In the blink of an eye, we are marking the halfway point of the year. Summer is a unique time with intermittent surges and lulls in workload caused by slimmer staffing availability due to summer holidays and patients focusing attention outdoors when the weather is nice. Make the most of this letup to assess the state of your business, looking closely at the current costs of goods and expenses to best evaluate the business’s profit margins while ensuring they account for inflation. 

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The #EBOpticalChecklist is breaking out of each issue with a monthly digital episode to our social channels. Join optical pro Sheena Taff as she applies these checklist items to real-world scenarios. Watch on EB’s Instagram (@eyecarebusinessmagazine) and TikTok (@eb_mag).

 

    

DEVELOPMENT

A good business plan is malleable to modification when economic influence or feedback dictates changes need to be made. Keeping an eye on small changes that might be happening without really looking for them will ensure the business is most profitable.

□ Compare vendor invoices from 2022 and 2023 for the same or similar products. Have prices increased or are there additional shipping charges for items?

□ Make a list of vendor delivery costs and the quantities required for free shipping. Make certain the whole staff is aware or task a couple of people with ordering to avoid overpaying.

□ If you find products that have increased in price, ensure you adjust existing inventory to match to avoid selling at reduced margins.

RELATIONSHIP

You can instantly create a better relationship with your clients by being there for them when they’re in a bind. Frequently, patients notice they’ve run out of contact lenses the day before they leave on vacation. Be stocked and ready to save the day!

□ Discard any expired CL trials and eye drop samples. Follow safe disposal and recycling procedures as provided by the manufacturer.

□ Take inventory of CL trials and reorder any missing powers.

□ Run a sales report to identify your top-selling contact lens styles and the most-sold Rx powers.

□ Restock inventory or travel-size solution samples.

□ Create a handout with CL care and wear guidelines; wearers can always use a reminder on how to correctly wear their CLs.

CONNECTION

Six months into the year, the business has the data to show a vendor your purchase history, allowing you to quantify your product purchases and partnership. This can help leverage vendor loyalty and secure marketing and promotional dollars.

□ Collect total purchase amounts and sell-through numbers for your top 10 frame and lens vendors.

□ Draft vendor partnership proposals. Include specific marketing and promotional initiatives and anticipated costs. Highlight where the vendor’s support could make a strong impact on sales.

□ Reach out to your business consultants and find out if you qualify for ad dollars or reimbursement for vendor promotion.

□ Learn sales benchmarks to be eligible for promotions and focus on maximizing purchases from vendors that offer value.

REWARDS AND RECOGNITION

No matter where the business is currently relative to your goals, staying positive without sweeping things under the rug will foster a good culture within the practice. Give your team praise for what is working well, framing areas of opportunities, and be specific with examples of what has been exceptional.

□ Treat the individual temperature checks with your team as an informal midyear review. This will help employees with development and make them aware of where they currently stand.

□ Create a sales chart to show where your shop is at and where you would like to close out the year.

□ Ask your team what they would like to focus on for the remainder of 2023. Develop a joint learning plan to empower them in their growth.