In this transcript from a video by Steven J Wick & Associates PC, Steve Wick of Steven J Wick & Associates PC in Fort Collins discusses the importance of strategic planning, structured growth, and smart decision-making for healthcare business owners. The conversation centers on building a strong operational foundation, hiring at the right time, managing advertising spend, and making intentional choices about insurance participation and service models—all key components of profitability planning for optometry practices. Rather than operating reactively, Steve emphasizes planning with clear milestones, understanding cost structures, and evaluating revenue per employee and marketing dollar.

To learn more about financial planning for optometrists and avoid costly compliance and cash flow issues, check out our detailed article on financial planning for optometrists in Fort Collins.

This video is for informational purposes only and does not constitute legal or financial advice; we strongly recommend contacting a qualified CPA regarding your specific situation.

00:00:03 – Planning With a Map vs. Guesswork

[Music] well it’s kind of like in my mind uh going into something without a map or trying to at least have a map and just make sure that you’re are planned so that you make sure you’re going in the right direction with it that’s the long and short and and easy part of that obviously it could be very costly errors that I mean that’s the long and short of it there’s an old saying of Ready Aim Fire that’s the steps versus ready fire aim at least when you try and aim you’re headed toward a target and to get there and then you fire and you see if you hit your target versus you’re just firing willy-nilly and then hoping to be able to hit a target you know there’s different steps

00:00:45 – Planning Growth and Setting Milestones

so in a process you know hopefully you’re planning for growth well what are all the steps in between the the milestones that you’re going to want to hit to go to whatever that level is and which is first chicken egg employee salesperson whatever you’re going to do where you going to take your dollars and and put it if you’ve got unlimited amounts of cash it might not matter most people are limited to some extent and they say okay I need this I need these pieces in place before I go to the next step

00:01:29 – Hiring Decisions and Building the Right Team

some of it is having those people in place like for example do you need salesperson do you need appointment people at certain levels or or front desk people or nurses or or other techs in your business when do you need to hire this the next one well and plus if you think about it if you’re in the middle of your busiest time you really have time and opportunity to actually go out interview people find the best one versus an emergency one all of those things play in we just need to make sure you got a good foundation and also planned it out as to when to do you know whatever next steps they are [Music]

00:02:05 – Competition, Advertising, and Finding Your Niche

you know you’ve got ads and you’ve got competition and how are you going to compete and which levels are you going to compete at so and how are you going to find customers and their ads a lot of those can go on TV well small businesses we can’t afford to do that so where are we going to go to try and get our niche and target those people so how to do that and you as individual you’re going to be doing dollars you know like how much money am I making by employee or and how much money am I making on my advertising dollars am I going to accept insurance or am I just going to do the private pay customers only or obviously a mixture of those uh I have lots to say about that type of stuff but it it really does

00:03:27 – Business Model Decisions and Revenue Strategy

factor in who who do you want to be do you want to be somebody spends time with their clients but if you’re with an insurance company they’re only going to pay 50 bucks for the appointment or are you going to try and do a lot of churning and and do you know four or eight appointments an hour you know with your tech and you’re just running in double-checking a couple things and running back out again to try and make it that way and then push work down to lower levels and all of that kind of factors into it and how you’re going to do it I like to say especially with growth nothing is lineal it it just doesn’t go up at a certain level uh it’s more like stair steps uh on so many [Music] areas

Profitability Planning for Optometry Practices

Effective profitability planning for optometry practices requires more than increasing patient volume—it demands intentional hiring, smart marketing allocation, and clarity around your service model. As highlighted in this discussion, sustainable growth comes in stages, not straight lines, and each step must be supported by financial awareness and operational readiness. Whether deciding on insurance participation, staffing structure, or advertising investment, every choice should align with long-term strategy. For tailored guidance specific to your practice, consult directly with a CPA who understands the financial complexities of healthcare businesses.