Promote your Practice to the Premier League
In a World Cup year, a football analogy for your optical practice has never been more relevant. The independent Optical sector is now segemented into 3 distinct divisions.
The Premier League:Practices benefiting from strong leadership, and an adaptive approach, translating to substantial profitability. A key feature of top tier practices is that the day to day operation is not reliant on the owner, thereby providing an excellent work-life balance for the key stakeholder(s). These practices are highly sought after and carry a premium transfer value.
The 1st Division:Operations of a reasonable scale, often achieving decent profitability, but at the cost of an over-reliance on the owner. Subject to location, these practices normally possess a reasonable transfer value, but generally have significant scope for improvement on this and most other key measures.
The 2nd Division:
Characterised by flat or declining sales and patient numbers, poor delegation, an over-reliance on the owner and low profitability. Offering little benefit of ownership, these can also be very hard to sell.Whichever division you are currently in and whatever yor objectives for the year ahead, with the right guidance, it is always possible to raise your game.
Recognise that the rules of the game are changingHistorically, independent practice owners focusing on clinical excellence and a good rapport with patients could expect to achieve fair financial rewards for their efforts. This is no longer enough.
The competition is getting stronger and your patients more fickle and demanding. There are many other factors to consider too including:
- The Increasing synergy between optics and audiology
- The power and influence of large suppliers
- The evolution of a number of independent chains into multiples, masquerading as independents
Update your tactics to avoid empty chair time and maximise profits
Customers are not just satisfied by results anymore, they want to be entertained or at least made to feel special. To achieve even mid-table business performance, it is now necessary to deliver excellence in both the clinical and the retail aspects of practice ownership.
The new game requires new more sophisticated tactics and a more expansive game plan. For most independent practices, attracting and retaining new customers is a specific area that requires new thinking and new tactics. However before you attempt to tackle this and create a new strategy:
Remember that it is a team game: you can't do it all by yourself
You may be the captain and the star player, but the practice is only as good as its weakest link. Ensure that you communicate and fine-tune your tactics via regular formal training to keep your team sharp and on the ball.
Get the right team behind you
Premier league practices do not just have the best front of house players, they also seek out and retain the right backroom staff to consult with and guide them on strategy and specialist areas where it is not realistic to expect their front of house team to master.
Harness the power of delegation, outsourcing and up to date customer journey training.
Whatever your goals and objectives, why not utilise our combined 90+ years of experience in independent optics to help you achieve them?
- Update and upgrade your business tactics and game-plan via a practice health check to ensure a profitable 2018
- Bespoke customer journey training to ensure that your game plan is adhered to by all of your team
- Talk to one of our consultants about why you need to consider adding audiology to your services and the best way to implement it
- Our free VAT review will ensure that you are not giving too much money to the taxman
- Our Pre-Sale Audit will help you review your selling options and to execute the optimal plan [recommended timescale 1 to 5 years prior to the planned sale date.]
- Comprehensive fully managed practice sales and acquisition services