In the evolving landscape of optometry, staying profitable requires innovation, adaptability, and a keen eye for emerging trends. I’m Dr. Chad Fleming, and with over two decades of experience in private practice and managing multiple locations, I’ve seen firsthand the importance of evolving our approach to remain competitive and profitable. Today, I want to share insights on a transformative approach to managing frame inventory that has significantly boosted our efficiency and profitability.
The Shift from Traditional to Innovative Frame Management:
Traditionally, managing frame inventory involved selecting frames based on subjective opinions and past experiences—often leading to excess stock and missed opportunities for optimizing sales. However, as the industry consolidates, whether under private equity or through expansion by owners like myself, the need for a more efficient system became apparent.
Introducing the Frame Model System:
At Partners in Profit, we’ve revolutionized frame management with what we call the “Frame Model” system. Unlike the old methods, this innovative approach allows practices to have the latest frames on display without upfront costs. Here’s how it works:
- Consignment-Based Approach: Frames are placed on the board at no upfront cost to the practice. You only pay for a frame when it is sold.
- Managed Inventory: Partner companies manage the frame inventory remotely, allowing for regular updates and exchanges without the associated waste costs of traditional methods.
- Keeping Offerings Fresh: This model ensures that your inventory is always current and can be adjusted based on consumer trends and preferences, keeping your offerings fresh and appealing.
Benefits of the Frame Model System:
- Reduced Capital Expenditure: By eliminating the need to pre-purchase inventory, practices can free up capital for other strategic investments.
- Enhanced Profit Margins: With the ability to rotate stock without additional costs, practices can maintain tighter control over inventory, reducing the risk of overstocking and increasing profitability.
- Flexibility and Agility: The ability to quickly adapt to market trends without financial penalty puts your practice at a competitive advantage.
Partners in Profit – A Collaborative Success:
Through Partners in Profit, we have equipped 80-90% of our frame boards across five locations with this model, collaborating with seven leading frame companies. This approach not only modernizes frame management but also leverages the collective buying power of independent practices. This synergy allows us to enjoy the benefits of large-scale operations while maintaining our independence.
The frame model system represents the next generation in optometry retail, offering a sustainable and profitable solution for frame inventory management. If you’re running a smaller practice and believe such innovations are beyond reach, think again. There is no membership cost to join Partners in Profit—just the commitment to collaborative growth and mutual success.
Are you ready to transform your practice’s approach to frame inventory and enhance your profitability? Join us at Partners in Profit where innovation meets independence. [Contact us today] to learn more about how you can benefit from this revolutionary model.