YOU NEED EXPERT SUPPORT TO MAKE THE MOST OF YOUR OPTICIAN BUSINESS - FIND IT HERE
Working together for the optician industry
Finding Advisors who support the optician business could be the simplest way to complement your own expertise
The high street is a highly competitive environment. Maintaining your position as a high street optician business owner means a constant demand to update your knowledge and the facilities and capabilities that you and your business offer.
Naturally, this will requires knowledge of the latest ophthalmic developments and techniques. As a professional, you will, of course, expect to be fully aware of what these are, and how they can impact your patient care and clinical standards
But running your optician shop also means running a business. Understanding all the issues that affect your business and its profitability demands an entirely different type of expertise - expertise that extends across several areas.
Knowing the latest marketing techniques is one area. Being fully aware of any developments in regulations and legislation may be another. You will need to be aware of the latest fashion trends which will affect the frame selections you offer and the names of the rising designers.
You will also need to call on a wide range of business management knowledge, and having answers to questions ranging from HR and asset management to financial forecasting and money management can all be crucial to your success.
Advisors to the optical profession can provide access to key knowledge on every aspect of practice management. They can work with you to develop your business and your plan for its future.
Finding the right advisors, with expertise and judgement that you can rely on when you make your decisions about your business can helping you deal with issues and challenges on every level - and help you drive your business forward, and your turnover and profits up.
Finding advisors who can support your practice with expertise is vital.
The Rangewell Opticians Services Directory
At Rangewell we have assembled a directory of support services your optician business can rely on - and made it free for you to use. So, if you need professional support for your optician practice, call us for details of the professionals who can help with expertise and services you need - and who cover your location, including:
- Sales and acquisition agents
- Equipment suppliers
- Legal Services
- Media Services
Why you need a specialised advisor to help you run your optician business
Your business needs to be profitable to survive. It means that you need to call, not just on your ophthalmic expertise but on staff management, finance, nursing, business planning, law, a growing list of regulatory demands and much more besides.
Very few people can offer the full spectrum of expertise. Being able to call on an advisor who has the necessary knowledge could provide your business with the support you need - avoiding costly mistakes and helping you drive your business forward.
Planning is vital for the success of any business is vital for success. A business advisor who understands the optician profession can work with you to develop a business plan that is fully viable, and which can take into account their knowledge of the local market, demographics and conditions.
Being able to prepare a business plan back by this level of expertise will be vital for your future - and to let you maximise your chances both of securing the necessary funding, and of enjoying real business success.
The General Optical Council sets Standards for optometrists and dispensing opticians.
Naturally, you will wish to ensure that you meet and exceed the standards set by the council. An advisor can help you ensure that your business will meet the necessary standards of service, and where shortcomings can be identified provide ways to resolve them.
If you are already facing issues with the GOC standards, an advisor can either help you challenge the report, write an improvement plan or work with you to make rapid improvements in your standards and practices.
Training needs to be ongoing. Ensuring that you and your staff are fully aware of industry best practices can be a material contribution to ensuring that you are able to deliver the standards you need.
In addition to training, an advisor specialising in the sector should be able to help you with recruitment, and with the retention of staff. They may also be able to provide valuable input in team management, in appraisals and in disciplinary and grievances procedures which combine fairness with legal obligations while safeguarding your business interests.
Even with a sound business, your profitability can never be taken as a given. A new competitor, an online service or population changes can all mean that your business needs to change.
It may be something as simple as updating your frame selection - or something more fundamental, such as needing to take on a junior, to set up a branch business, or even take a step back.
It is vital to be able to call on advisors who are fully aware of prevailing issues and who can help investigate and identify why those shortcomings are affecting your business - and how can help you develop solutions which will help you to get your business back on track.
You may need advice on costing, marketing, staffing or more. An advisor will be able to provide the advice you need.
Developing and extending your optician business may be crucial to its success, helping you compete against the major franchises and chains.
An accountant with relevant sector skills can provide advice on the tax-efficient implementation of business strategies, and support during restructuring, mergers and acquisitions.
This can include developing expense budgeting models that can be used for comparison against actual results and making full use of measures such as capital allowances - a complex tax area and very few owners have the necessary expertise to take full advantage of them.
Selling your optician business
The time will come when you are ready to pass your optician practice on and enjoy the rewards of your hard work.
Naturally, you will want to maximise the sale price.
An advisor with an understanding of the industry will be vital. They can provide an accurate valuation, helping present your business in its best possible light, and help you find the potential buyers you would otherwise miss.
Finding the specialist advisor you need
At Rangewell, we work with opticians across the UK, to help them find the funding they need.
This means that we work closely with many professional suppliers serving the sector - including accountants. We are always happy to share our knowledge, and if you feel that your business could benefit from an accountant with experience in the industry, please call us on 020 3936 0069.
We will be happy to introduce you to an accountant in your region who can provide the expertise you need.
Joining the Rangewell Opticians Services Directory
Are you an advisor with expertise in the optician sector? Please contact us to discuss being included in our database. There is no charge for advisors to the sector who wish to be included in our directory.
Call us now on our Opticians Support Line on 020 3936 0069.
Download Rangewell’s free and detailed guide to business lending
What kinds of business funding are available and which lenders are experienced at providing finance to the opticians sector?
- How can they provide extra funds for you - without reducing funds available for your business?
- Why you must find the right lender to cut costs
- The downsides of borrowing
- Guarantees and security
How important is it to choose a lender that is authorised and regulated by the financial conduct authority?
Find business finance packages for any purpose for optician practices, including to help with cash flow, working capital finance, premises funding or even equipment finance
Is business finance limited to companies based in the UK only?
Will it be hard work to apply for finance? What paperwork you will need to submit with your application
Key financial terms explained, such as credit lines, Asset Finance, Merchant Cash Advance and terms.
An additional commitmentBorrowing may be a long-term commitment, with ongoing monthly repayments which will affect your cashflow.
You may need to repayIf you sell your business, you may need to repay your borrowing.
Borrowing may be a personal liabilityLending will be secured on your practice, but you may be personally responsible for repayment with some types of loan.
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