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In the complex world of tax planning, finding ways to optimize your financial situation can be a game-changer. For optometrists working in clinics, one powerful strategy to consider is salary reduction. While it may seem counterintuitive to voluntarily reduce your income, there are several compelling benefits to doing so. In this blog post, we'll delve into the advantages of opting for a salary reduction in a clinic setting and explore how it can positively impact your overall financial health.

  1. Reduce Social Security and Medicare Tax

For many optometrists, a significant portion of their income is subjected to Social Security and Medicare taxes. These payroll taxes can take a sizable bite out of your earnings. However, by choosing to take a lower salary, you can reduce the amount of income subject to these taxes. This means that not only will you keep more of your hard-earned money, but you'll also see a reduction in your tax liability.

  1. Increase Qualified Business Income (QBI)

One of the most compelling reasons to consider a salary reduction is the potential increase in Qualified Business Income (QBI). QBI is a key factor in determining the deduction you can claim on your tax return, thanks to the Qualified Business Income Deduction (QBI Deduction), which was introduced with the Tax Cuts and Jobs Act.

By lowering your salary, you can increase the portion of your income classified as QBI, which, in turn, can lead to a larger deduction on your tax return. 

  1. Simplify Tax Payments

Quarterly estimate payments can be a headache for many optometrists. Keeping track of when and how much to pay can be a daunting task. However, with a salary reduction strategy in place, you may find that you can increase your federal and state (if applicable) withholdings. This means that more taxes are withheld from your paychecks throughout the year, reducing or even eliminating the need for quarterly estimate payments.

This shift towards a recurring payment of taxes can provide financial stability and peace of mind. Instead of scrambling to make four large payments throughout the year, you can budget more effectively with consistent, smaller withholdings.

  1. Recurring Owner Distributions

Now, you might be wondering how to manage your finances with a reduced take-home pay. The answer lies in the strategic use of recurring owner distributions. These distributions are generally non-taxable and can be used to replace the reduced income from your salary. By carefully planning these distributions, you can ensure that your living expenses are covered, all while reaping the tax benefits mentioned earlier.

In essence, opting for a salary reduction doesn't mean a reduction in your overall income; it means a smarter distribution of your earnings, allowing you to maximize tax benefits and simplify your financial life.

As an optometrist working in a practice, the benefits of taking a salary reduction can be substantial. From reducing your tax liability through QBI optimization to simplifying your tax payments and ensuring a steady flow of income through owner distributions, this strategy can significantly enhance your financial well-being. It's essential to work closely with a qualified tax advisor or financial planner to implement these strategies effectively and in compliance with tax laws. By doing so, you can make the most of your clinic ownership and enjoy the financial rewards that come with it.

Maximize your benefits by scheduling a call with Brad Rourke, CPA, ABV or learn more about optometry-specific accounting and tax on our website.  

Archie Keebler

Tax Manager
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As an optometry-specific consultant, I have seen time and again how the right leadership team can propel an optometry practice to new heights. The benefits of a strong leadership team are indisputable: improved efficiency, increased profitability, and enhanced patient satisfaction. In this blog post, we will explore the benefits of building a leadership team within your optometry practice and provide practical steps to help you create an exceptional team.

Benefits of Building a Leadership Team in Your Optometry Practice

Empowered Decision-Making: A well-structured leadership team can quickly make informed decisions, driving the practice toward its strategic goals. With clear roles and responsibilities, leaders can focus on their specific areas of expertise and work together to make decisions that benefit the entire practice.

Enhanced Patient Experience: When the leadership team is united in its focus on providing excellent patient care, this commitment permeates throughout the practice. A strong leadership team can work together to identify areas for improvement and ensure that patient needs are always met.

Increased Employee Engagement: A motivated leadership team can create a positive work environment, fostering a sense of belonging and pride among staff members. When employees feel valued and appreciated, they are more likely to be engaged in their work, ultimately benefiting the practice and its patients.

Streamlined Operations: A strong leadership team can identify inefficiencies and implement new processes to improve overall operations. By working together, leaders can optimize the practice's performance, allowing for growth and long-term success.

