With International Vision Expo West fast approaching it is the perfect time either to tune up or totally overhaul your product mix. It's critical to map out a plan as to what your needs are before you hit the show floor to avoid emotional buying. Let's do a quick brush-up of some very basic but useful tips to managing your inventory like a business.
Fact: The optical dispensary is retail-driven, and you need to pay close attention to retail buying strategies in order to maximize profits and balance your cash flow. View your dispensary as a profit center that can generate up to 60% or more of the annual income for a practice. A loosely managed or poorly planned inventory can affect the bottom line directly in a negative way.
Do your homework
Before hitting the exhibits to make a purchase, be sure to evaluate your current inventory mix and reduce dead inventory to make room for the new-and-now products.
To help you plan and determine inventory needs, you'll need to gather information that will help you design a customized business approach to buying.
Start the process with some basic-yet-necessary questions:
This exercise will help determine an appropriate product mix based on the demographics of your current and target customer base and run your dispensary like a business.