Title: Building Your Financial Foundation
COPE ID: 46694-PM
Duration: 1 Hour
Summary: Optometrists receive very little business training during the traditional 4-year optometric curriculum. Yet, most ODs find themselves at some point responsible for some, if not all, aspects of the business operations of the organization. This presentation focuses ODs’ attention on their role as CFO of their practices. Here we will take a broad look at 5 fundamentals for establishing a sound financial foundation for an optometry practice: Budgeting; Financial Statements; Managing Cash Flow; Tracking Progress; and Planning. We will attempt to gain an understanding of the importance of a solid financial foundation and discuss the impact of poor financial planning on a practice.