Bonuses, Gifts and Holiday Parties, Oh My!

How do you define success for your business? Are you making time to balance your work with personal fulfillment, or are you stuck in the cycle of chasing endless profits? 

In this episode, Bethany is joined by Ali Nasser, founder and CEO of AltruVista wealth planning firm, entrepreneur, and author of the best-selling book “The Business Owner’s Dilemma” for a conversation on how to truly define success. 

Together they discuss an often-overlooked aspect of entrepreneurship: the relentless pursuit of financial gains at the expense of personal fulfillment. Speaking from his wealth professional expertise, Ali emphasizes the importance of measuring success by the concept of ROLE — “Return on Life Experience” — rather than solely on financial metrics. 

Nasser shares insights from his professional encounters with business owners who achieved financial success but struggled with personal issues like identity, relationships, and health. He suggests that business owners should focus on what truly matters to them, such as time management, relationships, and personal growth, rather than solely on financial gains. 

If you find yourself winning at business but struggling to find purpose outside of work, tune in to this episode to learn more about how to find the right balance for your life experiences!

In this episode, join Bethany as she gives some expert insight into the confusing and complex topic of creating a successful cold start practice. Drawing on over two decades of experience, including cold starting her own practice and guiding numerous other doctors in their cold start journeys, she offers invaluable insights into effective strategies and common pitfalls.

Bethany cautions against the allure of equipping a new practice with the latest gadgets and technologies from the outset. Instead, she emphasizes the importance of cultivating a solid, dependable patient base with basic needs, and progressively enhancing technological resources and treatment capabilities as the practice flourishes.

It's also important to have the right motivation and acquire the necessary business skills for success, similar to optometry training. Bethany advises practice owners to be easy to do business with, deliver an exceptional patient experience, and start out with good habits and solid business practices from the beginning. 

Embarking on a cold start practice can be a remarkable opportunity for professional growth. Tune in to this episode to discover the most effective approaches to achieving the success and work-life balance you've always envisioned, while avoiding the common errors associated with this challenging yet rewarding endeavor.

Is an MBA your golden ticket to career advancement, or is there a way to invest your time and money with better opportunities? 

In this episode, Bethany is joined by Dan Koontz, MBA, former Wall Street senior equity analyst, in a conversation about the pitfalls of pursuing another advanced degree to attempt to improve your business acumen. 

Dan offers deep insights into the value of an MBA for optometrists and entrepreneurs. He shares his journey from an English literature graduate at Cornell University to a successful career in finance, highlighting how an MBA from Columbia University paved his way to Wall Street where he was ultimately able to retire at the age of 40. 

Together they challenge the necessity of an MBA for practice owners, discussing the mismatch between academic training and real-world business needs. He emphasizes the high costs and opportunity losses associated with pursuing an MBA, especially for entrepreneurs who might not need this credential. Dan encourages optometrists to seek targeted, practical business knowledge rather than a general MBA, suggesting alternative ways to acquire business acumen relevant to their field. This episode promises to be an eye-opener for professionals contemplating advanced business degrees, showcasing the importance of aligning education with specific career objectives.

Check out Dan’s Groundnut Stew recipe

The new year is a chance for everyone to take a step back and seek out ways to improve their life for the upcoming year. Could dropping a difficult vision plan be your answer for a happier and more successful 2024? 

In this episode, Bethany is joined by Steve Alexander, the marketing director at Anagram and optometry insurance expert, as they discuss an impactful New Year's resolution for optometrists: simplifying their practices by re-evaluating and possibly dropping burdensome vision plans. 

While this move may seem drastic, Steve elaborates on how this game-changing move aims to increase profitability, simplify operations, and enhance patient care quality. Learn how to strategically choose which plan to drop, understand the benefits of this decision, and explore the nuances of balancing patient volume with service quality. 

They also delve into the critical aspect of preparing your practice for this change, ensuring a smooth transition for both staff and patients. This episode is not just about dropping a vision plan; it's about reshaping your business model for a more effective and fulfilling practice. Don't miss these expert insights that could transform your approach to optometry in the new year!

Celebrations, Bonuses, and Gifts — the holiday season is one of the busiest times of year for everyone. What are you planning for your staff this holiday season?  

In this episode, Bethany is joined by Allison Kraemer, Director of Client Services at The Power Practice as they discuss how to best approach holiday celebrations and year-end festivities in the workplace.

Together they delve into a host of topics ranging from how best to acknowledge the accomplishments of your staff for the year to the distinctions between bonuses and gifts. They also discuss the nuances of holiday decorations in the office and how to toe the line between enhancing the work environment and creating extra burdens for your employees. 

