What business are you in today? What business do you want
to be in tomorrow? Two simple questions to ask that take
time and thought to answer. Give yourself the time to review
and hone your answers.
Are you satisfied with the income your practice is giving
you? Some successful Opticals focus on attracting a high
volume of patients who want their visual needs paid for
completely by their insurance or will buy only low-priced
eyeglasses. Other Opticals choose to attract an elegant
clientele, while many others target a broader range of
customer income and fashion desires. What kind of niche
store would you like to imitate to increase your income?
If you did some of the inexpensive market research
suggested in this column earlier this year, you are now more
keenly aware of which strengths are attracting patients to
your practice, and which weaknesses are repelling them.
Understand that while it is always easier and more
profitable to focus on enhancing your strengths, you can
usually even make your weaknesses into profit centers with a
little imagination.
Based on the practice niche you have planned to target,
remove the "dead wood" frames from your boards
that don't support that niche. Verify that the frames that
remain are proportional to what you expect to sell during
late 2008 and early 2009. You can now plan what you need to
fill in, and begin deciding whether you want to focus on
your current suppliers, or whether you want to find new ones
that exhibit at the VEW. Make written notes of these
tentative decisions. This is the beginning of your VEW game
plan.
On the other hand, would you prefer to be doing something
else, including retiring? Then you may want to increase the
"curb appeal" of your practice for as little
investment as possible, so you can reap the most profit from
the sale. You may use part of your VEW visit to look at
practice upgrading and networking with others to learn how
they renovated on a budget. You may also use part of your
VEW visit networking with others who have sold their
businesses and learn from their success or the pitfalls they
either did or did not avoid. This knowledge from networking
may inform your plan of how you might want to go about
"winding down." In addition, there may be real
estate specialists in selling businesses you may wish to
consult at VEW. After all, you may sell a business only once
or twice in your career. A specialist will charge a fee, but
may be able to help sell a business faster, and for a
greater return, than you could do on your own.
A targeted game plan that focuses the interactions and
use of your time to affect profitable strategies in the last
quarter of 2008 and the first quarters of 2009 has the
potential to earn back the cost in time and money of
attending Vision Expo West many times over. Now use the days
ahead of your trip to VEW to create that targeted plan.
Your first resource is www.visionexpowest.com where you
can look at a total list of exhibitors, targeted exhibitor
lists by categories, and the floor plan. You can create a
personalized floor plan for highlighting your "must
see" booths, as well as where new products by category
are being shown that you consider worth exploring.
If you plan on using VEW to balance and enhance the
frames on your boards, consider setting appointments with
your current frame sales reps for the month before VEW.
Often reps are not as busy in the weeks before a national
show. You will make more considered purchases, consistent
with your cash flow plan and your board space inventory,
when you do so in the comfort of your practice. Make sure
that the rep understands that this order will be confirmed
at Vision Expo West, and will be refused if shipped before
authorized.
Now when you visit your current frame vendors at VEW, you
will have in front of you how you had planned to fill your
boards from this vendor and will be less tempted to overbuy.
You can still take advantage of any show specials, but you
will have a framework of how the dollars allocated to this
order fit into your cash flow plan. Remain in control and do
any modifications within the parameters of your plan.
Determine which type of booth you want to visit to
improve the profitability of your practice. If you have
decided not to do remodeling this year, don't visit
furniture, fixtures, or lighting booths. As you travel the
show you may see some items displayed, from your
non-targeted needs for this year, that you feel might be
helpful. Have sufficient business cards with you so you can
quickly give one to a salesperson in such a booth. Request
literature be sent so you can evaluate the look and costs
for possible remodeling, or frame purchasing, next year.
Stick to your plan. Your time and energy are very valuable.
When viewing www.visionexpowest.com, identify new vendors
to the show and also vendors that do not send reps to you
during the year. Look at the description of what each of
these businesses can do for you. Before the show, call them
to get a catalog.
Once you decide a vendor might be a valuable resource,
submit an application to do business with that firm, and
verify how minimum order and warranty policies are
implemented and whether they meet you approval. If there is
a sales rep assigned to your area, how easy is it to get a
response from the rep, and over the past 5-10 years, how
many different sales reps have covered this territory. The
answers to these questions will indicate the ease with which
you can do business with this firm, and the probability that
any promises made by a rep to your practice will be honored
by the firm.