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John Marvin

A Different Approach for Achieving Your Goals This Year

Only 3 percent of people will take the time and discipline to do this, but they’ll make more than 10 times the 97 percent who didn’t.

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MY FATHER TURNED 90 years old this past August. My relationship with him has changed over the years, but the older I’ve become, the more I appreciate learning from him. He is a voracious reader, and I enjoy hearing about the books he is reading. This past fall, he suggested I read a book he’d just finished and now I’d like to suggest that you do too. It’s called Goals by Brian Tracy.

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Everyone is familiar with the importance of setting goals. This time of year, we are inundated with resolutions and fresh starts. But based on studies, 25 percent of people who make New Year Resolutions don’t even keep them a full seven days. Sixty percent abandon them within six months. Why do we have such difficulty achieving goals?

I’d like to suggest a different approach for reaching your goals this year.

Decide on three things you want to achieve. You can choose one or two if you like, but no more than three. There is power and focus that comes from keeping the list small; it doesn’t allow for distractions. Take time to decide what it is you want. Pretend you have three wishes and be careful how you use them. Deciding what you want is the most challenging part of achieving your goals.

Write Them Down

Write a paragraph, describe it in detail and in the present tense; not “I’m going to …” but “I have” or “I am.” Take time to think through the impact of achieving the goal, be specific and detailed in your description. Writing down what you want to achieve is, in itself, powerful in its ability to help you focus. If you contemplate what the goal will do for you, your family or business, you may decide that it’s not a goal you have a burning desire to achieve. Knowing what you don’t want can be as important as knowing what you do. This only happens when you write down your goals in detail.

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Make It Measurable

Describe what you want in terms that are measurable. Stating that you want to make more money is not measurable.

How much more? If you’re going to grow your business revenue, then set an exact percentage. Don’t compare it to the industry; set the amount you want to achieve. Determine whether you wish to increase your gross or your collections. Once completed, there will be no question as to whether or not you achieved your goal.

Set a Date

Setting a date is critical as it drives motivation and helps keep the focus on working daily to achieve your goal. Not only should a date be set for when you will reach your goal, but it should be broken down into months, weeks and days. Every big goal is achieved by reaching a series of daily goals. This gives you a plan. Record in your calendar your daily goal and the result. This daily exercise will keep you focused and provide a visual you can use for motivation.

Sounds simple, right? It is, but studies show that only 3 percent of the people who read this will take the time and discipline to put these simple steps into action. Studies also show that the 3 percent who do will make more than 10 times the money of the 97 percent who didn’t. What you experience in this new year is entirely up to you.

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John D. Marvin has more than 25 years of experience in the ophthalmic and optometric practice industry. He is the president of Texas State Optical and writes about marketing, management and education at the practiceprinciples.net blog. You can email him at [email protected]

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John Marvin

How Much is Your Practice Really Worth?

When someone wants to buy your practice make sure to take into account all of the intangibles.

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ANYONE PAYING ATTENTION over the last five years knows there is a significant amount of consolidation happening. An estimated 20 or more companies with funding from private equity firms are actively purchasing private optometry practices. The idea is that this will ultimately lead to a second round of acquisitions with potentially huge valuations.

This consolidation has produced a windfall for companies that professionally, and supposedly objectively, determine the value of a practice. I often get calls from doctors who want to retire and sell their practice to a young associate or entrepreneurial optometrist. I direct them to a handful of professionals I trust.

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Historically, there are three valuations for a practice: the value the buyer determines, the value the banker or lender determines, and the value the seller believes is correct. They all have competing interests. What’s happened in the past five to seven years is the addition of a fourth valuation: whatever a private equity funded company will pay for the practice. I have often heard that the value of anything is what someone is willing to pay.

Many are jumping at the chance to cash in, which usually requires the selling doctor to sign a three to five-year employment agreement.

There are essential aspects to a practice’s value that traditional calculations do not take into account. For people who have been successful in building a large optometry practice, some things are as important as money. For these entrepreneurs, there are other aspects to consider when determining the value of their practice.

Freedom

This might seem esoteric, but there is actual value to having the freedom to practice as you wish. Once you have sold the practice you no longer have the freedom to make equipment purchases you consider essential. You no longer have the freedom to take a vacation with your family on your terms. You no longer have the freedom to determine what products and services you will offer patients.

Connection to Community

When you own a practice, you are grateful for the people in your community who put their trust in you. You show gratitude by becoming involved in your community. You donate to fundraisers. You join civic organizations. You enjoy living in a community that expresses its appreciation for you, your staff, and the health and welfare you contribute. There is a value to your community connection. If you no longer own the practice this changes. It’s now the responsibility of the new owner to connect with their community. Your practice is one of many purchased by them, and they do not have the connection to the community you valued.

Relationships

When you own a practice, you have both independence and responsibility to form relationships. This includes relationships with your staff — and their families — and with your patients. You have staff members who have been with you for years and are invested in you and your commitment to providing care. Those relationships took time and energy and aren’t something an accountant can place a value on. When you no longer own your practice, the building of these relationships is out of your hands.