Building Your Leadership Team: A Step-by-Step Guide

  1. Identify Key Roles. Begin by identifying the key roles that are essential to the success of your practice. These may include practice manager, clinical director, optical manager, and marketing coordinator. Once you have a clear understanding of the roles needed, you can begin to search for the right individuals to fill those positions.
  2. Create a Clear Vision and Mission. A successful leadership team requires a shared vision and mission. Collaborate with your team members to develop a clear and compelling vision and mission statement that guides decision-making and sets the course for the future of your practice.
  3. Develop a Leadership Development Program. Invest in the growth of your leadership team by creating a development program that focuses on building essential skills, such as communication, conflict resolution, and problem-solving. Encourage team members to attend conferences, workshops, and other professional development opportunities to continue honing their skills.
  4. Foster a Collaborative Environment. Encourage open communication and collaboration among your leadership team members. Schedule regular meetings to discuss progress, address challenges, and brainstorm new ideas. Foster a culture of continuous improvement, where team members feel empowered to share their thoughts and ideas.
  5. Set Clear Expectations and Accountability. Establish clear expectations for each leadership team member and hold them accountable for their performance. Conduct regular performance evaluations and provide constructive feedback to help each team member grow and improve in their role.
  6. Celebrate Successes. Recognize and celebrate the achievements of your leadership team, both individually and collectively. Acknowledging their hard work and dedication will motivate them to continue striving for success.

Building a strong leadership team is essential for the success of your optometry practice. By focusing on developing the right team, fostering a collaborative environment, and investing in their professional growth, you can create a thriving practice that provides exceptional patient care and experiences continued growth.

Ready to discuss building your leadership team? Schedule your call.

Want to learn more about Williams Group consulting? Visit our website.

Bess Ogden

Director of Education and Training
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Tax laws can be complex, but understanding the nuances can make a significant difference in your financial strategy. One such provision that can benefit homeowners is Section 280A(g), commonly known as the Augusta Rule. This rule provides an opportunity for individuals to exclude rental income if their property is rented out for less than 15 days in a year. In this blog post, we'll delve into the details of the Augusta Rule, explore its requirements, and offer some practical recommendations for homeowners looking to take advantage of this provision.

Section 280A(g) in a Nutshell: 

The Augusta Rule, outlined in Section 280A(g) of the Internal Revenue Code, offers homeowners the ability to exclude rental income from their taxable earnings under specific conditions. Here are the key details:

  1. Primary Use Must Be Personal: To qualify for the Augusta Rule, the property's primary use must be personal. This includes primary residences, secondary homes, and vacation homes. In other words, it's not applicable to properties used exclusively for rental purposes.
  2. Expenses Are Not Deductible: While you can exclude rental income, it's important to note that expenses related to these rentals are not deductible. This means you won't be able to deduct costs like maintenance, repairs, or utilities for the period the property is rented under the Augusta Rule.
  3. Non-Consecutive 14 Days: The 14 rental days do not need to be consecutive. This flexibility allows homeowners to take advantage of sporadic rental opportunities without losing the tax benefits provided by the rule.
  4. Reasonable Rental Price: The rental price must be reasonable. While this might seem subjective, it's crucial to ensure that the rent charged is consistent with market rates. 

Tax Planning Opportunity for Business Owners:

Have you ever explored the option of utilizing your home for corporate meetings or office parties? If so, you could potentially leverage the Augusta Rule, allowing your business to compensate you for the business use of your home. As noted earlier, this income can be excluded on a personal level.

Practical Recommendations:

If you're considering utilizing the Augusta Rule to exclude rental income, here are some practical recommendations:

  1. Market Research: Before setting a rental price, conduct thorough research to determine what constitutes a reasonable cost in your area. Check prices for similar properties on rental websites, inquire about rates for hotel conference rooms, and explore other potential sources to establish a competitive rental price.
  2. Document Everything: Keep meticulous records of your rental arrangements. Document the pricing agreed upon, the formal agreement to rent the residence, and minutes of any meetings or discussions related to the rental. These records will be crucial in case of any inquiries or audits.
  3. Involve Relevant Parties: If multiple individuals are involved in making decisions related to the business, be sure to include them in any meetings at the residence. This transparency ensures that all stakeholders are aware of and agree to the rental arrangements.

The Augusta Rule, found in Section 280A(g), provides a valuable opportunity for homeowners to exclude rental income from their taxable earnings when certain conditions are met. By understanding the rule's requirements and following practical recommendations, homeowners can navigate the complexities of tax law and make the most of this tax-saving provision. Always consult with a tax professional or advisor to ensure you are taking full advantage of available tax benefits while staying in compliance with tax regulations. 

Get help understsanding the Agusta rule by scheduleing a call with Brad Rourke, CPA, ABV or learn more about optometry-specific accounting and tax on our website.  

