Good, fast, cheap: why you probably can’t have all three

The most expensive professional service may not be the one with the highest price—it may be the one you mistakenly thought was a great deal.

In this episode of 20/20 Money: The Business of Optometry, I explore the familiar idea of “good, fast, and cheap: pick two” and applies it to the professional services optometric practice owners rely on every day.

It’s easy to compare prices. It’s much harder to compare value—especially when you’re hiring an attorney, financial advisor, consultant, accountant, IT provider, or other professional precisely because they possess expertise you don’t.

That’s the paradox: the reason you need the professional may also be the reason you’re not qualified to judge the quality of their work.

I discusses why dramatically lower pricing shouldn’t automatically be viewed as either a red flag or a great deal, why practice owners should instead ask how the economics of the provider’s business model work, and what may be exchanged for a lower price. He also shares practical ways to pressure-test professional advice without becoming an expert yourself, including asking what alternatives were considered, where a recommendation could go wrong, how work is reviewed, and when a second opinion may make sense.

Because price is what shows up on the invoice. Cost is what the decision ultimately takes out of your pocket—and your calendar.

NBS: Choose one high-consequence professional relationship in your personal or professional life and pressure-test it. Ask what alternatives were considered, what could cause the recommendation to fail, how the work is reviewed, and whether the stakes justify getting a second qualified set of eyes. You don’t need to become the expert—you need to become a better buyer of expertise.

Resources:

• Book a Triage call with Adam
• Download the Practice Owner’s Financial Toolkit
• 20/20 Money Ultimate Financial Success Masterclass
• OD Mastermind Interest Form
• Check out Adam’s book: How to Buy an Optometry Practice

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The Optometry Success Podcast 

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