New support programme for independents
A new support programme has been launched to help independent opticians improve their financial viability and prosperity.
The ‘More Profits More Often’ programme is produced by the Independent Marketing Partnership (IMP), an optical consultancy specialising in patient communications and product pricing.
The programme is the result of a two-year research project into why some independents are very profitable whilst others struggle to make a decent financial return. It analyses their patient prices, dispense values, conversion rates, product costs and patient communications.
More Profits More Often is also based on in-depth consultancy work with a select group of independent practices. This tested the impact of different profit improvement techniques and the results are given in a detailed case study.
IMP managing director, Graham Hutchison
IMP managing director, Graham Hutchison, explains why the programme was created. “Whilst Covid-19 has been a difficult time for independents, the real threat to their commercial future is still the relentless competition from the multiple groups, supermarkets and online sellers.
“More than ever, practices need to be run professionally as a profitable business as well as a professional provider of eyecare and eyewear. We’ve found this can be achieved by almost every independent optician, providing they have the knowledge and support to use the right techniques.”
Graham adds: “The key is really understanding how and where profit is generated within a practice, and what actions can realistically be taken to improve it. The programme shows that a typical independent could easily generate an extra £34,000 profit per year by following its advice and making appropriate changes.”
Modular approach
The More Profits More Often programme consists of 10 modules in one pack. Modules one to nine provide practitioners with the knowledge they need to improve their profitability. For example, advice on how to increase dispense values through different patient communication techniques and an optimal pricing strategy.
Module 10 is a toolkit, which gives opticians practical support to implement their profit improvement strategies. This includes a video on eyewear sales techniques from two experienced optical training consultants.
Backed by ABDO members
Grace Haine
The programme is particularly suitable for dispensing opticians who are practice owners or managers. It has been reviewed by the following independent ABDO members who said:
“It shows me exactly where and how to unlock extra profit in my practice. Produced by someone who knows how independent opticians work, it provides practical advice that I can use immediately. I have never seen anything like this before,” Grace Haine FBDO, Grace Haine Eyecare, Stalbridge
Andrew Tremain
“The detail is impressive. It provides realistic strategies that help me work on my business. The most useful part is on how to set prices. I would recommend it to all independent colleagues,” Andrew Tremain FBDO, Linklaters Opticians, Dartford
“It’s 100 per cent useful and definitely actionable. The module format enables me to pick out the parts I want,” Melissa Sims FBDO, Sims Opticians, Teddington
“More Profits More Often clearly explains the essential techniques for improving financial performance. The timing for its release couldn’t be better following the challenges practices have faced in the coronavirus pandemic,” Nick Atkins FBDO, Independents Day
Special price for ABDO members
ABDO has negotiated a special price for the first 300 members who order More Profits More Often. This includes a money-back guarantee of satisfaction.
For further details visit www.opticalmarketing.co.uk/profits
More information about improving practice profitability can also be obtained from the ABDO Business Hub.