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The following article is designed to give the independent optometrist methods to determine relative investment returns when expanding a private practice. The methods described can be used for any type of practice investment.
With the conclusion of the holiday season, perhaps it is time to establish goals for your
practice for the New Year. The beginning of the year is always full of hope, optimism and big dreams. Maybe your dreams include expanding your practice location or even relocating. More space for a larger dispensary, pre-test area or lab could mean additional profits for you if planned properly.
How do you decide which investment to make? Part of the answer is to invest in the improvement that will yield the highest net cash flow (which also increases the value of your practice). Here are some basic decision-making tools to help determine if a
practice investment meets your financial goals.
All projects begin with a plan. The more detailed the plan, the more accurately you can predict the amount of your investment. Adequate planning before commencement of a project reduces costly changes later, avoids surprises and determines profitability.
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Viability Estimate
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Decision Making
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Decision Making if you Finance
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Cost of Doing Business Decisions
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Other Tips
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