In one month, our optical department sold 70 pairs of glasses to cash-paying customers. This success story isn’t a fairy tale, it’s fact. Like a lot of small optometric offices, we believed we couldn’t make much of a profit on optical. We assumed that most patients who have managed vision plans would shop around and […]
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 […]
Successful businesses constantly evaluate systems. Recently, our optometry practice decided to eliminate our traditional telephone system. We realized every doctor and staff person already had a phone in front of them that they were not using—their computers. We were able to eliminate the cost of a telephone system and monthly per line rates by switching […]
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 […]
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 […]
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, […]
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 […]
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 […]
Right now we have two staff members who have decided to make optometry their life profession and are applying to optometry school. These future ODs are excited, and their excitement is contagious to the rest of the staff, even the sometimes complacent and burned out OD who has been practicing for years. When you employ […]
As a practicing OD who sees patients 3.5 days a week and manages a large multi-location practice with one other owner, I find my primary job is making decisions. As owners, my partner and I have the responsibility to make key decisions that will impact the health of the practice immediately and for years to […]
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