Every business in eye care goes through many stages of growth and times of contractions. These stages are not strictly linear; they are circular. The five stages of business—existence, survival, success, takeoff (growth), and maturity—originally defined in the Harvard Business Review—should be viewed as an ever-present checklist to complete and start all over again. This will help with evolution and keeping up with the dynamic changes in consumer behavior in our unique industry, one where health and retail are constantly intertwined.
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1. Evaluate your market position by making a list of what you offer that other ECPs in your area don’t. List products, collections, services, and specialties. Assess and evaluate what is missing in the geographic area and in the marketplace. This can clearly show areas of opportunity.
2. Rebranding and expanding service offerings is as simple as including better descriptions. Replace “contact lenses’’ with more specific fitting service descriptions. List different lens style offerings and how they can improve a patient’s visual experience by highlighting multifocals or new materials. Introduce new technologies or treatments to clients for services you currently offer.
3. Spot-check costs. Pick 15 different products in the office and compare the wholesale cost and retail price in the system versus the price if you ordered it again today. Ensure that the prices of existing stock are adjusted to 2024 costs to prevent an unknown reduction in margins. Don’t forget to consider shipping costs!
4. Check in with your redo rates and warranties. Review what types of jobs are causing the most trouble. Is it due to measurements, incorrect frame selection, poor product quality, lab errors, or incorrect patient expectations? Remakes are costly in time, effort, and patient satisfaction. Identify patterns to correct issues.
5. A reduction in product offerings can actually help your clients make a quicker and more informed decision. It is impossible to be everything to everyone. Eliminate inefficiencies in products to keep it simple. Create a good/better/best ranking of each lens style and have the team make consistent product recommendations, always beginning with the best.
6. Pull a board management report and identify stale or slow movers. Discontinuing unprofitable or marginally profitable products, even at a reduced profit through product line reduction, helps focus on the products that turn quickly and repeatedly.
7. Challenge your team to a 30-day social posting schedule. Examples include posting product (with shoppable links) or creating reels.
8. Communication options are essential. Can someone book an appointment or ask a question without calling? Creating different communication options such as quick links to email, texting, social direct messaging, and online bookings is essential.
9. Devise a long-term plan by creating a checklist of ideas and goals for the next quarter, six months, following year, and five years. Engage and brainstorm with your team to show they are invested in the future of the business.
10. Expel complacency by switching up the daily roles of your team. No one person should always be taking ownership on one thing. Partnering different departments or positions together increases learning and team building, breaking the monotony while cross-training staff.
