Thinking of starting up a brand new practice? Or buying one that’s already established?
There’s more to it than meets the eye (pardon the pun).
According to the University of Technology Sydney, one in three new small businesses in Australia have failed by the end of the first year, two out of four by the end of the second year and by the end of the fifth year, three out of four have failed.1
That’s a staggering rate of failure that comes with a massive toll both financially and emotionally for the practice owner as well as their family, staff, backers and suppliers.
Commonly cited reasons for business failure are: financial mismanagement, bad management, poor record-keeping, sales and marketing problems, staffing problems, failure to seek external advice, general economic conditions and personal factors.1
This month I called on experts in the industry and asked their advice on all of the above so these reasons for failure can be turned around to become your keys to success. I also spoke to two young optometrists, Ho Wah Ng and Taskin Hafouz-Housein, who recently established a new optometry practice in Coburg, Melbourne. Their efforts to identify the best store location, fit-out, equipment etc took months. They narrowly avoided a disaster along the way and learnt the value of professional advice. I really enjoyed talking to these young entrepreneurs. Their honesty, tenacity, and enthusiasm was inspiring. I’m sure you’ll enjoy their story.
This month is Macula Month. I am grateful for the assistance of Macular Disease Foundation Australia (MDFA) in compiling a series of articles that shine the light on the prevalence of macular disease and its impact, the power of shared care and emerging therapies that will reduce the burden of macular disease in years to come.
The Federal government recently launched Australia’s first national strategic action plan for macular disease, prepared by MDFA. This comprehensive 44-point plan aims to better coordinate and focus limited health care resources with the ultimate goal being to reduce the incidence and impact of macular disease. Congratulations to the Foundation on this significant achievement which provides direction for the entire eye health sector. You will find more details on page 11. Enjoy!