Insights on the Business of Optometry

“That which doesn’t kill you, makes you stronger.” Well, certainly, we wouldn’t wish the worst case on anyone. Our hearts go out to those families who have lost loved ones from this Pandemic and the myriad of other reasons that people leave our world.

But Nietzsche’s words from 150 years ago make sense. What he’s really speaking about is adaptability. Life continuously delivers challenges. Survival is not about the fittest, but the adaptable.

A man had two sons. One the consummate negaholic, the other an unwavering optimist. Come Christmas, he ordered everything in the LL Bean catalogue and placed the goods in his attic. He also ordered a truckload of horse manure and loaded that into his basement. Come Christmas morning, he goes to his attic and observes his one son picking up every item and cross referencing it to the LL Bean catalogue. “I know there’s something missing,” he said.

Last week I spoke about the importance of taking time to sharpen your saw. How time away from your practice is even more important than time spent in your practice. This week, I’m providing you with some guidance on reflection.

It’s the beginning of October and mother nature has begun to turn the thermostat down in upstate NY. The leaves are turning into their majestic colors and the smell of fall is in the air. It’s one of my favorite times of the year.

I believe that it was the author T.S. Elliott that coined the phrase, “data begets information begets knowledge, begets wisdom.” Certainly, in today’s data driven society, these words CAN ring true. But when is enough, enough? In this week’s message, I’d like to explore some myths about data as it relates to your practice.

Forty-two years ago I had occasion to participate in the very first national eyecare exposition, called Optifair. At the time, I was the marketing manager for a small eyewear importer. The concept of Optifair was intriguing and we chose to exhibit at this first-of-a-kind event.

It’s near the beginning of the fourth quarter. Of course, by now, you’ve got a good understanding of how this year will conclude. You’ve compared your 2020 plan to your actual performance. You’ve made monumental changes thrust upon you by Covid19. 2020 has been that year where your goals may have been tossed out the window.

On several occasions over the past few months I’ve talked to you about opportunity. I’ve asked you to open your eyes to it, as during firestorms like we’re currently engaged, opportunity arises from the ashes.
Warren Buffett likes to say, “be greedy when others are fearful and fearful when others are greedy.” I think these wise words for the current era.

There are only two ways to increase your revenue…only two. You can either increase the number of exams which you deliver, or you can increase your average revenue per exam. It’s really that simple.

Seemingly little things can have big payoffs!

I remember reading a study years ago about a specific retailer. This retailer’s clerks, like so many others, would greet customers entering the store with “may I help you.” Think about the last time you were so greeted. What did you say?