Discover the CEO of YOU™- 5 Must-Have Advisors for Practice Success

Building a successful practice is a lot like building a house. Many pieces need to come together, and you need experts to help you fit those pieces perfectly. Just as a house requires specialists, your practice as the CEO also needs a team to bring your vision to life.

When was the last time you consulted with a team of professional advisors before making a key business decision? If you’re like many independent practice owners, you might be thinking, “What team of professionals?”

Often, practice owners try to do everything themselves. But to run a practice more efficiently and profitably, it’s essential to lean on professionals who can guide and support you. Here are five key advisors every practice owner should have on their team.

The Five Essential Advisors for Practice Success

1. Attorney

Your attorney acts as your protector, helping you navigate legal contracts, make sound business decisions, and represent you when legal matters arise. Look for a lawyer who specializes in working with business owners. They can advise on asset protection, contract reviews, business structure, and succession planning. Build a relationship so you can quickly call on them when needed.

2. Certified Public Accountant (CPA)

Your CPA is the financial expert who helps you prepare financial reports, balance sheets, tax returns, and more. Find an accountant who understands the unique needs of independent optometry practices and can help you make sense of the numbers. Don’t limit meetings to tax season; working with your accountant year-round will help you make strategic decisions and save money.

3. Banker

Credit is the lifeblood of many businesses, so it’s crucial to have a strong relationship with a banker who can provide access to loans, lines of credit, and other financial services. Establishing this relationship before you need funds is key. Stay in regular contact with your banker to explore financial opportunities and keep your practice financially healthy.

4. Financial Services Professional

A financial advisor, particularly one experienced in working with practice owners, plays a critical role in securing insurance, funding key executive coverage, and creating personal and business financial plans. They can help you balance personal and professional financial goals while coordinating with other advisors on your team.

5. Business Coach

A business coach serves as your guide, motivator, and counselor through different stages of your practice. Like a sports coach who builds a winning team, a business coach can help you evaluate your practice holistically and offer tools to enhance efficiency, productivity, and overall success.

In Conclusion…

When you start a practice, many people will support and inspire you along the way. However, to reach your full potential, you’ll need a professional team of advisors. These five key players will help you navigate challenges, seize opportunities, and build a thriving practice.

Are you surrounded by the right team? Do your advisors push you to grow and reach your goals? If the answer is yes, you’re on track to success. If not, we’d love to help you assemble a winning team.

Take Action

To learn more about building your advisory team, visit OptometryDivas.com/contact and sign up for our CEO of YOU™ practice success coaching.

Remember: dream big, take risks, and become the CEO of YOU!