The Traditional Challenge with Managing Frame Inventory
A New Approach: Consignment of Frames
How Consignment Works
The Benefits Unveiled
Conclusion
Introduction:
In the competitive world of optometry, managing cash flow effectively is paramount. One often overlooked area with significant potential for financial improvement is frame inventory management. Let’s explore a transformative approach that is reshaping how optometrists manage their frame boards.
The Traditional Challenge with Managing Frame Inventory:
Managing frame inventory has long been a balancing act for optometrists. The cost tied up in unsold frames and the complexities of inventory replacement can significantly strain your practice’s finances. This traditional approach, while familiar, might be limiting your practice’s financial potential.
A New Approach: Consignment of Frames
What if you could convert the frames sitting on your display boards into a more fluid asset, enhancing your cash flow? This is where the consignment of frames comes into play, offering a dynamic solution to an age-old problem.
How Consignment Works:
- Stop Ordering Replacement Frames: Begin by instructing your staff to halt the usual practice of ordering new frames to replace sold ones.
- Partner with Frame Vendors: Collaborate with ‘Partners in Profit’ frame vendors to fill your display boards with frames that cost you nothing upfront.
The Benefits Unveiled:
- Increased Cash Flow: Selling your existing frame inventory under this new model turns previously tied-up funds into working capital.
- Efficiency and Cost Savings: Transitioning to a consignment frame board model enhances operational efficiency. This model also reduces shipping costs and the workload on your staff.
My personal experience, alongside Dr. Fleming, in implementing this model across our locations, has been nothing short of transformative. We’ve witnessed a substantial boost in cash flow and operational efficiency, allowing us not just to survive but thrive in today’s market.
If you’re looking to increase cash flow in your practice and explore new, efficient ways of managing your optical inventory, consignment frames could be your answer. By leveraging your current frame board inventory, you open up a world of financial possibilities.
Conclusion:
Embracing change can be the key to unlocking new growth in your optometry practice. To learn more about how consignment frames can benefit your business or to discuss strategies tailored to your unique needs, please reach out. Dr. Fleming and I are here to help guide you through this process.
Contact Information:
Ryan Hiesterman, OD
VP Professional Development, Partners in Profit
Contact me here.
Transform your practice’s financial landscape today. Let’s strategize together for your success.