What’s in your company’s wallet?
One of the biggest things we hear on The Positively West Virginia podcast is to have a plan, and in that plan, set a budget.
Chris Stansbury, O.D. and co-founder of West Virginia Eye Consultants, gave our listeners great advice: “Have very tight controls over your budget.”
West Virginia Eye Consultants provides you with the most technically advanced and compassionate care at all their seven convenient locations in southern West Virginia serving the Tri-State area.
Stansbury talked with Jim Matuga, host of The Positively West Virginia Podcast, about his advice for fledgling entrepreneurs and his business expansion tips for business owners.
What is one worst moment you’ve had as a business owner?
“We started out with two physicians and no patients. We had a lot of time on our hands, so we started strategizing and going out to meet other business owners. We ended up partnering with another doctor in town and merging our practice. We grew outside of the Charleston area. One thing that we found was that we were excited about the growth, but we weren’t prepared to handle the growth as far as our infrastructure. We learned that we needed to bulk up the management.”
From that experience, Stansbury advises, “Look before you leap. Make sure that you’re prepared before you leap into that new market.”
What’s one piece of advice you’d give to young business owners and entrepreneurs?
“Have very tight controls over your budget. It’s fairly easy for things to get out of control. Early onset very strict standards as far as how much you’re going to budget for the different aspects of your business. Look at that in both the short-run and also five-years down the road.”
Setting a budget and visiting it every year can help you assess if your business is growing. Having a budget is a part of your business plan, and yes, it can change. Your budget should fluctuate when necessary.
One of PWV’s favorite phrases is: “Failing to prepare is preparing to fail.” We believe Dr. Stansbury echoes that very notion with his advice here.
What’s one thing you do everyday that you think contributes to your success?
“I think the biggest think I can do is let people know how much I care and how much we care as a practice.
Having a business that is more personal can bring customers in. They want to put a face to the business, and empathetic doctors can do the trick.
PWV QUICK BITS | BUSINESS EXPANSION TIPS
- RECOMMENDED BOOK: Good to Great by Jim Collins
- PERSON STANSBURY WOULD LIKE TO MEET: Dr. Frank Alderman of MedExpress
- BUSINESS EXPANSION TIPS: “Have very tight controls over your budget…It’s fairly easy for things to get out of control. Early onset very strict standards as far as how much you’re going to budget for the different aspects of your business. Look at that in both the short-run and also five-years down the road.”