10. As a vision business owner or manager, what did you earn (salary + share of profit) last year?
11. Based on the first eight months of this year, how do you expect your total revenues for 2022 will compare with 2021?
| Way down (20% or more) |
|
4%
|
| Down |
|
17%
|
| Much the same |
|
44%
|
| Up |
|
32%
|
| Way up (20% or more) |
|
3%
|
12. How far out is your schedule booked?
| We have immediate openings. |
|
23%
|
| 1 to 3 weeks |
|
40%
|
| Approximately a month |
|
19%
|
| 2 or more months |
|
18%
|
13. On average how long does a patient with an appointment wait to see a doctor at your practice?
| We are always on time. |
|
48%
|
| We often run 5 to 10 minutes behind. |
|
37%
|
| 15 to 20 minutes |
|
10%
|
| 30 or more minutes |
|
5%
|
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14. What is your sales team’s closing rate/conversion rate?
| Less than 15% |
|
1%
|
| 15-24% |
|
5%
|
| 25-34% |
|
8%
|
| 35-50% |
|
21%
|
| More than 50% |
|
45%
|
| Don’t know |
|
20%
|
15. Has your store/practice become more productive in recent years? Do you get more done with less? If so, what’s been the main reason?
| Working smarter on a day-to-day basis |
|
56%
|
| Technology upgrade |
|
20%
|
| A new key hire |
|
11%
|
| Other |
|
8%
|
| Store update/renovation |
|
4%
|
“Other” responses pointed to the introduction of more profitable products/services such as dry eye treatment and luxury frames or “moving upscale.” Others said they’ve had no choice but to get more productive due to staffing shortages, while the need to focus on training and eliminate “time sucks” was something of a theme. Said one respondent: “Four-day work week has made us more productive in the time spent in the office.”
16. What were your total sales in 2021?
17. Looking back at your career, what was the most difficult revenue ceiling to break through?
| To actually start turning a profit and operate a sustainable business |
|
51%
|
| Breaking through the $1 million ceiling |
|
37%
|
| Breaking through the $2 million ceiling |
|
10%
|
| Breaking through the $5 million ceiling |
|
2%
|
18. What do you believe was the key to breaking through that ceiling?
In terms of broad themes, our respondents frequently spoke of hard work and persistence; generating word of mouth through great service; picking the right locations and growing with the community; hiring and training well to boost productivity; learning to work smarter; financial planning including the use of outside consultants; and focusing on products and services that differentiate their business. More specifically, here are a selection of some of the standout ‘secrets of success’ that respondents shared:
- Doing things on our terms. We have no interest in being a typical vision center. High-end retail and services are a profitable niche.
- Having a doctor people like, one who lives in the community and does many other things besides a basic eye exam. Word of mouth in this community is huge.
- 1.) Putting in a finishing lab. 2) Hiring a great receptionist, who became a manager, who is now the Chief Operations Officer. 3.) Hiring a great CPA.
- Realizing that you don’t have to be the cheapest in town if you’re offering premium products with the knowledge to back it.
- COVID, honestly. People had nothing better to do than get their routine eye exams and purchase glasses, multiple pairs at that, along with contacts.
- We opened in 2015 at a new location and after the first couple of years we’ve grown every year through advertising and working in the community.
- It took the better part of my career. I had to learn how to train staff better, and it took me time to get the right staff.
- Getting every discount, free shipping from vendors and making sure every credit is given.
- It’s not what you bring in, it’s how much you keep from going out!
- Understanding my metrics.
- Paying off initial investments or debt.
- When I stopped renting and purchased a building.
- Atending product education meetings and lens reps being better educated.
- Keeping cost of goods under control.
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19. Over the last 10 years has the share of your total business contributed by the following categories grown, remained stable, or shrunk?
