MBA Intelligence

September 27, 2012

Bi-weekly information and advice to manage optometric practices
from the Management & Business Academy™ (MBA)
Sponsored by Alcon and Essilor

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Video: Staff Compensation – Bonus or Flat Salary?
Mark Wright

Dr. Mark Wright, of the MBA faculty discusses differing approaches to staff compensation. The classic dilemma: Should you award a bonus versus maintain a flat salary with a pay increase or other forms of reward? Dr. Wright advises that bonuses work best with simple measurable tasks, like improving patient recall and increasing second–pair sales. Bonuses are less applicable to more complex tasks that require creativity.

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Business–Building Resources

MBA Business Management Tools: RIPs
A new installment of MBA Business Management Tools, called Rapid Improvement Projects (RIPs), outlines the basic process for establishing practice improvement priorities and implementing RIPs to achieve both short– and long–term goals.

MBA Market Research: Staff Management Survey
Results for the recently conducted MBA Staff Management Survey allow you to examine staff hiring, compensation and management practices. The report also details OD desires for staff improvements.

Implementation Track: Practice Marketing and Optical Merchandising
Practice Marketing and Optical Merchandising provides an 11–step guide in how to analyze and refine your practice brand, develop a marketing budget and execute a marketing plan. Also included are merchandising techniques to maximize dispensary profits. This is the second in a series of MBA Practice Growth Implementation Tracks.