5 Reasons You Need a Mentor for Entrepreneurial Success You’ve probably heard the phrase “It’s lonely at the top.” I disagree. Your path to the pinnacle of entrepreneurial success is not one you should walk alone. Behind the success of every great entrepreneur are friends, family members, and mentors. Your family provides the motivation and […]
There’s only one thing that counts when it comes to your mission statement. Don’t even bother to continue reading if you haven’t determined your business’s core values yet. You can’t be on a mission if you have no values! (However, if you haven’t read my article “Why Your Practice Absolutely Needs Core Values”, then you […]
There is no magic pill we can be prescribed to make our businesses double overnight. There’s nothing we can be given to instantly have more work life balance. I wish there was! If there were, we would all be sitting on a nice beach sipping a nice drink without worry. Instead, we still need to […]
The amount of turnover in the optometry industry has been increasing year after year, decade after decade. Despite numerous books and studies on building strong office culture, the numbers are not improving. Studies are showing that the employee turnover rate for younger generations is double that of older generations. If you’re an office manager and […]
And what to do about it. Cash Flow The biggest concern of small business owners surveyed is their cash flow. You need to be able to understand the cashflow process in your business. If you buy products, how much should you have on hand? Are you invoiced 30-60-90 for those products? How frequently do you […]
What would happen if you couldn’t run your business tomorrow and needed to hire someone else? Your net income just went from $200,000 to $0, and you’re living off short, or long-term disability… or maybe you are one of the very unfortunate who has nothing! “Would it be difficult for your business to operate if […]
Stop thinking of yourself as a player; see yourself as the head coach, captain, or general! If you are doing menial tasks, like answering the phone, you have to change your mindset. If you wouldn’t pay someone a CEO salary to do the job, then you shouldn’t be doing it. Ask yourself “What is my […]
I’m asked almost daily “how do I take home more money?” We all went to school for years expecting to come out living a certain type of lifestyle, and in order to answer this question, we have to look at what happens to the gross revenue of your practice or business. In the optometry industry, […]
If you are doing menial tasks, like answering the phone, you have to change your mindset. If you wouldn’t pay someone a CEO salary to do the job, then you shouldn’t be doing it. Ask yourself, “What is my time worth?” or “Should I be doing this task, and could someone else be doing it?” […]
Running a medical eyecare office has become more challenging, with greater competition from online retail and optical chain-store providers. Understanding gross revenue versus net revenue has never been more vital. Once you understand the difference between these two metrics, you will be able to better strategize how to become more profitable, including how to better invest in your office to improve patient care. […]
Dr. Scott Colonna