I could go on … and I bet you can too now that you’re thinking. When someone wants to buy your practice and attempts to determine how much it’s worth, make sure to take into account all of the intangibles. I would encourage you to place some value on things other than just EBITDA.

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John Marvin

Time to Kick These 5 Bad Habits

They are more common and more destructive to your business than you think.

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I SRAELMORE AYIVOR, AN inspirational writer, once said, “If the problems you have this year are the same problems you had last year, then you are not a leader.”
Leadership is a learned skill. Many times, learning new skills requires breaking bad habits. Otherwise, the problems and challenges you face in 2021 will be the same ones you face this year, which were the same as the previous year or years. Here are some of the bad habits that need to change for 2020 to be the best year for your practice or store:

Not Taking Time to Reflect

Taking time for reflection is not so much a habit you need to change, but a good habit you need to start. Taking time each day, week, and month to reflect on how your business operates and serves your patients or customers is a fundamental practice for good leadership. Humans find security in routine. However, the routines need to serve the best interest of the customer and the business. Reflection will examine these routines and result in improvement.

Micromanaging

I get it. It’s your business and there is so much money at stake. But you won’t succeed if you continuously micromanage your business. The first resulting problem is staff turnover. People don’t leave a business where they feel valued and empowered to make decisions affecting their day-to-day responsibilities.

Not Listening

Lyndon B. Johnson, the 36th President of the United States, once said, “You aren’t learning anything when you’re talking.” It’s also hard to learn anything if you are not listening. Listening is an active, not passive exercise. It must be intentional. The information acquired through observation and listening is all that is needed to solve most problems.

Indecision

Indecision will damage a business significantly more than any other bad habit. Speed of decision and taking action will keep your business relevant and successful. Indecision and procrastination will enable your competitors to take business from you. The threat to a business in this industry, at this time, is not the large eating the small, but the fast beating the slow. The internet has created such a momentum of consumer preferences and choices, that if you are not paying attention, or putting off decisions for change, the result will be a loss of business that will be very expensive to regain.

Blaming Others

Things go wrong. Bad decisions happen. Third-party payers make changes to their reimbursement, vendors change their prices, representatives and suppliers. Employees don’t do what they say. These affect everyone. They are out of your control in most respects. Jim Rohn, an entrepreneur and author, said, “The same wind blows on us all; the winds of disaster, opportunity and change. Therefore it is not the blowing of the wind, but the setting of the sails that will determine our direction.” A bad habit is to blame the wind for your problems: vendors, organized optometry, employees, customers, etc. are responsible. It’s all wind. Don’t blame the wind; instead decide to set your sail, and it will lead you through a successful 2020.

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John Marvin

There is Power in Starting

Motivation comes from taking action, not the other way around.

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CAN YOU BELIEVE it is the beginning of a new decade? We are one month in, and it already seems to be moving faster than last year. That’s the way it is with time. It seems to move at an ever-increasing speed.

I’m sure that many of you took on this new year with plans to make changes, improvements and commitments that are already behind schedule. For some, it may be the result of putting off the actions needed to begin the change. Usually, it’s due to waiting for the right motivation or circumstance to take action. Conventional wisdom says that action follows motivation. Once someone has the desire and motivation, then they take action. Unfortunately, that’s not how it works. Those that don’t understand this spend days, weeks, months, and even years failing to act. They wait on that perfect set of circumstances to motivate them into taking action to make the change they desire.

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It is behavior that creates motivation. The most challenging part of beginning an exercise program is lacing up your shoes. If you have not established a routine in your life where you exercise regularly, you’ll find getting dressed and lacing up your shoes to be most challenging. You’ll wait until you “feel like exercising” before you lace up your shoes. If you just make the decision, take action, lace up your shoes and take a 30-minute walk when you have no motivation, you will discover that after a short period of time, you become motivated. Motivation follows taking action.

Now think about the improvements or changes you want to make in your business. Maybe it’s a staffing change; maybe it’s reassigning responsibilities or using new technology. You will be tempted to wait until conditions are best suited for making these changes. Maybe the difficulty in going through this process is what is keeping you from taking action.

Well, let me help you with two steps to lace up your shoes:

1. Be sure you know what it is you want to do and why you want to do it. To think this through, take the time to write it down with a full description of why it will be an improvement for your business. Many times a friend or colleague tells us what they did and why they are glad they made the change. They can talk about how it made such a difference for them and their patients. However, that is not you or your business. If you are going to take on the difficulty of change, you need to know for sure that this is important to you and why it will benefit your patients.

2. Next, set a date to begin. Not to accomplish the entire task, just to start. Zig Ziglar, the motivational speaker, said, “you don’t have to be great to start, but you do have to start to be great.” There is power in starting. Break down the task into steps and set a schedule of achieving the steps. Don’t worry about the potential consequences, you can work the issues out as you implement the change. Using my exercise analogy, you don’t have to begin by working out for two hours, six days a week. Start with 30 minutes, three times a week. In the beginning, it is not about the amount accomplished, but only that you start doing something.

These simple actions will create the motivation and support to achieve even more. Once you begin this cycle of continual improvement through taking action, you’ll be amazed at what you can achieve.

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