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At the risk of stating the obvious, times are tough these days. In 2009, sales for small businesses in the United States were off by nearly 7%. In malls and shopping plazas across the country it seems the most visible sign is the one that reads “For Rent.” As a small, independent, retail optical owner/operator I knew we were in trouble in late 2008.
I started to see a disturbing trend: The prescriptions that were walking through my door, rather than being two or three days old, were three to six months old. Some were nearly a year old! People simply didn’t have any or were unwilling to part with their money. The number of people who asked if they could put their new prescription into their old frame (to avoid purchasing a new one) soared. Despite all of these things, I am proud to report that in both 2008 and 2009, my optical shop realized not-too-shabby 10% and 12% increases in gross sales respectively over the previous years. So here are some thoughts for thriving while surviving what has been described as the toughest economic era since the Great Depression.
Be thankful you’re small. That’s right, thankful. Because you’re small, you are nimble. Once you decide what it is you need to do, you can do it! You don’t need to consult some board of directors or ask for permission from some out-of-touch regional manager. You can put your ideas into action immediately. That’s a great thing! Once you implement an idea, closely monitor its efficacy. After a month or two, if what you implemented is working (increasing sales, for example) keep on keeping on. If, however, you are seeing no positive effect on your business, you’ve just discovered a beautiful thing – your bright idea wasn’t so bright. Stop what you had been doing (and here’s a novel idea) try something new! That kind of analysis and action might take a behemoth corporation a year or more to discover. And don’t be afraid to try new things. Remember, if you always do what you’ve always done, you’ll always get what you’ve always got.
Ask and you shall receive…usually. In The 7 Habits of Highly Effective
People, author Stephen Covey reminds us in his seventh and final habit to Synergize. Simply stated, synergy means that together we are stronger than we are alone. Even in tough times, the Abundance Theory rules. There is plenty for all. For example, maybe you decide to offer a 25% discount on second pairs to encourage patients to buy that pair of sunglasses they might otherwise do without. You call your wholesale lab and ask if there’s anything they can do to partner with you and your promotion. Voila! Your lab rep asks if 50% off same Rx second pairs for 90 days would help. Yes it would!
You would like to put some new frame styles in your collection, so you agree to meet with your frame rep. There are 50 frames you’d like to purchase, but you’ll have to ask for some special consideration – 90-day billing, 10% off, consignment, etc. I guarantee you one or two of those things will be authorized.
Your friend who owns his own optometric/optical practice calls you up. His practice manager wants to take advantage of a fantastic promotion that features Vera Bradley sunglasses at an amazingly low price, but a minimum number of pieces have to be purchased. You want to go in 50/50? Yes I would! By the way, all three of the previous scenarios are real. Remember that the organizations you deal with day in and day out – frame companies, labs, newspapers, leasing companies, etc. – are all made up of individuals – individuals who have a vested interest in your continuing success. Talk to them straight. Ask for what you want. All they can do is say yes or no. My experience is they usually say yes.
Police Your Policies. Now is the time to reconsider every single one of your policies, and re-evaluate its necessity in these trying times. For example, maybe you have had a policy of not using patient’s old frames. Why not rethink that one? If the frame is in decent condition, tell your patient you’d be happy to accommodate them. Many of the large corporations in my area still refuse to do “lens only” jobs, or charge a ridiculously bogus “pattern charge” to do so. If you are willing to do it, perhaps you are cultivating a loyal, customer for life. Just today I was working on the front lines of my shop and a young man came in with a three-piece drill mount with the temples broken. He had purchased the glasses at a Wal-Mart Vision Center. He asked if I could help, and I said I probably could, However, I explained, it would probably be in his best interest if he returned to Wal-Mart.
After all, they would have the exact temples, parts, and bushings that he needed. His frustration was palpable when he explained, “Yeah…you’d think…right. I bought these only a few months ago, but they said they’ve been discontinued and short of a new pair they couldn’t help me at all. Can you fix ‘em?”
Yes I can! Fifteen minutes later, that young man had what looked like a brand new pair of eyeglasses back on his face. I had made $60 for a pair of temples that I had scrounged from my parts box, and I have a new customer – one that I feel sure will be purchasing his next complete pair from me. Until recently, I expected payment in full at the time an order is placed. I’ve become more flexible on that rule. If I get at least a 50% deposit, I know my cost-of-goods on lenses is more than covered. About two years ago, I began to extend this flexibility, and my customers have been very grateful. Take a look at some of your policies and decide where you can be a little flexible too.
Spread the Word…or more accurately, ask your clients to spread the word. I always ask for referrals. I frequently remind my customers that “I have been in business at this same location for over 14 years, and I never advertise. I count on you to tell your family and friends, so I can hang around another 14 years.” I asked my former Wal-Mart customer to let anyone else who needs a repair know that I am willing to do it – a repair, an adjustment, a tint, and AR removal –for a fair, honest price.
I guess there are dozens of things we can do to ride out this wave of uncertainty but I’ll leave you with two final thoughts. First, whatever works, go for it. If it’s not illegal and it’s not immoral and it helps you build your business over the next few months or years, you ought to do it. Second, (and this might sound a bit odd, given that I am not an overly religious or usually inebriated person) perhaps we small-business ECPs can take some inspiration from a prayer that is sometimes invoked by recovering alcoholics: God, grant me the serenity to accept the things I cannot change; courage to change the things I can; and the wisdom to know the difference; serenity, courage, and wisdom to not only survive, but thrive.
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