Role Summary
The Practice Finance Consultant provides consulting advice, coaching, and guidance to independent optometric practice owners and occasionally to their office managers. The Consultant will help practice owners “live the practice of their dreams” by using financial acumen, industry benchmarks, and empathy to help owners make better decisions for their practices and their families. In this role, the Consultant will:
- Develop 3 Year Growth Plans for new and legacy consulting members.
- Cross-train and provide backup for IDOC Financial Services.
- Listen to members’ needs and/or issues and make recommendations based on their individual situation. Consulting is delivered through phone consults, email interactions, and in person during company and industry meetings and functions.
- Provide strategic advice about investments in the practice: new staff, new ODs, new equipment, new space.
- Provide blogs, social media content, lectures, workshops, and other trainings.
Responsibilities
- Leverage IDOC’s core values in all consulting engagements.
- Calculate practice financial benchmarks and productivity benchmarks, reporting them to practice owners and providing context and plans for improvement.
- Triage practices’ greatest opportunities for improvement and help members build their plan for using IDOC’s consultants and services.
- Advise owners on real estate acquisitions and budgets for offices.
- Evaluate pricing for practice purchases or sales and give advice on buy/sell/hold decisions.
- Give counsel on transition plans to owners.
- Evaluate cash flow issues and give advice on debt management.
- Coach ODs on time management and leadership skills.
- Structure bonus plans and comp for associate ODs, managers, and staff.
- Know when to refer ODs to a CPA, attorney, or CFP.
- Generate articles, podcasts, and videos, as well as lecture presentations for IDOC and industry events.
- All other duties as assigned.
Requirements
- Proficient in Microsoft suite of products to include Outlook, Word, PowerPoint, and Excel.
- Must have excellent written and verbal communication skills, excellent time management skills, strong decision-making ability, and excellent attention to detail.
- Well organized, able to work in a fast-paced environment.
- Committed to collaboration and teamwork.
- Ability to thrive in a dynamic environment.
- Travel requirement – 10%-20%.
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