800.676.9076

The competition in the field of optometry has grown over the years. With an array of choices available, patients are no longer bound to one practice and can easily switch if their expectations aren't met.

Therefore, enhancing the patient experience is vital not just for retaining your existing patients but also for attracting new ones. Let’s explore key strategies that can help you elevate the patient experience in your optometry practice.

Understanding Patient Needs and Expectations:

Every patient walking through your door comes with their own set of needs and expectations. Understanding these can guide you in tailoring your services, thereby enhancing patient satisfaction and loyalty. One way to understand patient needs is through active listening. Encourage your patients to voice their concerns and needs. Ask questions to understand their history, lifestyle, and vision needs better. Are they working extensively on computers and experiencing digital eye strain? Are they athletes looking for sports vision solutions? Understanding these needs allows you to personalize their care plan effectively.

Leveraging Technology for Efficient Service:

In the digital age, patients value efficiency and convenience as much as they value quality care. Leverage technology to streamline your processes and enhance patient experience. Implement online appointment scheduling, electronic medical records, and automated reminders for appointments or eye tests due. These not only simplify processes for your staff but also provide your patients with a seamless experience.

Emphasizing Continuous Improvement through Patient Feedback:

Your practice should be a continuous loop of feedback and improvement. Make it a habit to solicit patient feedback - this could be through regular surveys, suggestion boxes, or simply asking patients at the end of their visit. Take this feedback seriously and act upon it. If multiple patients mention long waiting times, consider how you could streamline your appointment process. If they appreciate the friendly service of a particular staff member, acknowledge and reward that staff member. Showing your patients that you value their input and are willing to improve can significantly enhance their experience and loyalty.

Enhancing the patient experience should be a priority for every optometrist. It is a powerful strategy to retain your existing patients and attract new ones. The key is to understand your patients' needs and expectations, leverage technology for efficient service, and emphasize continuous improvement through patient feedback.

Let’s work together to provide unparalleled patient experiences, one eye examination at a time.

Do you have questions about enhancing your patient experience? Schedule your call.

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

Bess Ogden

Director of Education and Training
Email Bess

 

 

Back to All Blogs

 

Start-Up Financing: Benefits of a Business Plan

Creating a business plan for a start-up practice is a crucial step in defining your new business vision and strategies for long-term success. A well-defined plan is important, not only when seeking financing, but also as a decision-making tool and road map for the process. A comprehensive business plan adds to your professional credibility, showing that you are serious about the practice and have invested time and effort into planning for the success of your new business. The plan also serves as a tool for ongoing management, helping to track progress, make informed decisions, and adjust strategies as needed based on performance and market changes.

Here are some key benefits of a well-crafted business plan:

  1. Market Analysis: Providing a thorough analysis of the local market, including demographics, competition, and demand for medical services, demonstrates that you understand the market landscape and have a plan to capture a significant share of it.
  2. Strategic Planning: The business plan outlines strategies for growth, marketing, and patient acquisition. This strategic approach shows financiers that you have a roadmap for building and sustaining the practice.
  3. Detailed Financial Projections: Financial projections, including capital expenditures and cash flow forecasts, provide a clear picture of expected revenue and expenses. This helps in demonstrating the practice's financial viability and ability to repay loans or attract investment.
  4. Clear Vision and Goals: A well-structured business plan helps articulate the vision and objectives of the practice, both in scope of the patient care and for attracting new patients. This clarity is essential for convincing lenders or investors of the practice’s potential success.
  5. Risk Assessment: Identifying potential risks and outlining mitigation strategies can reassure lenders or investors that you have considered possible challenges and have plans to address them.
  6. Operational Structure: Describing the organizational structure, including roles and responsibilities, can help in showcasing a well-managed practice. This includes detailing staffing needs, office management, and patient care protocols.

A well-crafted, comprehensive business plan not only aids in securing financing by conveying the viability the practice and effectively showcasing its potential for success, but it also serves as a valuable tool for guiding the development and management of your new start-up practice. Williams Group can help you with the development of your well-defined business plan, cash flow projections, capital expenditures, location/lease needs to support your practice vision and to prepare for successful lender financing.

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

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

Email Tammi

Back to All Blogs

 

Cost Considerations of Starting an Optometry Practice

Starting an optometry practice is a substantial financial endeavor with several key cost component considerations. A business plan, financial analyses and a market/demographic/location assessment are essential tools to hone in on the exact cost of your start up practice. Your initial cash outlay or capital expenditures should be differentiated from ongoing operational cash flow expenses. Williams Group’s expert consultants will guide and advise on all of the projections and decisions needed to achieve a fully-funded start-up practice that fits your budget.

Initial Planning and Research

  1. Market Research: While diving into the financial aspects of your project, you’ll need to define your mode and scope of practice along with the market and the demographics to support your vision. Costs for conducting surveys are part of the initial cash expense.
  2. Business Plan: Developing a solid business plan is crucial. Having an experienced consultant to guide and simplify the process saves time and effort which has big payoffs.  You will avoid muddling through process, inaccuracies with the timeline, and missteps with financial calculations and projections. With professional help, the time you save will be worth the investment when you open sooner. Costs for developing a business plan, financial analyses/ projections are part of the initial cash expense.

