In your practice, it’s important to follow three rules when it comes to frame board management: Optimize inventory turnover, stick with ‘bestseller' classics, and be open to current frame trends.
Editor’s Note: Welcome to “Let's Chat,” a blog series featuring contributions from members of the ophthalmic community. These blogs are an opportunity for ophthalmic bloggers to engage with readers with about a topic that is top of mind, whether it is practice management, experiences with patients, the industry, medicine in general, or healthcare reform. The series continues with this blog by Donna Suter, president of Suter Consulting Group. The views expressed in these blogs are those of their respective contributors and do not represent the views of Ophthalmology Times or UBM.
Have you found yourself looking at your wardrobe and asking what pieces bring you joy? A new friend once offered me advice on how to dress. “If you would dress as I see you, you would be beautiful.”
I thought that an odd statement and never pressed for details. How would I know what clothes others would like to see me buy? Wouldn’t dressing to please others be a little emotionally unhealthy?
Reflecting back, 12 years later, I realize this individual was offering the same nugget of wisdom that Marie Kondo now shares—an invitation to find what sparks joy in my closet.
Frame brands create optical joy
Do you see the application in your optical? Is it time to trim down the total number of frames in inventory to a more manageable number? Frame inventory is defined as the total number of eyeglass frames on display and in storage.
I recommend you decide on how many frames to keep on hand by looking at your historic turnover rate. Frame inventory turnover is defined as the number of pairs of compete spectacle Rxs (frames and lenses, excluding reuse of existing frames) dispensed in 12 months, divided by the total number of frames in inventory.
If you are just getting into the optical game, your turnover might be just once a year. If that’s you, really take a hard look at those frames. If the total number you own is over 500, consider cutting the number down to 500 until your turn rate improves.
If you are grossing $500,000 in optical sales, your annual turnover should be two to three times a year. I have clients who turn inventory six times in a year. Four or five turns per year are optimal for most optical departments. Three turns per year is the minimum with which I suggest you will be happy.
Donna A. Suter
E: [email protected]
Suter is president of Suter Consulting Groyp.