To successfully manage your business you need to be in control of it. It’s not enough to just have a vague sense of what works and what doesn’t work for your practice. Tracking your inventory electronically can provide you with the statistics you need to make informed decisions about how to manage your store and how to measure the results of those decisions.
Today, we have a guest post from Frames Data to show you the importance of electronic inventory tracking. And whether you’re using an optometric practice management software or inventory specific software, it should come with a set of built in reports to help with inventory tracking. Find out which reports your software should come with!
How Your Optometric Practice Management can Help Improve Frame Sales
If you have software that is tracking your frame sales, you should be able to test a new strategy for a specific period of time and then evaluate the results. You’ll want to see if the promotion resulted in more sales than the month before, or if the extra sales create equal or better profit than a similar period of time. After you have evaluated the results of the test, you can then use the statistics to decide if the strategy is a good one to implement in your dispensary for a longer period of time.
This process of using statistics to evaluate and make decisions about your business is something we refer to as “Track, Test, & Implement”.
If you aren’t sure of what reports are available to you, contact your software vendor and ask them to walk you through their standard reporting package. Some of the questions your reports should answer include:
- What brands result in the best profit?
- What overall mix of frames will result in the most profit?
- How do sales and promotions affect my profit?
- Can I look at frame sales over time?
- Who is my most successful salesperson?
Again, your optometric practice management software should provide some, if not all, of these reporting options. Be sure to contact your software vendor to find out how they can help you “Track, Test, and Implement” selling strategies using their built in standard reports.
Did you know that Frames Data is embedded in Uprise to help manage your frame catalogs? Find out more about how Frames Data works in Uprise!