3 simple but effective tips to boost the value of your Opticians businessPublished on 25th May 2018 2018-05-25T22:55:10+00:00 - Last update on 15th March 2020 2020-03-15T18:43:06+00:00
As a business owner running an optical practice, you must be constantly looking for more and more exciting ways to add value. Ultimately, your goal is no doubt to expand your client base. This can be achieved in a number of ways and often aren’t as complicated as you may think. So if you’re looking to cement your optical practice in the heart of your local community whilst raising your bottom line, here are 3 simple but effective tips for boosting the value of your business.
Increase kerb appeal
If you’re going to lure more clients in, one of the top things on your to-do list should be increasing kerb appeal. First impressions really do matter. If your practice looks messy, cramped and has paint flaking off the walls, why would people trust you to take care of their eyes? Clients want to know that you have the necessary expertise and equipment to manage their individual needs, whilst also delivering a quality service. As such, you need to make your practice eye-pleasing (excuse the pun) to passers-by. This could be something as simple as rearranging your window displays, or more costly such as renovating your storefront, refurbishing your client-facing areas or extending your existing facilities - which may mean investigating external finance for refurbishing for opticians.
Reinforce profit margins
In order for your optician practice to grow and remain sustainable, closely monitoring your profit margins is vital. Every day that your practice opens its doors, you’re certain to incur a number of operating costs, which must be supported by your monthly revenue. Therefore, if you’re going to increase your profits, you need to focus on these 3 key areas:
- Driving more sales: Bringing in more clients and offering access to a wide range of services will help increase your monthly income, giving your practice additional breathing space.
- Controlling your spending: Are you spending more than you have to on practice supplies (frames, lenses, lens cleaners, cleaning solutions, etc.)?
- Reducing your overheads: Carefully review your day-to-day operations. Are there any aspects that are costing too much, unnecessary or need more effective management? This could include advertising, insurance, rent, tax, phone bills, travel, utility bills, etc.
Exercise good leadership
Finally take a look at how your practice is being run. Could you make improvements to your style of leadership? How effective are your managers? Do you have a detailed business plan in place? As well as keeping your employees motivated and showing your appreciation for everything they do, you need to keep track of your day-to-day operations and ensure that vital responsibilities are being fulfilled on time. The same goes for keeping your accounts up-to-date, which will allow you to effectively review your cash flow forecasts and show how well your practice is growing. As such, exercising good leadership will ultimately benefit the whole of your business, keeping overhead expenses in proportion whilst at the same time encouraging staff to deliver an increasing number sales each month.
Need help adding value to your opticians?
Like any business operating in the UK, consistently adding value is an essential aspect of running a successful optical practice. Although there are many ways in which this can be achieved, you need to make sure you have the means to do so. You may lack the necessary funds or the amount of disruption that adjusting how your practice operates could be too much for your finances. Fortunately, you don’t have to go it alone. Thanks to the Alternative Finance industry, you now have access to a wide range of business finance solutions, allowing you to support every aspect of your practice. All you have to do is source the most appropriate solution.
At Rangewell, we’re an Access to Finance specialist working with over 300 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide through the application process. We know the lenders who can help you and we’re with you every step of the way. So if you're looking to for finance to grow your opticians' practice and want support from people who understand your sector and specialise in finding the right solutions for you, apply for business finance today or find out more with Rangewell. Plus, check out our Opticians' Directory - all the independent connections you need, from financial advisors for opticians to suppliers if you're refurbishing an opticians.
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