Optometrists receive very little business training during the traditional 4-year optometric curriculum. Yet, most ODs find themselves, at some point, responsible for at least some aspect of the business operations of the organization. This course focuses ODs’ attention on their role as CFO of their practices. Here we will explore 5 basic fundamentals for establishing a sound financial foundation for an optometry practice: Budgeting; Financial Statements; Managing Cash Flow; Tracking Progress; and Planning. We’ll further explore our own perspectives on money and how they affect our practices.

Successful businesses follow a structured financial plan for both projecting income and anticipating expenses, yet many small businesses, and most optometric practices, don't utilize a budget to manage their finances. Here we will introduce The Simple Budget, a simplified approach to creating, and sticking with, a practice budget. We'll explore the importance of creating a budget, why most ODs don't follow (or even create) a budget, the steps needed to create your own Simple Budget, and strategies to help you stick with it.

Cash is king! And understanding where your cash is going is essential to keeping yourself and your practice out of hot water. Clearly one of the most challenging aspects of running a private practice, managing your cash flow can have a significant impact, not only on your business, but also your personal happiness and well-being. Here we'll address the many aspects of managing your cash flow, how the most successful companies use positive cash flow to their advantage, and strategies to ensure you are taking the right steps to protect your cash flow.

The number one financial challenge facing most optometric practice owners today is poor cash flow. Doctor owners often fall prey to focusing too much on top line revenue growth, while ignoring the increasing expenses and debt that often accompanies that growth. Without a plan, practice owners often find themselves living insurance check to insurance check, wondering how they’re going to make payroll, financially overwhelmed and stressed out. This course presents a revolutionary new cash flow management system, Profit First, designed to immediately improve practice profitability, eradicate unnecessary business expenses and assist practice owners with managing their business debt.

Often referred to as “The Financials”, the financial statements of your practice, which include the Profit and Loss Statement, Balance Sheet and Statement of Cash Flows, provide an important set of information for understanding how your business is operating. Here will week look at each of these documents in detail and determine what information is most useful to improve the management of your business.

Cash is the fuel that drives business forward and understanding the causes of poor cash flow is one of the most critical financial responsibilities of a business owner. Without it, you’ll likely find yourself unable to make payroll, pay your vendors, pay off debt, draw a reasonable wage or invest back into your business. Here we will discuss eight common cash flow pitfalls that practice owners often face and provide proven strategies to avoid the costly business mistakes that result in poor cash flow, a lack of operating capital, and stress and anxiety for the owner.

Similar to a visit to a primary care physician, performing a Practice Performance Checkup is critical for determining the financial health and well-being of a business. Here we will discuss the four measures of a healthy practice and how they provide crucial insight into the health and sustainability of our business. We’ll discuss which important practice data should be tracked, and Key Performance Indicators (KPIs) that should be measured on an ongoing basis.

“EBITDA” has become a common tool for measuring both the profitability and value of an eye care practice. In this course, we will explore EBITDA in detail by diving into the Profit and Loss Statement, and provide business owners the tools needed to unlock the hidden value within their business.

Considering purchasing your first practice, or possibly adding a second location? In this course, we will explore all aspects of purchasing a new practice including determining your "Why", working with Sellers, and determining the true value of a practice. You will learn how to properly perform due diligence, manage the transaction process, deal with lenders, and how to avoid the 3 most common pitfalls for a broken deal.

The behaviors, attitudes, beliefs, actions and perspectives of any leader are “contagious” to its followers. Like a virus, our words, body language and mood directly impact the attitude, productivity and performance of the teams that we serve. Here we will discuss the concept of “social contagion”, that is, the impact that we, as leaders, have on those that we lead. By understanding our impact on others, we’ll better tend to the needs of the organization, and create an environment that allows our teams to thrive and fulfill their greatest potential.

The terms “manager” and “leader” often get used interchangeably while describing those in charge, yet there’s a critical distinction between the two. Managers often “manage” by directing and giving orders, while the behaviors, attitudes, beliefs, actions and perspectives of a leader are “contagious” to its followers. Here we will explore the steps required to go from Manager to Leader by demonstrating effective leadership, learning to influence your team, understanding how to create the right culture, learning to set goals and implement change, and delegating for productivity and growth.

Business owners often find ourselves overwhelmed with the day to day routine of running the business and lose focus on the importance of protecting the bottom line. In this course, we will explore 5 easily implemented practical strategies for increasing the profitability in your business.