Pathway to profit

Last month’s article issue looked at the financial future faced by independent practices, especially given the pandemic. Covid-19 has meant reduced appointment capacity and therefore a need to generate more revenue per patient.

But it is the intense competition from the multiple groups and online suppliers that poses the greatest challenge to the prosperity and commercial viability of many independent opticians. So what can realistically be done to minimise and even negate this threat?

The starting point is to find out why some practices are very profitable while others struggle to make a proper financial return. Such information will help the independent sector adopt the most effective and proven profitability techniques. As Benjamin Franklin, author of the United States Declaration of Independence, said: ‘an investment in knowledge pays the best interest.’