Are you considering expanding your optometry practice to multiple locations? On this week’s episode of Optometrists Building Empires, host Ankit Patel sits down with Nathan Hayes, director of financial services at IDOC, to break down the key factors behind successful growth. From financial benchmarks and operational efficiency to navigating labor costs and evaluating EBITDA, Nathan shares expert insights on scaling a practice sustainably. If you're looking to optimize your business or prepare for expansion, this episode is packed with valuable strategies.

Takeaways:

• Expanding to multiple locations requires a strong desire and readiness to handle increased complexity, stress, and operational challenges.
• Successful multi-location businesses develop strong operational systems and competent management teams. It’s vital to manage and streamline operations consistently across all sites.
• Track and manage your finances diligently. Know your cost of goods sold, payroll expenses, and overheads. Effective financial management is key to ensuring profitability.
• Build a capable management team and delegate responsibilities. This helps in scaling your business and ensures operations run smoothly even in your absence.
• Ensure your primary location is profitable and self-sustaining before expanding. Have a clear strategy for funding new locations, whether through savings, loans, or other means.
• Strive to step back periodically and delegate effectively. Taking breaks and ensuring you are not overburdened can improve your leadership and decision-making.

Quote of the Show:

• “My ideal for someone who wants to pursue this type of practice is someone who is doing it because you want to and not because you're scared.” - Nathan Hayes

Links:

• LinkedIn: https://www.linkedin.com/in/nathan-d-hayes/
• Company website: https://idoc.net/
• Books & Benchmarks: https://booksandbenchmarks.com/author/nathan-hayes/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208