o.d. to o.d.

The Other 60%: Improving Your Optical’s Performance

Are we spending enough time managing this mix of function, fashion and consumer psychology?

BY SCOT MORRIS, O.D., F.A.A.O.
Chief Optometric Editor

The optical comprises up to 60% of most eyecare practices’ revenue, and yet many business owners struggle to understand the keys to success in the optical. The reason is simple: Most of us were trained as eyecare providers and not as business people.

Our optical is a retail environment with its own set of rules and processes. Creating a successful and profitable retail environment involves understanding inventory management, proper purchasing and pricing. It takes into account how we approach our consumers, how our store is designed and the experience that we create.

A complicated concept

Creating a successful optical also includes concepts like multiple-pair sales, premium products, accessories and the utilization of effective merchandising and marketing. Yes, the optical is actually much more complicated than the service side of our business where we see a patient and solve his or her problem. The optical’s mix of function, fashion and consumer psychology can be perplexing understandable to us left-brained folks.

Here is one concept that we may want to try to wrap our brains around: If more than 50% of our revenue comes from our optical retail, then maybe we should spend about 50% of our management time figuring it out, working on it, perfecting it. How do you start?

Make the commitment

The optical retail side of our business can be improved. It is as simple as making a commitment to improving multiple aspects of your optical. List them out.

Start with your current workflow — what are you actually doing? Map it out! Then, document what everyone is saying during the retail process, when they say it and whom they say it to. There is not a right or wrong answer at this stage — only what you are actually doing.

Next, pick one concept, such as merchandising, and brainstorm with your staff on how to make it better. Set a goal of improving it by 20%. Now, spend four to six weeks really focusing on it. Where does it fit into your current process, or do you need to alter your process a little? Who will say what, when and to whom? Find the metrics that measure this concept, and track your results. Improve the process.

The one-year plan

After four weeks, pick another topic and focus on that while still reviewing your progress on your first goal. Keep at it and one year from now, your retail business will not even be recognizable from where you are today. Greater profit, a better consumer experience and a happier staff are all that you have to gain.

Get started today . . . as soon as you are done reading OM cover to cover, of course. We have a lot of great ideas this month to make your journey easier. OM