Overcoming One of Owner ODs’ Biggest Barriers to Increasing Their Practice’s Net Income
“It’s how we’ve always done it.”
“That feels like it’s going to take a lot of time.”
“My staff aren’t going to like it.”
The Dual Role of the OD Owner
Private practice owner ODs carry a heavy load, constantly balancing the act of providing excellent patient care in the exam room with managing the intricacies of small business ownership—a challenge optometry schools often don’t prepare us for. Most of us learned the business side through senior partners in a group setting or, like myself, through trial and error when opening our practices from scratch. This journey revealed a significant gap in knowledge between running a successful business and caring for patients.
The Root of Resistance: Fear
In conversations with my colleagues in independent OD ownership, a common hurdle consistently emerges: fear. Fear of making the wrong decision, fear of disrupting staff harmony, fear of staff turnover, and fear of venturing into the unknown. As an Owner/OD, these concerns resonate with me deeply.
Strategizing Against Hesitancy: The Power of Quantification
One effective strategy to overcome this hesitancy is to quantify any opportunity that promises to improve our business. Often, decision paralysis in small business ownership stems from a lack of clear, factual information. Innovative approaches to business can be intimidating, creating an “ambiguous cloud” filled with the weight of all the unknowns, making it easier to simply press the “repeat” button rather than pausing to analyze potential opportunities for improvement. Quantifying these opportunities dispels ambiguity and clarifies potential benefits, as facts and numbers remove emotion from the equation.
Navigating Through Uncertainty
Unknowns are an inherent part of small business management, but they shouldn’t immobilize us, leading to a gradual decline in net profits—a scenario far too common among our peers. There are new and more efficient ways to manage our practices amidst industry changes.
A Case Study in Opportunity: The Optical Department
The optical department presents a prime opportunity for quickly enhancing profitability and operational efficiency. Revolutionary programs now offer a new way of managing opticals, including consignments of current, well-known frame lines paired with complimentary shipping to ophthalmic labs. Additionally, competitive pricing for both name-brand and private-label lenses is available, matching the benefits large private equity groups and alliances enjoy, all without membership fees or sacrificing independence.
Conclusion: Embrace Clarity Through Quantification
Don’t let fear dictate your business management strategy. Remove ambiguity and uncertainty by quantifying the opportunities in front of you. You’ll be amazed at the clarity and ease with which the path to greater success unfolds when you approach opportunities in this manner.
Ready to dismantle the barriers to your practice’s financial growth? Let’s clear the fog together. Join us for a discovery call where we’ll dive deep into your unique challenges and explore how our program can transform your practice’s profitability and efficiency.
Don’t let fear dictate your future—take the first step towards clarity and success. Schedule Your Discovery Call now and unlock the potential waiting for your practice.
