Saying you’ll do something tomorrow could mean you might never get around to it. Indecision over a long period of time creates an erosion of negative change.
Too often this is the case for those of us running optometry practices. You say that you will do it tomorrow, and tomorrow becomes a year from now. Ten years later, you are still practicing the same way. You wonder why you can’t keep good staff, and you feel trapped by your schedule.
Three things that can’t wait:
- Planning your exit strategy – It is never too early to begin planning for your exit strategy. If you are planning to sell your practice at the time you want to retire, you will need to have a buyer.
- Hiring an associate OD – There are many benefits to hiring an associate optometrist. One of those benefits is the freedom it creates for the owner to either work on the business or take some time away to avoid burnout. Hiring a new associate is investing in the future of your practice and your retirement. Most associates need to be groomed in order to successfully take over the practice. Start now so that you have a buyer or two in place when you are ready to begin selling shares of the company.
- Practicing the medical model – If you are not billing 50 percent of your insurance to medical, then you are missing the evolution of optometry. Optometry practices that have not incorporated medicine are still finding buyers, but the purchasing ODs are having to spend thousands of dollars to make it compatible with the medical model. Optometry practices that mainly rely on vision benefits will be at a competitive disadvantage in the future.
The road of least resistance is always the easiest road to take, and it is the most traveled. Deciding to take action today can make a huge difference in when you retire, and how comfortably. It can help you keep your life in balance now, when your family needs you to be around the most. Don’t let your schedule or your practice run your life. Take action so you can live the life you were created for.
