Decision-making Style in Optometry The answer to the question: is decision-making style in Optometry analytical or intuitive? is “both”. Success in Optometry practice relies on the entrepreneurial spirit that relies on strategic decision-making. In the beginning, when you have just started your practice, all decisions are strategic and rely on…

The Risk of Not Taking Risk In a previous post, we jotted down “loss aversion” as one of the barriers to growth in Optometric marketing strategy. The “loss aversion” notion was interpreted by Kahneman and Amos Tversky in the 1979 paper “Prospect Theory, Analysis of Decision under Risk”. It consists…

Scenario Planning in Optometry We’re always obsessed with measurements and scales because we want to be in control and because we have a hunger for managing things around us. If you want to manage you have to be able to measure; those are words we often hear repeated by optometrists…

Signs that your Strategy is Actually Working Last week we posted about “signs that your strategy is not working well”, and we emphasized that the strategy is not working when the practice is not being able to constantly change and adapt to the changing nature of the market, the strategy…

The Pareto 80–20 Rule in Optometry The Pareto Principle, also known as the 80–20 rule, is a powerful concept that is widely used in management and in Optometry too. There is rarely an exhibition I attended with CE courses that a management course didn’t come to use it. …

Optometry PEST Analysis During COVID-19 A PEST analysis is used as a management framework and strategy diagnostic tool. It helps understand the effect of external factors at the macro economical level on the company’s strategy and decision making. Strategy tools that impact decision-making are related to factors at the internal…

Practice Valuation and Life Cycle We emphasized in many previous posts about the Optometry practice valuation and how it is computed. We also provided two types of entrepreneurship the first one is to start cold and build a practice from scratch and the second way is to acquire an Optometry…

Using Leverage to Acquire an Optometry Practice In a previous post about the reasons, an Optometry practice would need a loan we emphasized that buying a new practice may put you in a position where you need a long-term loan. …

Signs that your strategy is not working well Optometry practices offer new advantages by focusing on niche markets and providing high levels of patient services that constantly respond to new market opportunities and patients’ conditions and needs. Like all small businesses, many Optometry practices do not survive past the first…