did you know that numbers talk? What do you hear when you listen to yours? If you use cash accounting in your optometry practice, then your numbers are saying, ‘Beware, we’re not accurate!’ Al warns of cash accounting pitfalls that can potentially lead to financial issues and he leaves you with advice moving forward.
There is much to consider when it comes to staff meetings: efficiency and productivity are big factors, but you may be surprised to learn how much those meetings are costing you! Al shares ideas on this topic which may lead you to a different meeting approach as you move forward in 2023.