One of the most common misconceptions seen in the independent optometry community is that “MORE” is needed to significantly increase profits. This usually means investing in aggressive marketing campaigns to get more patients into the exam chair or investing in new equipment that sets the doctor back tens of thousands of dollars.
This is stepping over dimes to pick up pennies. Most doctors have significantly “lower hanging fruit” within their existing operations that, without any additional dollars invested, can boost profits as much as 20% – 50%. It all stems from lowering the cost of goods sold (COGS), something we’ve briefly discussed throughout this guide but will really sink our teeth into in this section.
Step 6 Table of Contents
- 6.1 Seriously Reevaluate Branded Lenses
- 6.2 Don’t Let Pricing Gimmicks Pull the Wool Over Your Eyes
- 6.3 Dive Into Your P&L and Purge Any Unnecessary Expenses
- Wrapping Up: Dramatically Decrease Your COGS