Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. Mick has been on the show in the past and he joins me today to talk about a concept that is gaining more traction in the OD community and that is the accounting philosophy known as Profit First. Profit First is based on the popular book by Mike Michalowicz and Mick has unique experience in that he’s both adopted this accounting process in his own practices and has also consulted with many other ODs on how to transition their practices to profit-first accounting.
In our conversation, hear Mick’s 4 simple ways to think about expenses in a practice, the three criteria debt needs to fit before taking on a new liability payment, Mick’s way of thinking about how much debt you can afford in your practice, and a number of different “tweaks” to profit-first that has helped Mick and others better customize the strategy to optometry practices. Mick also shares an important checklist (which you can download here) that ODs can download for free to learn more about the profit-first system.
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 Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.
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