Today, we are excited to share some valuable insights from our new Books & Benchmarks 2023 Overhead & Profitability report for independent optometry practice owners. As we move past the challenges of COVID-19, it is crucial for practice owners to understand what has changed and how to adapt to the new normal. Our report highlights several key areas practice owners should focus on to improve their financial performance. Download the full report for meaningful benchmark data and comprehensive insights from our optometry bookkeeping experts.
Managing costs of goods sold & compensation
Managing costs of goods sold is essential for any independent optometry practice looking to maximize profitability. By carefully monitoring your frame inventory and other product costs, you can ensure that you are not overspending on products that may not be selling well. Additionally, paying attention to staff compensation is key to maintaining a happy and motivated team while also keeping expenses in check. In our new report, we share some best practices for managing costs of goods sold as well as staff compensation.
Understanding your fixed costs
For fixed expenses such as occupancy costs, equipment costs, marketing, and general and administrative expenses, it is important to have a clear understanding of where your money is going. By analyzing these costs and looking for strategic growth opportunities, you can optimize your practice’s financial health and position it for long-term success.
Measuring profitability in your practice
Another key takeaway from the report is the importance of understanding profitability beyond just looking at EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). While EBITDA can provide a snapshot of your practice’s financial health, it does not paint a full picture of profitability. By considering other metrics such as practice net, you can gain a deeper understanding of how well your practice is performing financially.
Our new report offers independent optometry practice owners a wealth of valuable insights into managing overhead costs efficiently and maximizing profitability. By keeping informed about industry trends and optometry benchmark data, you can gain a better understanding of your practice’s financial performance and make strategic decisions to drive growth. Download the full report today for optometry benchmarks and actionable tips you can use to make smarter decisions for your business!
If you are looking for optometry bookkeeping services and personalized insights for your practice’s financial health, consider partnering with Books & Benchmarks for expert guidance and support. Contact us today to learn how we can help you navigate the complexities of your financials and achieve sustainable growth in your business.
