VM REPORTS Livermore Optometry Group By Staff Monday, July 21, 2014 12:04 AM RELATED CONTENT Unlocking the Secrets of the $Million Practice Dr. Bauman and Associates, PLLC Northwest Vision Center Dr. Korthals and Associates The Million Dollar Practice's Keys to Success Livermore Optometry Group Owner: Steven Faith, OD, FAAO, and partner Clark Abramson, OD, FAAO Location: Livermore, California Annual Gross Revenue of Single Location: In excess of $1 million Square footage: 5,600 Years in Business: 67 Number of employees: 30 www.livermoreoptometry.com “Professional, friendly, technological, academic and efficient.” How would you describe your business? A professional independent optometric practice. How long did it take you to meet or exceed the $1M mark? We’ve been in business for over 60 years…it took a while. Have any vendors or industry groups been particularly helpful in your success? We think of our vendors as partners in our business and rely on them to help with their national and local marketing knowledge—fashion and frame industry: Luxottica, Safilo and Marchon; efficiency modeling (as in contact lens distribution center efficiency with ABB Concise); ophthalmic lens production and cost of goods control with strategic partners of supply chain materials both in retail product and lab/lens production with VSP Optics Group. What have been some of the most significant investments that have proven successful? Regular staff education including onsite and offsite, a finishing lab, pre-examination retinal scans, OCT, electronic patient communication technology, comprehensive online store. Is there one investment in particular you feel help set you on the course toward the $1M mark? Educating, maintaining and properly compensating a professional staff, both financially and intangibly. What is the best business decision you ever made? Purchasing our own building. How do you measure R.O.I.? It depends on what metric we are measuring. There are differences in the clinical R.O.I. on new equipment and the R.O.I. on capital investments in our physical plant. These are often not measured but felt; we call that R.M.I. (Return on Mental Investment). For example, when we started using OCT, it helped answer questions for us about patients’ vision and that was of very high value to us. What business or management resources do you regularly rely on? Professional study groups, Primary Eyecare Network (PEN) meetings, Management & Business Academy (MBA) meetings, nonoptical industry marketing and management resources (including automotive, retail research, financial industry resources and consumer research data). Best book you’ve read or course you’ve taken as it applies to your business? “The 17 Indisputable Laws of Teamwork” by John C. Maxwell and “Creating Magic” by Lee Cockerell. What are some of the mistakes you made along the way? Underestimating the power of observation, patient sensitivity and support of our staff. Letting personality get in the way of sound business practices. Closing Remarks? Make sure people like you.