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Megatrend Four: Improving ease of ownership and operational experience

It will become easier and a more enjoyable experience to run your practice.

You recently came through the teething pains of EGOS and perhaps pre-lock down you signed up to a shared care scheme in some shape or form?  Right now with you and your team fully PPE’d up and government regulations changing on an almost daily basis – an easier operating model and ownership experience probably sounds like a distant dream.  However the storm will pass and when it does, the foundations are in place – or at the very least ready for you to put in place - for you to reap the rewards and investment in time in your business – both from a life-style perspective and financially. 

Read on for the 6 reasons why running a practice is going to become easier

6 Reasons Operational Complexity / Ease of operation is going to get a whole lot easier

1. There are now a record 16,247 qualified optometrists in the UK  and they are located across a wider geographic spread of the country, due to the increased number of universities running optometry courses – there are now a total of 13 across the UK.  Recruitment of quality, commercially motivated clinical staff has been a problem in many areas for some time, but the growth in the ranks of optometrists should improve matters going forward.

2. Practices focused on private patients prepared to pay well for products and services, allows for a more enjoyable operating model for owners and staff – less rushed, less pressure.

3. Successful adoption of eye care schemes will improve cash flow and patient loyalty

4. Well implemented and well utilised IT offers amazing productivity benefits:            5. High speed broadband and ubiquitous use of the Zoom application now affords ever more sophisticated and cost-effective options for more regular niche optical business coaching, and peer to peer accountability support groups such as Myers La Roche’s Practice Pulse service (other specialist coaching and consultancy services are available!).

6. Brexit offers the government the opportunity to roll back a level of business red tape (although this is yet to materialise).

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Case Study: The benefits of exit planning to achieve an optimised sale within the optical sector

Following a structured exit plan designed via our Exit 360 PathfinderTM service we have just completed on the sale of an optical practice in West Yorkshire. The transaction involved a separation of assets comprising a domiciliary business, traditional practice and separate freehold buildings of mixed usage.

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