Show Notes
The most expensive mistake in your practice might be solving a problem you never proved existed.
Dr. Jen Stewart joins me back on the show for a conversation about making better decisions before writing the check. Inspired by Jim Collins' concept of "firing bullets, then cannonballs," we explore why practice owners should test assumptions, gather evidence, and understand what success actually looks like before committing significant money or resources to a decision.
One idea kept resurfacing throughout our conversation: more isn't better; better is better.
Before you hire another employee, buy another piece of equipment, or sign a lease on more space, ask yourself: What am I solving for? In service of what? At the cost of what? And perhaps most importantly: What would it take to get a better result with what I already have?
NBS (Next Best Step): Identify one "cannonball" you're currently considering in your practice. Before committing to it, write down the problem you believe it solves and identify one or two smaller, lower-cost experiments you can run to prove the problem—and the solution—before writing the check.
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Resources: 20/20 Money: The Business of Optometry Episode: Optical Isn't Dead, but The Way You Are Running It Is with Dr. Jennifer Stewart
20/20 Money: The Business of Optometry Episode: Edging In-House vs Outsourcing: The Economics, Trade-Offs, and Data An Optometric Practice Needs to Measure with Drs. Jennifer Stewart, OD & Sam Hornberger, OD
20/20 Money: The Business of Optometry Episode: Why some dry eye practices thrive-and others quietly fail with Dr. Chris Wolfe
20/20 Money: The Business of Optometry Episode: Improving your practice by tracking the right KPIs (and ignoring the wrong ones) with Nathan Hayes
20/20 Money: The Business of Optometry Episode: Why focusing on "profit" in your optometry practice might not be the most effective owner metric to measure (and which ones you SHOULD focus on) with Nathan Hayes of Books & Benchmarks
20/20 Money: The Business of Optometry Episode: Making sense of your practice financials (profit/loss, balance sheet, and cash flow statement) with Nathan Hayes of IDOC
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