Sponsored By
Learn the importance of creating, and effectively using, a practice budget.
CREATE A SIMPLE BUDGET. Create a simple budget by organizing it into one income source and four basic buckets of expenses: cost of goods, people, places and things.
KNOW WHERE YOU’VE BEEN TO SEE WHERE YOU’RE GOING. Compute your spending and earnings for the past year, then compare that to your metrics for the past 1-3 months. If needed, make adjustments to meet your growth targets.
INCREASE PRACTICE VALUE. Potential buyers will be leery of a practice with no financial controls in place, that can’t tell prospective buyers exactly how much money was spent and earned over the previous year.
DOWNLOAD BUDGET TEMPLATES
Simple budget template for you to fill out
Example: Budget, goals exceeded
Example: Budget, goals not met
OTHER PODCASTS IN “MANAGE YOUR PRACTICE LIKE A PROFESSIONAL”
Click HERE to listen to Podcast#1: “How to Be the Practice CEO”
Michael A. Kling, OD, owns Invision Optometry in San Diego, Calif., and is founder and CEO of Impact Leadership. To contact: dr.kling@invisioncare.com