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Small Businesses Still Suffering and More of What You Need to Know for April

Including the value of metrics and honoring remarkable women.

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OWA Names 2021 Honorees

Gai Gherardi and Deborah Myres

Gai Gherardi and Deborah Myres

The Optical Women’s Association (OWA) has announced its 2021 award honorees. Gai Gherardi, co-founder and co-designer of l.a.Eyeworks, will receive the Pleiades Award to recognize her exceptional action in advancing the leadership role of women in the optical industry. Deborah Myres, owner of Visual Inspirations, will receive the Pyxis Award to honor her participation in the organization and contributions to its continuing growth. The timing and venue for the presentation of the awards will be announced later this year. opticalwomen.com

Survey Confirms Value of Metrics

Sunbit did a survey of 1,015 ECPs on patient checkout options. Unsurprisingly, cost is the most common reason patients opt out of eyewear or treatments with more than half of respondents saying “patients feel that the eyewear or recommended treatments are too expensive.” This aligns with Sunbit’s annual survey of patients conducted in February that found more than 65% spent an average of $100 or more in out-of-pocket expenses, up 4% from 2020. Additionally, with competition from online growing, more than half of ECPs feel metrics related to revenue like capture rate, average transaction, gross-revenue-per-exam, and sales by employee, are the most critical indicators of success. optical.sunbit.com/captureratesmatter

Small Businesses Still in Trouble

According to Alignable’s March State of Small Business Report, small business (SMB) optimism is on the rise due to President Biden’s PPP changes and the May timeline for widespread vaccine distribution. Vaccine availability should help 28% more SMBs recover, according to their poll of 8,026 small businesses. However, the report shows that 78% of all SMBs are still experiencing negative financial effects, and 58% are feeling a significant impact. Additional stats: 58% are collecting less than half of their pre-COVID sales; 41% say they have one month or less of cash on hand; 49% couldn’t pay their March rent. These stats are worse for minority and women-owned businesses. More on Alignable’s site. invisionmag.com/042102

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at [email protected].

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