Eye Own a Business Episode 11- Rethinking Practice Metrics: Do the Old Rules Still Apply?
Change in the eyecare industry is nothing new, but the past few years have seen more change than normal. Having a solid understanding of your practice financials is important to help you navigate changes and strategize for the road ahead.
IDOC’s Associate Director of Financial Services, Nathan Hayes, shines a light on what metrics are most important and how to use those metrics in your business planning and decision-making. We also discuss IDOC’s Books and Benchmarks service that takes the burden of bookkeeping off your plate… and makes sure it’s done right!
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0:00 - Intro
1:20 – Quick overview of the current state of the industry
3:35– How has rising costs (payroll, goods) impacted practice financials?
6:21 - What are the most important benchmarks practices should be tracking?
9:15– Should owners operate leaner in this environment?
12:16 – Goal setting
17:18– What should be the focus of a practice looking to sell in the near future?
21:57 – Common mistakes in bookkeeping
28:06 – Discussion of IDOC Books and Benchmarks
Practice metrics
Books and Benchmarks
Bookkeeping
Benchmarking