Archie Keebler

Tax Manager

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Implementing High Tech in Your Practice

Implementing innovative technology is an essential step in opening a successful practice. Choosing the right technology and equipment, aligned with the mission of your practice, will contribute to enhanced patient care and operational efficiency as well as the overall effectiveness and financial success for your eye care practice.

  1. Improved Patient Care: Advanced medical technologies such as diagnostic instrumentation and electronic health records (EHR) enable more accurate diagnoses, timely interventions, and better treatment outcomes. Depending on your scope of practice, you may be considering diagnostic equipment for primary care, ocular disease management, dry eye, specialty contact lens or myopia management, vision therapy.
  2. Practice Management Software: Another non-negotiable is practice management software which will streamline administrative tasks such as scheduling appointments, managing billing and payments, frame inventories and laboratory orders, generating management reports. Integration with your EHR system and partner vendors ensures smooth and seamless operations.
  3. Streamlined Communication: Technologies like secure messaging systems (i.e., eRx) facilitate seamless communication among healthcare providers, reducing delays in care coordination and improving patient safety by ensuring that all relevant information is readily accessible to authorized personnel.
  4. Compliance and Security: Modern technologies often come with built-in security features that help practices comply with healthcare regulations (i.e., HITECH Act, HIPAA Compliance). They also offer robust data encryption and backup solutions to protect sensitive patient information from breaches or data loss.
  5. Enhanced Efficiency: High-tech solutions streamline data capture and prescription management as well as operational tasks of appointment scheduling, billing, and record-keeping. Reduced administrative burden for you and your staff allows more time to focus on patient care and practice care. It also minimizes errors that can occur with manual processes.
  6. Cost Savings: While an initial investment in high-tech systems can be significant, over time, technological expenditures often result in cost savings with direct, accurate data integration and decreased administrative overhead.
  7. Patient Engagement: Mobile-friendly websites and patient portals empower patients to take a more active role in their healthcare. Patients can access their medical records, communicate easily with you and your staff, and receive personalized health information, promoting better health outcomes through increased engagement. Incorporating a patient communication system which offers text communication and online payment options is a smart investment. Email marketing, social media management and online scheduling enhances the patient’s perception of your practice.
  8. Competitive Advantage: Practices that embrace technology are perceived as modern and forward-thinking, potentially attracting more patients who value innovation and convenience in their healthcare delivery. High-tech along with high-touch is a winning strategy.

Integrating high-tech solutions into an optometric practice not only enhances patient care and operational efficiency but also positions the practice at the forefront of healthcare innovation, ultimately leading to better patient outcomes and satisfaction. And, what’s good for your patients will result in a more profitable and solvent business for you.

Learn more about start-up practice consulting or schedule a call to discuss starting your practice with Tammi Sufficool, MBA. 

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

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As a business owner or self-employed individual, one of the many financial aspects you need to consider is how to calculate deductible expenses related to your vehicle. The IRS provides two primary methods for calculating these expenses: the Standard Mileage method and the Actual Expenses method. Understanding the nuances of each method and when to use them can have a significant impact on your tax liability. In this blog post, we'll break down these two methods and explore some key considerations to help you make informed decisions about deductible expenses. 

Method 1: Standard Mileage Method 

The Standard Mileage method is the go-to choice for individuals who own their vehicles and use them for business purposes. The calculation is straightforward: 

Multiply business miles by the IRS standard mileage rate. 

This rate is determined by the IRS and varies year to year. For example, in 2023, the standard mileage rate is 65.5 cents per mile for business use. 

One notable advantage of this method is that if your business reimburses you for these miles, the reimbursement is deductible by the business and is not taxable income for you.  

Overall, this is the simplest method for taxpayers with the least amount of documentation required. 

Method 2: Actual Expenses Method 

The Actual Expenses method comes into play when your business owns the vehicle. This method involves a more detailed and comprehensive approach to calculating deductible expenses: 

  1. Keep a log of all miles driven. 
  2. Determine your business use percentage by dividing business miles by the total miles driven for the year. 

If your business use percentage is less than 50%, this method may not be the most advantageous for you. It's crucial to assess your specific situation before committing to this approach. 

Within the Actual Expenses method, there are two sub-methods to figure deductible costs: 

  • Income Inclusion Method: Deduct all vehicle-related costs and add personal miles to compensation on the individual's W-2 form. This means that personal use of the vehicle is included in your taxable income. 
  • Expense Exclusion Method: Reduce actual costs by personal miles. Under this method, personal use of the vehicle does not result in additional income on your W-2 form. 

