Would you like a guideline on how to best manage your optometry business while navigating this uncertain time? Here’s a peek into exclusive advice from Conor Heaney, founder of the Optical Success Academy, and an independent optometry practice owner.
In the Optical Success Academy, we offer the blueprints on how to run a successful independent optometry practice, along with a supportive network of other optometrists that are going through the same kinds of challenges you are having.
To support all of you in the optical community during this time of crisis, we’re publishing Optical Success Academy coaching advice to help you succeed.
Here’s What To Do:
A couple of things that are most important at this time…
Look after yourself and your family. Read between the lines from what the government is saying and do whatever you think best for your family and loved ones, ESPECIALLY those more vulnerable and at risk.
The government is doing what they think best for everyone but remember, they don’t have the luxury of caring about you or anyone as individuals. They only care about the hard numbers and whatever numbers look best.
YOU however CAN and MUST still think for yourself. YOU can help individuals in your family and community. You can definitely help your staff and their families. And you can even help your clients by how you continue to communicate with them throughout this.
Let’s keep things in perspective too. Your health is more important than money. Money can be replaced.
So please follow the guidelines and go further where you think sensible.
Now, on to the added financial worries that you have…
First off, you are not alone. Everyone will have these worries whether they own a business or not. Members of the Optical Success Academy are more resourceful than most.
But for now, get busy with the following:
Take away the sad and awful trauma that will come in the weeks to come for many people who see older family members die, and the health service staff who will have to work in terrible situations and make impossible decisions, and many others who will be emotionally effected by all this, put all that to one side for a moment and all you are left with is simply a financial problem. Just a money-maths problem. And that is a problem that you are capable of figuring out.
So be pragmatic about handling the financial side of this problem.
Here’s the checklist:
- Figure out what your expenses are for the next 3 months. What are all the essential outgoings. Get that number
- Figure out how much cash reserves you have and divide it by the number you got for your expenses. That tells you how many months you can continue to cover those expenses.
- Now figure out how much cash you would need access to to bridge the gap and also how much cash you would need to cover expenses for 6 months. You may as well have a cushion.
- Now find ways to get at least to the 3-month number and ideally to the 6-month number.
- Call your bank and ask for an overdraft or short-term business loan.
- Call your bank and ask for payment holidays on any business loans (and you may even want to look at this option on your personal mortgage)
- Consider any personal cash you have on hand that is available for you to loan to the business (without putting you under any personal financial stress)
- Call your landlord to ask about reducing your rent for a period or extend the payment terms.
- Call your biggest suppliers and ask about extended credit terms, so what is normally due in 30 days is paid in 90 days or even longer
- Cut any non-essential expenses, with the proviso that you don’t cut things that will harm the long-term health of your business. This crisis will pass, and you want to be in a position to bounce back quickly and strongly with a team and mindset that is ready and able to do that.
In the Optical Success Academy, we have members who have the reserves to get through this and who will be absolutely fine. If you want to learn how to build a better practice that would give you enough financial cushion to navigate crisis, get started here.
Members of the Optical Success Academy are getting exclusive coaching calls to learn how to manage their practices and cashflow throughout this. You don’t have to do this alone! If you want to get the roadmap to know exactly where to go during these uncertain times, learn more about the Optical Success Academy here. We will get through this together!