Dr. Hayes Blog

Jerry Hayes, OD presents a variety of tips and tactics designed to
bring more dollars to your bottom line. You are invited to
comment on the topics we cover.

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Now Is The Time To Set Your Practice Goals For 2010

By Jerry Hayes OD | 12/28/2009 - 1:45 pm

I recently received the following email from a sharp, young OD I met while speaking at a meeting in California last spring.

Dear Jerry,

I wanted to let you know that I reached the goals we talked about after your lecture last May. We have collected $XXX,000 so far this year and I am on track to net $XXX,000. I am constantly amazed at how verbalizing and thinking about goals really works!

Sincerely,
Carrie Lee, OD

Are You Setting Goals?

Thanks Carrie! I am so proud of you for actually taking the first step in becoming financially successful as a practice owner.

I am big on putting goals in writing and using them to create a clear vision of what I want to accomplish both personally and professionally in 2010.




Contingency Planning For 2010

By Jerry Hayes OD | 12/16/2009 - 12:39 pm

Recessions come, recessions go. And, it looks like we are headed out of this one. The question is, how quickly?

While we are waiting for the answer, I want you to give some thought as to what would happen to your practice, your profits and your lifestyle, if your annual revenues fell by 5% in 2010? What about 10%?

I truly hope that doesn’t happen. But, I want you to be prepared if it does.

Understanding Your Practice Overhead




Year-End Tax Tips For ODs From J.R. Armstrong, CPA

By Jerry Hayes OD | 12/14/2009 - 1:37 pm

As 2009 year-end quickly approaches, here are my thoughts on how you can save taxes in three important areas of your practice:

1. Equipment Purchases: If you are planning to purchase new equipment in the next few months, doing it before 12/31 will allow you to capitalize the equipment and take the depreciation expense on the tax return. This, in turn, will lower your income for 2009 and reduce your taxes.




Jerry’s Outlook For 2010 Practice Revenues

By Jerry Hayes OD | 12/8/2009 - 10:32 am

“I’ve always found that plans were useless once the battle started. But planning ahead was everything.” — General Dwight D. Eisenhower

As you prepare to close the books on 2009 and plan for 2010 (you are in the process of planning I hope!), let me walk you through a simple exercise that will help you get a better handle on your practice finances.

It’s my experience that one of the main reasons ODs don’t like to create financial plans is because many of us have a difficult time projecting what will happen in the future. This year, we’ll make it easy.




What Can Your Practice Expect in 2010?

By Jerry Hayes OD | 12/1/2009 - 10:32 am

I am going to use my December blog posts to provide you with some ideas designed to help plan for 2010.

Let’s start by looking back over the last 18 months.

Although I remain very positive about our profession and our country, there is no point in sugar coating what has happened. The US has just gone through the worst recession since the 1930s.

At this point, it appears that retail eyewear sales