Key Considerations 

  1. Business Miles Definition: Business miles include trips to meet patients, traveling between business locations, trips for banking or shopping for business purposes, attending business meetings, continuing education trips and transporting equipment. Commuting from home to your business location and back is not considered business mileage. 
  2. Vehicle Weight Matters: Vehicles between 6,000 and 14,000 pounds can be fully depreciated, potentially providing significant tax benefits. For vehicles under 6,000 pounds, depreciation is capped, with a limit of $20,200 in 2023. 

Calculating deductible expenses related to your vehicle can be a complex task, but it's a crucial aspect of managing your finances as a business owner or self-employed individual. Understanding the Standard Mileage and Actual Expenses methods, as well as their associated sub-methods and considerations, can help you make informed decisions that maximize your tax deductions while staying compliant with IRS regulations. It's advisable to consult with a tax professional or accountant to ensure you're following the most advantageous approach for your unique situation, ultimately helping you keep more of your hard-earned money. 

To get help with calculating expenses, schedule a call with Brad Rourke, CPA, ABV or learn more about optometry-specific accounting and tax on our website.  

Patrick McReynolds

Operations Manager

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As an optometrist running your own clinic, you're likely familiar with the many demands of your profession. Amidst the clinical work and patient care, you may not have considered the potential tax benefits that come with your home office. The home office deduction can be a significant advantage for optometrists who operate their own clinics from home. In this article, we'll explore the unique requirements and deductions associated with the home office deduction, tailored specifically to optometrists. 

Requirements for a Home Office Deduction 

To claim the home office deduction, you must meet certain requirements set by the IRS. Here's what you need to know: 

  1. Principal Place of Business: Your home office can qualify as the principal place of business if a substantial amount of administrative and/or management activities are performed there. This means that if you primarily use your home office for tasks like managing your business, review patient records, employee hours, review resumes for hiring or other necessary business functions then it can meet this criterion. 
  2. Exclusive Business Use: The office or area you're claiming as your home office must be used exclusively for business purposes. It can include storage of inventory, supplies or equipment related to your business. Any personal use of this space may disqualify you from claiming the deduction. 

Calculating Your Deduction 

Once you've met the requirements, it's time to calculate your home office deduction. There are two methods to determine the business percentage: 

  1. Square Footage Method: Divide the square footage of your home office by the total square footage of your entire home. 
  2. Rooms Method: Divide the number of rooms used exclusively for your business by the total number of rooms in your home. Generally, Williams Group includes kitchens, living rooms and dining rooms and do not include bathrooms. 

Expenses for Deduction 

Understanding which expenses are deductible is important to maximizing your tax benefits: 

  1. Direct Expenses: Expenses directly related to the office area, such as repairs or painting in the office, are fully deductible. These costs are tied directly to your business space and can be claimed in full. 
  2. Indirect Expenses: Indirect expenses are those related to the entire home, such as insurance, utilities, and general repairs like furnace maintenance. These costs are based on the business use percentage you calculated earlier. For example, if your home office accounts for 10% of your home's total square footage, you can deduct 10% of these indirect expenses. 
  3. Unrelated Expenses: Expenses not connected to your home office, like lawn care or repairs in other areas of your home, are not deductible under the home office deduction. 

A Note on Depreciation  

One important consideration is the depreciation of your home if you've been claiming the home office deduction. If you eventually sell your residence after taking depreciation for the home office, the depreciation will reduce the cost basis of the residence when calculating the excluded gain of your primary residence. Be sure to consult with a tax professional to fully understand the implications of depreciation on your tax situation. 

The home office deduction can be a valuable tax benefit for self-employed individuals. By meeting the necessary requirements and understanding how to calculate your deductions, you can potentially reduce your tax liability. However, tax laws can be complex, so it's always a good idea to consult with a tax professional or accountant to ensure you're making the most of this deduction while staying compliant with IRS regulations. 

Maximize your deductions by schedule a call with Brad Rourke, CPA, ABV or learn more about optometry-specific accounting and tax on our website.  

Archie Keebler

Tax Manager

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Advisory for the Complexities of Running an Optometric Business

Williams Group is the industry’s most trusted, experienced and knowledgeable Start-Up Business Advisory Team, and for good reason.

