MAXIMIZE?

A verb meaning: To increase to the greatest amount or degree possible: to look for ways of maximizing profit.   To represent at the highest possible estimate; magnify: He maximized his importance in the program, minimizing the contributions of the other participants.   To make the greatest or fullest use of: Maximize your time by planning ahead. Maximize may be the word of the decade. We are asking and being asked to maximize our profits,  our productivity, even our vacations.

We’re being asked to do more with less, to get the most “bang for our buck”, to develop a strategy that will allow us and our businesses to prosper in a very challenging marketplace. But what does that mean really? Does it mean a return to the “lean and mean” 1980’s? Or is it the logical way to recover from the excesses of the early 2000’s?

For years, eyewear has been considered an affordable luxury; less than a new house or car, but more than a new suit or some fine jewelry. For most of our patients, the purchase of new eyewear is a luxury, period.

So, the goal may be to maximize your business plan so that your patients can maximize their purchasing power, but how?

1. Become a leader, not just the owner. Brian Tracy (www.briantracy.com) defines this requirement in these terms: “The job of the leader is to establish the vision, values, mission, purpose and goals of the company…The leader’s job is to make the critical decisions that determine the fate and future of the business…The leader must be goal-oriented…The leader must be result-oriented…The leader must be people-oriented, solution-oriented, sales-oriented and cash flow-oriented.” Stephen Covey describes them as WIGs and PIGs—Wildly Important Goals and Pretty Important Goals and additionally limits those to 3 of each. His premise being that more than 3 of each is not realistically attainable within a year. (YES, this is a yearly process, just like doing your taxes.)
    

2. Develop or re-visit your business plan. You must be absolutely clear about the critical numbers in your business. A business without a plan is a business that will not grow and prosper, simply because there is no attention being paid to its basic foundation. There is always one number, according to Tracy, that is more indicative and predictive of your success than any other and you must decide what it is. Analyze where your money is being spent and its relative value to your overall goals. Review your pricing structure. As costs rise, can you pass them through to your patients in their entirety, or must you accept a lower profit margin to retain your patient base? These are not easy decisions, but they are an everyday reality.
    

3. Surround yourself with the best people. “The best companies have the best people. The second best companies have the second-best people. The third best companies are on their way out of business. Sometimes, the selection or de-selection of a single person can [make] a major difference on your business results”, Tracy writes. Is a licensed/certified/experienced employee more expensive? Probably. Will the level of training, knowledge and experience he or she brings be an asset? Without question. Knowledge is power and profitability. Keep in mind that the “free remake” is never really free. It will be reflected in higher initial costs. Cheap labor can be very expensive.
    

4. Know your demographics and provide them with the best products and services. This is where the rubber meets the road, where you differentiate your practice from your competitors. If you and your closest competition are selling the same products, you have limited options. You can keep lowering your prices or you can lower your costs. No one wins a price war. Not even patients who will eventually become willing to pay more for better products and services.

Differentiate your product offerings, your service levels, even your office décor from your competition. Does your practice need a face lift? Some studies show that remodeling, even with a limited budget, can increase business by about 20%. On a personal note, I used to rearrange my frame boards on a monthly basis and most of my patients believed that my inventory was all new. Even changing displays and office artwork can make a significant difference in your patients’ perceptions. You can offer products that may not be the most recognizable brands, but are ones that you can trust and that you can confidently recommend to your patients if you are willing to investigate your options.

5. Develop a solid marketing plan. So far, you have the best business plan, the best people and the best products and services. Now, how will you drive patients to your door? How do you position your products and services as the best, most attractive, most desirable available in your area? You and your staff are the living, breathing, embodiment of your practice all day, every day, at work or not. Every staff member should have their own business cards, with their names, certifications and titles. Work together to develop a one or two sentence description of your practice when anyone asks about it. Every staff member should have the most flattering eyewear, including sunwear. They should know what they’re wearing and why it’s the best.

If you don’t have a website, get one. Use the services of a good web design service to ensure that your site remains current and is on page one of every Google search. Embrace social networking, via Facebook, Twitter and Linkedin. You and your staff must be absolutely excellent every single day, at getting the phone to ring, at getting more people to call you and contact you to learn more about you, your products and services. Your patients should be able to recommend you without a moment’s hesitation.

6. Perfect a positive sales process. Too often “sales” is considered a dirty word in a professional practice. In reality, the process of selling is a part of everyday life. Everything from the Bose radio that wakes you in the morning, to the comfort of the mattress you sleep on at night involved sales. The first key is to be able to create value out of thin air and never be afraid to ask for money. The second is to provide unparalleled service before, during and after the entire process. Steve Wynn, the great Las Vegas developer, has this wish, “that my employees would relate to people not as a customer with an employee, but as two human beings talking to one another…If somehow we could harness that energy, we could change the history of the enterprise and achieve total market dominance in any service business in the world.”

His solution? Storytelling. At the Wynn Resorts, before each eight-hour shift, employees meet in small groups to share their experiences from the preceding day. They answer the question, “Anything happen yesterday that’s interesting?” Each of the stories is published on the Wynn intranet and printed up and posted on the walls of the service areas in the back of the house. “Now”, says Wynn, “everyone goes to work looking for a story the next day.” You and your staff must be excellent at establishing rapport, identifying needs accurately, presenting persuasively, answering objections, closing the sale, and getting referrals from happy patients.

Maximize your practice potential by becoming a leader, not a boss. Pay attention to your business plan. It’s not a one-and-done, but a living document that needs regular attention and careful grooming. Build the best staff, period. Your staff is the face of your practice. They have more interaction with patients than you ever will. Know your demographics and cater to their needs, not your wants. Be willing to walk away from old marketing techniques and embrace newer technologies for reaching your audience. Stop believing that sales are a bad thing.

Maximizing is really just common sense business practice; knowing what your patients need and how to help them satisfy that need with your services.