Creating a clear vision to meet your financial goals.
Independent optometrist offices have unique ecosystems – half medical office, half retail space, plus a myriad of other patient services. There are many independent parts that can end up being costly to organize and operate. As an owner/operator, it can be difficult to run a business and lead employees while simultaneously assisting patients on a day-to-day basis.
While you’ve got your hands full with your work, it’s easy to overlook some areas of your office. But when it comes to cutting costs and looking for new revenue opportunities, there are three important areas that we recommend evaluating.
1. Your online presence.
More people are researching and shopping online than ever before. In order to connect with your client base, make sure your office is easy to find online. That can mean:
- Verifying your business page information on Google and other search engines
- Creating relevant and fresh content to share on social media
- Possibly investing in a new or improved website
- Consider blogging or sending out an email newsletter with timely information for your patients
- Starting a referral program to reward patients for spreading the good word of your business
- Enticing your followers and current clients by sharing tips for eye health, advertise discounts on products or run features your staff and/or patients
2. Your relationships with vendors.
Each one of your vendors can affect your success. By concentrating on these relationships, you may be able to make some real cuts to your operating costs. For example, some vendors may be willing to offer discounts on supplies in exchange for earlier payment or ordering in advance.
You may also be surprised to hear that better vendor relationships can actually help you protect your business from fraud1. In an increasingly digital work environment, Business Email Compromise (BEC) scams have grown exponentially over the last year. One method of this scam involves fraudsters posing as your vendors (or you), trying to glean private payment or patient information. Having strong relationships with your vendors allows you set expectations around communication, making it easier to distinguish a fraudulent email from a legitimate one.
3. Your financial service providers.
All things financial in your office should work to save you money, or at least make you money in the long term. Here are just a few things that can provide benefits to your bottom line:
- Business bank accounts
- Loans
- How you make purchases
- Vendor payments
- How you accept payments from patients
You and your staff should know the best practices to keep operating costs low. Having a good relationship with your bank and other financial service providers will help you feel confident that you’re not leaving money on the table.
It’s equally important to stay in-the-know on the latest financial tools and solutions that can potentially help you cut costs and earn revenue. As technology moves forward, so do business banking solutions.
For example, some payment acceptance platforms, like Clover, pack just about everything you need into one sleek terminal and offer extra solutions to help you manage other areas of your business. Clover can help you track your incoming and outgoing inventory, review your staff’s time cards and even improve your marketing capabilities. When purchased from a provider like Commerce Bank, you’ll get help with interchange fee management and PCI Compliance from our in-house staff to keep your ongoing acceptance costs as low as possible.
You’ll also need a convenient way to make purchases for your clinic, from everyday needs to larger equipment. Small business credit cards can offer rewards and cash back options on your purchases, track your spending and protect your office from the dangers of petty cash.
Your banker should help you identify financial solutions, fraud trends and other considerations for your office’s growth. Be sure to engage with trusted providers who will help you manage your money effectively so you can stay focused on your patients.
We can help your focus.
Commerce Bank understands the challenges optometrists face. Contact us to learn more about the customized financial solutions we can offer you and your practice.
1 Even if complied with in its entirety, these Best Practices, which are shared only as reference to incorporate in your company’s existing comprehensive security program, do not guaranty against becoming a victim of fraud. Commerce Bank, which is not holding itself out as a security consultant or expert, makes no guaranty, warranty, or representation of any kind as to the results that you may achieve by following the Best Practices and disclaims any liability related thereto.
Also See:
- What every optometrist needs to know before purchasing a practice.
- Summit Lakes Eye Care Seeing the Big Picture.