  1. Expertise: Williams Group possesses specialize knowledge and experience in all aspects of starting and running an optometric practice, such as business planning, financial forecasting, market research, feasibility studies, lending, attracting new patients, patient flow and optical operations, leadership and staff management. Our expertise can help you navigate challenges and make informed decisions.
  2. Risk Management: Starting a new business involves inherent risks. We will help you identify and mitigate risk by providing strategic guidance and contingency plans.
  3. Individualized Solutions: At Williams Group, we tailor our advice and recommendations to suit your specific needs and circumstances, and work closely with you to develop strategies and action plans that align with your goals and objectives.
  4. Objective Perspective: We provide an unbiased and objective view of your business ideas. Based on our experience, we offer insights and suggestions that you might not have considered, helping you avoid potential pitfalls and missteps.
  5. Save Time and Money: While hiring a consultant involves upfront cost, our guidance ultimately saves you time and money by helping you avoid costly mistakes and inefficiencies. We help define and streamline operational processes and allocate resources more effectively.
  6. Vendor/Supplier Opportunities: Williams Group has a network of the industry’s best business partners. Leveraging these connections can open doors to potential financial lenders, suppliers and vendors which can be invaluable for best pricing, terms and conditions.
  7. Access to Resources. We have proven tools, templates, and resources that can accelerate your business growth. Financial models, industry benchmarks, bookkeeping/payroll/tax prep services and best practice operational processes, policies and procedures can jump start a practice.

Partnering with Williams Group not only yields big payoffs in the critical early stages of building your business, but also sets you up for long-term practice success. The benefits of Williams Group’s expertise, perspective, and resource access provide a lifetime of financial rewards, practice enjoyment and pride in ownership.

Learn more about start-up practice consulting or schedule a call to discuss starting your practice with Tammi Sufficool, MBA. 

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

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Quality of Life / Work-Life Balance

Quality of life encompasses a broad array of factors that contribute to overall well-being and personal satisfaction. While specifics may vary, certain fundamental elements are commonly recognized with quality of life and work-life balance.

Physical, Mental and Emotional Well-Being.

Key foundational pillars set the stage for a balanced life. Without physical health, it’s difficult to enjoy other aspects of your life to the fullest. Having a sense of purpose, emotional stability that comes from social connections, support systems and the ability to cope with stress and adversity play a crucial role in promoting mental health, a sense of belonging and a quality-of-life balance.

Economic Stability.

Earning an income is another essential component to enjoying a quality life. Your income as an optometrist not only provides you and your family financial security but also the ability to participate in leisure activities that contribute to personal satisfaction. You can earn a living practicing anywhere, with any mode of patient care, but it does not guarantee total fulfillment and personal actualization as a provider/practitioner.

Professional Fulfillment and Self-Actualization.

Being able to choose how you practice optometry, how you serve, how you impact the lives of your patients, and how you control the decisions in your life are key to professional fulfillment. Ownership equity in your own business can also yield a higher state of fulfillment and realization of your true potential.

Work-Life Balance.

The equilibrium between your professional responsibilities and your personal life hinges on effectively managing time and energy to fulfill both career and personal aspirations without one overshadowing the other. Below are significant ways owning your own business can enhance your work-life balance.

  • Flexible Work Arrangements: Flexibility in work hours can better accommodate personal commitments while meeting professional patient care obligations. Setting specific hours for patient care, administrative tasks, marketing/networking and family time contributes to an enhanced work-life balance and overall well-being. Flexible work arrangements can yield discretionary time for leisure and recreational activities, providing opportunities for relaxation and personal growth.
  • Choosing your Technology: While your mode of practice dictates your technology, your technology serves to improve your practice efficiency, workflow and professional fulfillment.
  • Outsourcing: Choosing to utilize specialty services to manage tasks that don’t need your constant or personal attention, (e.g., bookkeeping, payroll, IT) can buy you time during the week.
  • Clear Boundaries: Establishing clear boundaries between work and personal life helps prevent work from encroaching into personal time. Prioritizing tasks, setting realistic goals, and avoiding procrastination are essential steps for maximizing productivity during work hours and reducing the need to working late or bring work home.

Physical, emotional and mental health, personal fulfillment and work life balance are fundamental elements that are universally important for leading a satisfying life. While achieving a positive work-life balance requires conscious effort, prioritization, and adaptation to specific needs and circumstances, new business owners who cultivate harmonious relationships between their professional and personal lives enjoy greater satisfaction and well-being.