Startup Costs

  1. Occupancy Cost: The cost of leasing or purchasing space varies widely by location. In metropolitan areas, leasing can be a high-ticket expense. For a smaller community, it will be less, but determining a fair market value as well as terms, conditions and concessions of the lease will be paramount. You will need to pay a deposit and initial rent which will be another upfront expense. Williams Group will provide the expert guidance you need to avoid costly long-term missteps.
  2. Renovations and Furnishings: Depending on the condition of the space, renovations are a considerable expense and need to include the cost of an architect and contractor. Optical frame boards, furnishings, such as desks, chairs, and reception room furniture, along with office equipment, need to be considered as a cash outlay.
  3. Optometric Equipment: Essential equipment like a chair/stand, phoropter, slit lamp, BIO, autorefractors/auto-keratometers, perimetry analyzers, tonometers, as well as special testing instrumentation like a retinal camera, OCT, dry eye management technologies, or even an Optos can is a major consideration. Additional diagnostic equipment and technology may be in your budget.
  4. Technology and Software: Investing in Electronic Health Records (EHR) systems, practice management software, and other IT infrastructure are upfront and monthly ongoing costs.
  5. Frame Inventory:  Stocking an initial inventory of frames can be a significant investment. Your business plan will drive your selections.

Professional Legal Fees/ Tax Advisory Fees

  1. Legal Fees: Setting up a legal structure, drafting contracts, and other legal work is imperative part of business law. Our consultants provide the direction you need for your business decision ahead.
  2. Tax Advisory: Considering professional guidance for the tax status for your business entity should not be overlooked and is essential to minimize your business and personal tax burden. Williams Group can provide the expert guidance you need.

Marketing and Branding

  1. Initial Marketing: Establishing your practice’s presence through marketing materials, website development, and initial advertising campaigns are an imperative step and cash outlay. Additional strategies to attract new patients are key to achieving a thriving, successful business.
  2. Brand Development: Costs for designing a logo, business cards, and external signage should not be overlooked and add to the start-up cost.

Operational Cash Flow Expenses

Beyond the initial startup costs, be prepared for ongoing operational costs such as salaries, rent, utilities, inventory replenishment, and marketing. These recurring expenses will need to be managed to maintain a profitable practice.

  1. Salaries: Hiring staff, such as an optician, optometric technicians, receptionists, is an operational cost. Initial salaries differ annually, depending on your location and the number of employees.
  2. Benefits: Including health insurance and other benefits could add an additional 20-30% on top of salaries.
  3. Insurance: Professional liability insurance, property insurance, and worker’s compensation will need to be considered to the annual budget.
  4. Utilities: Expect to spend on monthly utilities such as electricity, water, and internet add up too.
  5. Licensing: Ensure you are up-to-date with local, state, and federal regulations.
  6. Miscellaneous: Other costs like office supplies, cleaning services, and unexpected expenses can also accumulate, so having a cash buffer is wise.

Total Startup Costs

Overall, starting an optometry practice involves careful planning and investment. It requires best practice processes, procedures and protocols. With the right strategy, professional guidance and execution, owning your own practice can be a rewarding endeavor, both professionally and financially.

Download our Cost Considerations to Starting an Optometry Practice White Paper for insights!

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

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

Email Tammi

Back to All Blogs

 

Strategies to Fill Your Patient Schedule

Creating awareness of your new optometry practice and filling your patient schedule is a challenge for a start-up practice. New business owners will need to implement a multifaceted approach that involves both new patient marketing and patient retention strategies. Below are some effective strategies your Williams Group Start-Up team will help you execute.

Effective Appointment Scheduling

Ensure your scheduling system is efficient and patient-friendly. Offer online scheduling options and reminders to reduce no-shows. Williams Group can help you implement a host of scheduling strategy to get your optometry practice in the black.

Patient Engagement and Communication

Maintain regular communication with patients through newsletters, emails, and social media posts to foster practice awareness. Educate patients about the importance of preventive care through vision and eye health evaluations, ocular disease management, and your specialty services. Williams Group provides quarterly social media posts and patient education to keep you on track.

Quality Care and Patient Satisfaction

Provide excellent patient care with a focus on customer service and patient experiences. The initial experience with your front desk staff, including telephone technique and an understanding of insurance plans, should not be overlooked. Accurate prescriptions, quality lens materials and an incomparable frame selection, are also key to outstanding perception of value and exceptional visual performance. Satisfied patients are more likely to return for more services and refer others to your practice. The experienced team at Williams Group will guide you and your team in providing an exceptional experience for every patient.

Continuing Education and Specialization

Stay updated with the latest medical advancements and consider specialization in a niche area to attract patients seeking specialized care. Stay true to your authentic calling and how you serve best.

Insurance Participation

Ensure your practice accepts a wide range of insurance plans to accommodate different patient needs. Williams Group can help you determine the best mix of medical and vision insurance plans for your target market.

Online Presence and Reputation Management

A professional website that is easy to navigate and provides accurate information about your services is just the start. Manage your online reviews and respond promptly to feedback. Your experienced start-up consulting team will help you formulate a comprehensive marketing plan with strategies to maximize your impact.

Marketing and Advertising

Use targeted online and offline marketing strategies to reach potential patients. This can include social media advertising, Google Ads, and local print and radio advertising, and asking for referrals.

Community Engagement and Networking

Participate in community events or health fairs to raise awareness about your practice. Sponsor local events or sports teams to increase visibility. Build relationships with other healthcare providers who can refer patients to your practice.

Patient Feedback and Adaptation

Regularly collect feedback from patients and use it to improve your services and patient experience.

By employing a combination of these strategies, you can help ensure that your new start-up practice schedule remains consistently full of patients who value and trust your services.

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

Tammi Sufficool, MBA

President Practice Start-Ups / New Business Advisor

Email Tammi

Back to All Blogs

 

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
Email Bess

 

 

Back to All Blogs

 

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

Email Tammi

Back to All Blogs

 

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

Email Tammi

Back to All Blogs

 

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

Email Tammi

 

 

Back to All Blogs

 

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

Email Tammi

Back to All Blogs

 

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

Email Tammi

Back to All Blogs