by Nathan Hayes | Jun 8, 2024 | 7 Key Expense Areas, OD Compensation
After focusing on bonuses for non-OD staff for two weeks (read Part 1 and Part 2 to learn more), let’s switch gears and talk about bonuses for ODs. We noted previously that we’re skeptical of the impact bonuses have on non-OD staff performance. When it comes to...
by Nathan Hayes | May 18, 2024 | 7 Key Expense Areas, Non-OD Staff Compensation, OD Compensation
Last week, we discussed the limits of using bonuses to motivate staff and influence their behavior. (Read the Bonuses Part 1 blog to learn more.) In many cases, clear goals and KPIs are all a practice needs to shape behavior, assuming the team is making an appropriate...
by Nathan Hayes | May 11, 2024 | 7 Key Expense Areas, Non-OD Staff Compensation, OD Compensation
This week, I had a series of conversations with both Books & Benchmarks clients and bookkeepers about employee bonuses. In light of those conversations, let’s answer a few questions about bonuses this week and next: Do they work? What are common...
by Nathan Hayes | Mar 30, 2024 | 7 Key Expense Areas, Budgeting, Financial Operations, Non-OD Staff Compensation, OD Compensation
At Books & Benchmarks, we’re always looking for ways to streamline our operations and be more efficient. In working with over 100 practices across the country, we’ve seen firsthand the challenges optometry practices face in financial management. ...
by Nathan Hayes | Mar 23, 2024 | 7 Key Expense Areas, Budgeting, Financial Operations, Non-OD Staff Compensation, OD Compensation
One reason why Books & Benchmarks insists on doing bookkeeping for optometry practices is to ensure that wages and benefits are grouped by Non-OD Staff, Owner ODs, and Associate ODs. This week, let’s briefly discuss why Books & Benchmarks breaks out wages and...
