Frame Board Management: A New Normal
The optical industry flourishes because it dictates the rules of how frames are sold. Opticians purchase large inventories of product and hope to sell it. If the product does not sell, then it is returned for other product. This method greatly favors the eyeglass vendor. The optical owner, whether optometrist or optician, bears the risk […]
Innovation Fueling 18% COGS
Innovators love ideas and innovative optometrist love metrics, especially metrics that prove creative endeavors rewarding. One doctor, a fellow member of Partners In Profit (PIP), recently said: “I looked at our numbers and I was shocked. Our COGS were at 18%. 18%! We’ve never seen those kinds of numbers.” Those kinds of numbers are only possible […]
Improving patient eye care through clinical scribing
Three years ago, I was approaching burnout. I was seeing 18-20 patients per day in my optometry clinic and I thought my fingers were going to fall off from constant charting. Patient care was suffering because I spent more time in front of the computer screen than I did talking to patients. When I chose […]
Negative Online Reviews? No sweat!
Sometimes, despite your best efforts, a patient will have a less-than-positive visit and write a bad review. While critical reviews are never welcome, when one occasionally gets posted there’s no reason to despair. Online reviews have been around long enough that more people discern they are only one person’s opinion—an opinion which they may or […]
Good investments result in high profits
Sometimes deciding what areas to invest in feels as random as a game of spin the bottle. While there is an element of chance in any new business improvement or expansion, finding out what has worked for others can give valuable insight. Here are the top three recent investments that have given us the greatest […]
2 ratios all optometry business owners should know
Whether you own five percent of an optometry practice or 100 percent, running a small business does not have to be overwhelming or difficult to know if it is successful. To help determine the business’ level of success—or if your efforts are even worth it, use these two essential ratios. After all, the last thing […]
What if you could invest $1500 and receive $4500 in return?
Last weekend at Vision Expo West in Las Vegas, I talked with many optometry business owners about their online marketing strategies. It was eye opening. Many optometrists are hesitant to make investments that will grow their business. An investment of $1,500 per month for online marketing will not only grow your business by adding patients, […]
Associate Optometrist and non-OD Staff incentives based on value
As an optometric practice owner, do you find the amount of compensation you are paying out is pushing the high end of absurd? In his book Good Profits, billionaire businessman Charles Koch writes that incentives should be solely centered on the value an individual adds to the company as a whole. He critiques companies that […]
Should you remodel your optical?
Over the past decade, remodeling has become entertainment. Shows on HGTV and other networks show dramatic transformations, and may make you think it might be time for your optical to get a face-lift. However, the improved space always comes at a price. For example, if I was remodeling my home, HGTV would probably set my […]
Work smarter not harder – Maximize high demand seasons
A wise person once asked, “Who makes the best business partner?” Dumb, lazy person. Dumb, hard worker. Smart, lazy person. Smart, hard worker. Most of us would pick the smart, hard worker. However the wise person will choose a smart, lazy person any day. The smart, lazy person will figure out a way to get […]