Learn more about start-up practice consulting or schedule a call to start talking about achieving the work-life balance you seek with Tammi Sufficool, MBA. 

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

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Creating a Vision for Your New Practice

Creating an authentic vision for your new business involves delving deep into your passions, values, and aspirations. Below is a guide to help you craft a meaningful vision:

1. Reflect on Your Values

What principles are most important to you? Consider aspects like integrity, innovation, community engagement, and business sustainability. Your business vision should align closely with your core values.

2. Identify Your Passion

What excites you? What problems do you want to solve? Passion is the fuel that will drive your business forward, so choose a venture and specialty services that genuinely interest and motivate you.

3. Define Your Impact

How do you want to make a difference? Whether it’s through products, services, or initiatives, clarify the positive impact you aim to have on your patients and your community.

4. Envision Success

What does success look like for your business? Visualize the future you want to create, including milestones, achievements, and the overall legacy you hope to leave behind.

5. Consider Long-term Sustainability

Think beyond immediate profits and consider how your business can thrive sustainably over time. This might involve factors like technological innovations and fostering long-term relationships.

6. Embrace Authenticity

Your vision should be true to who you are and what you believe in. Avoid chasing trends or trying to mimic other businesses. Authenticity breeds trust and loyalty among customers and employees alike.

7. Communicate Clearly 

Once you’ve formulated your vision, communicate it clearly and consistently with your patients, partners, and staff. This ensures everyone is aligned and working towards the same goals.

A compelling vision serves as a guiding light for your business. It defines who you are and how you will serve. It will inspire you and your team to make decisions, overcome challenges, and pursue growth with purpose and passion.

If being deliberate to act on your vision is your next great step, Williams Group advisors will help you chart a path toward successful business ownership and a fulfilling career as an independent optometric practice owner.

Learn more about start-up practice consulting or schedule a call to start talking about your vision with Tammi Sufficool, MBA. 

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

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Financial Pitfalls Every New Optometry Practice Owner Should Avoid

Starting your own optometric practice is a significant undertaking and not without financial challenges. Financial missteps early on can complicate your path to success. As you prepare to step into your next great adventure, it’s important to lay a solid foundation for a successful business. Williams Group is an expert in optometric financial management and will help you enhance your financial skills and knowledge to safeguard your new venture.

Below are serious financial pitfalls new practice owners often encounter.

1. Not Budgeting for the Full Picture

Pitfall: Many new owners underestimate the full cost of launching their practice. From high-tech equipment to office furnishings and initial inventory to the operational costs of staff, occupancy, and marketing, start-up expenses must be accurately projected with a comprehensive multi-year cash flow analysis. Williams Group has the financial experience and expertise to help you navigate this complex and pivotal step.

2. Skipping the Business Plan

Pitfall: Without a detailed business plan, it's challenging to stay on track with your financial goals and operational strategy. Disorganized efforts yield wasted resources. We’ll help you create a comprehensive strategic plan of action, based on your unique vision, and update it as you gain more insight into your market and practice needs.

3. Poor Debt Management

Pitfall: Planning accurately for your start-up costs is key to successful debt management. Overleveraging with high-interest loans can hinder your financial stability. Williams Group is an industry leader to help you carefully explore start-up financing options for best and favorable terms to ensure your debt levels are manageable relative to your expected income.

4. Mismanaging Cash Flow

Pitfall: A common oversight is not maintaining a healthy cash flow which can lead to problems covering day-to-day expenses. A robust financial plan accounts for operational production and all foreseeable expenses and some you might not expect, like emergency repairs or economic downturns. Williams Group will help you define a forecasting plan to protect you against slow business periods.

5. Ineffective Tax Strategy

Pitfall: Neglecting proper tax planning can lead to unexpected liabilities and potential penalties. Our industry-specific tax accountants will collaborate with you to ensure you take advantage of applicable deductions and optimize your tax strategy.

6. DIY Financial Management

Pitfall: Taking on all financial responsibilities yourself can lead to mistakes and missed opportunities for financial optimization. Our bookkeeping and payroll teams can manage your practice’s finances more effectively, minimizing your hands-on administrative responsibilities.

Navigating the financial complexities of starting an optometry practice can seem daunting, but with careful planning and strategic foresight, you can lay a solid foundation for a successful business. With Williams Group, you can avoid these financial pitfalls and be on your way to a thriving practice.

Learn more about start-up practice consulting or schedule a call to start talking about your next great adventure with Tammi Sufficool, MBA. 

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

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