Reflecting on the evolution of our optometry practice, I am reminded of the invaluable insights gained from three influential business books. These books have provided us with strategies that have been instrumental in shaping our approach to staff management and overall business growth.
Hire with Precision for Sustainable Growth
Greg Crabtree's "Simple Numbers, Straight Talk, Big Profits!" highlights the importance of strategic hiring during the critical revenue phase of $1 to $5 million. This period demands careful investment in staff and reinvestment in the business to ensure long-term success.
A key takeaway is the principle of hiring slowly and firing quickly. While the urge to fill positions swiftly is strong, a hasty approach can lead to costly errors. Interestingly, the most suitable candidates often come from outside the optometry field. We focus on understanding why a candidate is available, as hiring from another optometric office rarely yields the best results.
To enhance our hiring process, we employ personality assessments akin to the DiSC model. This tool helps us identify how a candidate might integrate into our office culture. For instance, individuals with a yellow personality are typically outgoing and personable, making them ideal for optician roles. Conversely, those with a blue-green personality are detail-oriented and rule-following, fitting well in tech or scribe positions.
Evaluating Employee Performance
To align our team with our objectives, we conduct employee evaluations based on five essential skill sets:
- Teamwork: Every team member, including myself, must demonstrate strong teamwork to thrive in our culture.
- Customer Connection: We assess how effectively employees connect with our customers, focusing on their friendliness and communication skills.
- Productivity: Monitoring staff productivity helps us determine staffing needs and identify when it's time to hire.
- Profitability Contribution: We evaluate whether employees contribute to our profitability targets, ensuring raises are performance-based rather than tenure-based.
- Core Competencies: We adjust pay based on increased responsibilities and skills, rather than waiting for a review cycle.
Adopting the Entrepreneurial Operating System
Gino Wickman's "Traction" introduced us to the Entrepreneurial Operating System (EOS), a framework that has transformed our business operations. By placing the right people in the right roles, we can effectively evaluate and adjust each employee's position.
Recently, we conducted a strategic planning meeting guided by "Traction." With our leadership team in place and staff roles evaluated, we collaboratively set our goals. This approach has unified our efforts, allowing us to establish one-year, three-year, and ten-year goals, conduct a SWOT analysis, and prioritize objectives for the next 90 days.
Leveraging Working Genius
Patrick Lencioni's "The 6 Types of Working Genius" has been pivotal in understanding our team's strengths and weaknesses. This book categorizes talents into six types: Wonder, Invention, Discernment, Galvanizing, Enablement, and Tenacity, helping us identify where each team member excels.
For instance, I identify as a Wonder and Invention type, constantly seeking ways to enhance efficiency. My wife, a co-owner and optometrist, excels in Discernment, ensuring we ask the right questions before implementing new ideas. Our practice manager embodies the Galvanizing type, effectively rallying the staff around our initiatives and ensuring project completion.
Conclusion: A Roadmap to Success
By integrating these strategies, our practice has experienced significant improvements in profitability and efficiency. The combination of strategic hiring, comprehensive employee evaluations, the EOS framework, and leveraging team strengths has sustained our growth over the past five years. As we continue to refine our approach, we are optimistic about the future and the potential for even greater success. Investing in your team and fostering a culture of collaboration and accountability is essential to unlocking your practice's full potential.