Four simple steps that help you take small steps to take during the down phase to guarantee that big success for later
Running a business is as good as riding a roller coaster and this rule applies to the trade of optometry as well. In fact, your ride in the roller coaster will end in a definite time but the twists and turns of running a business continue for as long as you, the owner, choose to be a part of the trade. To simplify it, what we are trying to say is that maintaining a sturdy focus on what can lead to the growth of the business requires more than just dedication towards duty.
Everything from the surrounding environment to the economy of the country where you are operating your business, tends to have an impact on the numbers at the end of the day. Even in case of the eyewear business, there are periods of lull that tend to pull down the otherwise steady graph of growth. For instance, summers are often a time when people love to invest in fashionable eyewear but the rains can be quite a put off for these customers. This tends to affect your overall sales figures in an adverse way.
The key to driving a successful business is that you need to survive the downs and continue to invest in initiatives that help you rise higher. Therefore, instead of regretting the phase of lull, utilising it as an opportunity to work on techniques to grow your business can actually help!
Before we help you understand the revenue boosting strategies for your business, it is important for you to accept the need to adapt in order to emerge victorious from every down phase. Yes! One of the key reasons why many optometry practices fail to see the light of the day after the down phase is that they are too stubborn to adapt. Instead, view the pros and cons of every change with an open mind. You never know which change could actually be a game-changer for your eyewear business!
For instance, sales is one department where optometrists often fall short of achieving targets and can even lead to the down phase of your business. This could be because your staff may be great at selling the eyewear but they may choose not to invest time in trying to upsell related products like lens type, coating, cleaning solutions, etc. Such trivial problems tend to impact the overall business growth in a big way.
Therefore, it is important to utilise the lull period in your business to actually work for the future growth and our four step plan will help you do so. Here is how you need to work on it:
Step 1: Set a goal
The basic requirement for any plan to work is to ensure that you identify the goal. This is also the step where you, as the owner of the eyewear business, will have to invest time to identify the problem areas. Identifying the problem areas will not be easy, after all you will be required to do a detailed research to understand what are the factors affecting your revenue. Accordingly set a goal for yourself that will help you tackle one of these key problem areas.
In addition to defining the goal, set a very specific measure of success for it. Remember to set a realistic or attainable goal. Also, your task does not end at identifying the goals. You will also need to set a start date and end date to the task. Adding the time frame will ensure that you are aware of the urgency and the impact that it can have on your business.
Step 2: Protocol planning
Now that you know the problem area and have identified the goals to be achieved to solve it, the next stage involves working on the plan to implement the solution. Basically, understanding how you plan to achieve the goals set in the first step. At this stage, it is always a good idea to talk to your employees and involve them in the brainstorming. After all, involving them will only make them feel more connected to the cause and they are likely to contribute more enthusiastically.
Step 3: Always keep a score
Making a plan is not enough, adhering to it is equally important. After all, the plan may need some modifications mid-way through the achieving process and if you do not keep track of it, you may end up incurring losses for your eyewear business. As the owner, it is your duty to see how far your staff is able to adhere to the plan of action for achieving the business goals. In case of chain stores, owners need to go one step further and keep track of the branches that are able to meet the goals set for them. Those that are not able to do so require further efforts to identify the causes of the problem and accordingly modify the plan to solve them.
Additional, share these scores with all the staff involved. Doing so actually has multiple benefits. To start with, your staff will be happy to see results of the efforts that they are putting in. In case they are not doing well, sharing the score will help you maintain transparency as the management and also assure the staff of a fair analysis.
Step 4: Re-evaluate
As we near the conclusion, it is important to revisit the basics that we established at the start of this article. Yes! As we told you, change is the one constant and so you need to be willing to adapt to evolve. The fourth step is all about analysing the impact of the first three steps on the growth of your business. This analysis will help you identify the loopholes if any, so that you can work towards sorting them.
Start with understanding how far have you met your goals once you reach the target end date set in step 1. Weigh the pros and cons of every action taken as part of the first three steps and carefully identify the parameters that require modification.
This analysis should ideally be a healthy and regular habit across your optometry business. After all, it helps you stay abreast with the changes around you in order to continue growing your business.
With practice in place and regular planning you can easily work towards achieving a goal that will result in increased profits and enhanced services. Therefore, there is no end to the heights your business can achieve.