Episode #126

20/20 Money Episode #126 – Rethink the way you think about budgeting in your practice with Nathan Hayes

April 5, 2021

On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes of IDOC. Nathan joins us to talk about something that is oftentimes discussed towards the end of the year and the beginning of the next year: budgeting, specifically budgeting your business expenses. Even though this show isn’t coming out until the spring, it’s still worthwhile to discuss, because as you’ll see throughout the conversation, it’s not just something that happens once a year.

In our conversation, we talk about what your target revenue growth should be per year (hint, it’s not a percentage), why your budget already exists and therefore why it’s actually hard to budget, how you should rethink the way you budget, how to assess when to spend money and how much to spend, financing vs paying cash for capital investments into the practice, a list of areas in your practice that you should be auditing, and 2 items that you absolutely must budget for on an annual basis.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars.

Start Planning Today

Don’t miss out on exclusive access to financial tips, strategies, and expert-led webinars. Subscribe to the “Planning Life, On Purpose” newsletter today and stay ahead of the planning curve!

And with that introduction, I hope you enjoy my conversation with Nathan Hayes.

Episode Transcript

Enjoy our content? Subscribe for regular updates!

Related Podcasts

  • Financial Planning
The 401(k) rules have changed. Has your retirement plan?

If your practice has been using the same retirement plan for years simply because “it works,” you may be leaving…

  • Practice Management
Why your optometry marketing isn’t working with Jeremy Bono from IDOC Marketing

Your next patient may already be looking for an optometrist—and choosing someone else before you ever know they existed. On…

Is optometry too focused on specialty services? A discussion with Dr. Kyle Klute

What if the pressure to add specialty services is distracting you from the value already sitting inside your practice? In…

  • Practice Management
How successful practice owners actually become wealthy

A profitable practice can create tremendous cash flow—but it does not automatically create personal wealth. In this episode of 20/20 Money:…

  • Practice Management
What every seller needs to know before selling their practice

A practice sale that should have been the easiest transition imaginable ended before negotiations even began—and the lessons could save…

  • Practice Management
Your Practice Doesn’t Need More of Your Time — It Needs Better Use of It with Nathan Hayes

What if the next level of your practice requires less time in the lane — not more? In this episode…