Tune in to hear ideas for inclusive, team-oriented holiday celebrations with practical strategies to make your office a respite from the hectic holiday season while accommodating diverse beliefs and preferences. Whether it's crafting personalized gifts or creating new traditions, this episode is a treasure trove of insights for practice owners seeking to foster a positive and appreciative workplace culture during the holidays.

Lease renewals are the most common real estate transaction for healthcare providers. Unfortunately, they’re also the type of transaction where optometrists lose the most money. How can practice owners flip the odds to their favor and save money? 

In this episode, Bethany is joined by Colin Carr, founder of CARR Realty, the nation’s leading provider of real estate services for healthcare professionals, as they dive into the critical topic of lease renewals for optometry practices. 

Their enlightening discussion reveals a common pitfall: many optometrists unknowingly lose out on hundreds of thousands of dollars by not being proactive in the lease renewal process. As a seasoned expert in the medical real estate landscape, Colin reveals strategies that the landlords don’t want practice owners to know, including: starting negotiations at least 12 months in advance, using a healthcare commercial real estate agent, and knowing your market options, whether you plan to stay or relocate. Carr emphasizes that renegotiating, even with an existing renewal option, can yield significant savings and better terms. 

This episode is a wealth of information for practice owners looking to get the upper hand and turn the tedious process of lease renewal into a win-win for their office space and their balance sheet.

2024 is fast approaching! That means that it’s time to consider making big purchases to improve your practice and avoid paying heavy tax bills — but what if there’s a better way to use your money? 

In this episode, Bethany is joined by Adam Cmejla, founder of Integrated Planning and Wealth Management, a firm that does financial and retirement planning for optometric practice owners. Together they have an enlightening discussion on the best strategies to make your money work for you at the end of the year and clarify common misconceptions about taxes and managing practice finances. 

While it may seem prudent to invest profits back into your business, Adam challenges the idea of reinvesting profits solely for tax benefits, advocating for a balanced approach that includes enjoying personal rewards.

Tune in to learn practical expert advice on evaluating financials, understanding cash flow, and making smart, strategic decisions about savings and investments. Your practice is your most important asset - learn how to make sure that it’s working to benefit you both personally and professionally.

Expert analysis has determined that in the competitive world of entrepreneurship, only 20% of teams reach their full potential.

For the majority of business leaders trying to achieve their goals and build their dream, internal saboteurs could be the thing inhibiting their professional growth. Could your mindset be the thing standing in your way?

In this episode of The Power Hour, Bethany is joined by Sarah Dau, Vice President of Business Development for the Power Practice and Business Management Coach with over a decade of experience helping optometry practices of all sizes reach their goals and potential.  

Through personal anecdotes and expert insights, Sarah sheds light on the unconscious biases that shape behaviors and decisions and discusses strategies to develop ‘positive intelligence’ to recognize and conquer these internal adversaries. With practical advice on altering neural pathways and fostering productive thoughts, this discussion is a goldmine for anyone looking to elevate their workplace, enhance personal happiness, and achieve professional growth.

Finding the right people to help your practice grow is a challenging task. No matter how rigorous your process is, misfits slip through the cracks. Your team is a vital piece to your success -- Don’t let other’s negativity impact your future!

In this episode of The Power Hour, Bethany is joined by Gavin Rebello, an optometrist from the United Kingdom and renowned expert on leadership and management. Together they dive into the impact of negativity and resistance to change in the workplace and how it affects team dynamics and business success. 

Listen as Gavin discusses the importance for business owners to stay self-aware and strike a balance between addressing the negativity and acknowledging its validity. He suggests practical steps, such as 'start, stop, continue' conversations and gratitude practices, to help shift someone from being a negative suck – or 'Mood Hoover' --to a positive, proactive leader. Recognizing this behavioral tendency, or better yet, preventing it from occurring in the first place, is essential to fostering a more productive, harmonious, and forward-thinking work environment that is united to for practice growth.

The world of entrepreneurship is naturally confusing, especially in the rapidly changing and demanding field of eye care.

Join Bethany and Jennifer Hudye, the founder of Vision Driven Global, a company that helps entrepreneurs connect to clarify and create their next big vision for their businesses and for life.

Together they’ll discuss the spectrum of challenges that business owners and leaders face when trying to decide the future of their company and the process of solving these problems — creating clarity from confusion. Learn some of the methods Jennifer recommends and has used in her own life and find out why it’s important for leaders to develop a workflow to quickly navigate through inevitable confusion, accept the necessity of being decisive, and move their business forward.