Optometry Practice Tips: Knowing When to Quit

Posted by Madhu Singh on Thu, May 07, 2020 @ 08:05 AM

Perseverance and flexibility are qualities that are praised in the medical profession. However, a mark of a good business owner is knowing when it's time to quit. Quitting doesn't imply giving up when times get hard. We think of quitting as an act of compassion, especially when the decision saves your staff and patients from extra expenses or risk.

Today we'll discuss a few scenarios where optometrists must make a tough judgment call, take a new approach, or just cease operations altogether.

When Quitting is OK in Eyecare

iStock-1179583766Unhelpful Employees

Firing an employee is never an easy decision, even if they've done nothing to support your business. However, when your employees are causing extra work due to incompetence, not listening to criticism, or even bullying other employees, it's the owner's responsibility to let go of the employee. Of course, it's only necessary to fire an employee after a few fair warnings, attempts to fix the issue, and allowing them time or space to adjust. It's ok to quit them if they're not complying with your advice or abiding by the rules everyone else has to follow.

Failed Marketing Campaigns

We've all been in the position where you believe you have a good idea, but it fails in execution. Although you can redo the strategy at a different angle, you have to weight the potential benefits against the time and resources it takes to execute them. This applies to all marketing campaigns. Make sure you're spending 80% of your budget and energy on campaigns that are proven to work for you, such as local search or google ads. The remaining 20% can be spent on experimentation, but you should retire ideas that don't seem to resonate with your community or target patient demographic before they start to negatively affect your practice budget.

Inadequate System

Sometimes your system, patient workflow, or tools just aren't a good fit for your needs. If you're bound by a contract to your software provider, it might be tempting to save money by sticking with the platform even if it's not working for your practice. If you find that switching your software or systems will increase efficiency and provide a better patient experience, it might be time to quit your current system and negotiate the cancellation fees. Look over your contracts to make sure you have an exit method that won't cost more than you'd like to pay. It also might be helpful to conduct an ROI analysis on the platform you'd like to switch to, especially if you need to present a business case to associate ODs or practice owners.

Switching software can be nerve-wracking. We've created a guide to help you through the process. Download it below.

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Tags: Tips & Tools, Business Management

Looking for tips to grow your eyecare practice business? Read on!