SOCIAL

  REFLECTIONS: THE HUMAN SIDE OF OPTOMETRY

RIDING THE WAVES

LEARNING VALUABLE LESSONS THROUGH UPS AND DOWNS OF ENTREPRENEURSHIP

JAMES WILLIAMS, M.B.A., A.B.O.C.

IN EARLY December a graph about entrepreneurship was posted on “ODs on Facebook.” The graph had peaks and valleys, with accompanying feelings. Owning a private practice for more than 15 years with my wonderful wife (of 21 years), Kristi Kessler-Williams, O.D., I can attest to every feeling represented. From the high we felt when we unlocked the door on that first day, to the low of losing a valuable employee, running our own practice has tested us.

Here, I’ll share some of our experiences and what was learned from them.

BUSINESS

Based on our experiences, a majority of low points have come from the burden of running the business side of things. It’s one of the hardest things we’ve ever done. (Three cesarean sections and 10 pound babies? No problem. Well, not for me anyway.) For example, probably the lowest point (aside from a car repossession!) was having to sell the satellite practice we bought in November 2012. We operated it through April with a staff of three, who were subsequently let go. We had nowhere else to place them.

From this I learned, a) you must have a good plan, and b) you have to have a huge reserve of cash, especially when expanding your existing business. Although we expanded somewhat conservatively, it threw us into a cash flow shortage that almost bankrupted us. Another lesson learned is to not “wait it out” to see whether it will get better. The decision to pull the plug on a project — any project — should be done before it damages the business too much.

HUMAN RESOURCES

Another low point was losing a valuable employee. The day before Thanksgiving, our billing specialist gave us her two-week notice. She was an excellent biller and great with insurance companies and accounts receivable, but she got a nice offer from the local school district that I just couldn’t match.

I had no one in the pipeline to replace her. In the meantime, I was the biller. I was able to bill insurance and patients, but the follow-through suffered, and subsequently accounts receivable went up.

This taught me that regardless of the position, you must have a sufficient pipeline of talent to fill it. Whether the list is in your head, or it’s an actual list, you need to know where to go to get someone who can fit in at your office and its culture. For example, we look to our patients, those who have expressed interest in working at the practice, and referrals from them.

WIDEN YOUR VIEW

So with all the ups and downs, the peaks and valleys that come with owning your own business, the question, “Why did I do this?” still comes up. The answer is simple: We help people see. A primary care physician refers a diabetic in for an examination, and we’re able to help save her vision. A +8.00D kid gets his first pair of glasses and will effectively do his schoolwork. The stories give us the euphoric highs that bring us to the office every day. OM

MR. WILLIAMS is director of everything at Eye to Eye Optometry Inc., in Mexico, Mo. He owns the practice with his wife, Kristi Kessler-Williams. O.D. To comment visit tinyurl.com/OMComment.