EP15: Elevate Your Practice: Topic 5 - Mastering Stock Management in Your Optical Practice

The Focused View: Empowering Eye Care Professionals

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In this episode, recorded live at the OptiPro Roadshow at Rendezvous Hotel in Perth, Michael Nasser and Joanne Scott-Dostine dive into one of the most critical components of running a smooth and profitable optical practice: stock management. They cover everything from understanding a store's unique needs and implementing strategic pricing to selecting the right brands and conducting regular stock reviews to ensure an optical practice thrives.

Join Michael and Joanne as they share expert strategies for optimising inventory, setting effective pricing, and planning merchandise for long-term success. Plus, you'll hear a real-life success story from one of our attendees at the event that will challenge you to rethink your approach. Whether you're a seasoned professional or just getting started, this episode is filled with actionable tips to help you master the art of stock management in your optical practice.

Key Topics with Timestamps:

2:32 - 6 key elements of stock management

3:40 - Knowing your store needs

6:52 - Crafting the price strategy and margin

9:37 - Merchandise planning & target stock

11:25 - Brand selection and customer experience

14:32 - Setting buying plans and rules

15:36 - Measuring, monitoring and reviewing stock

16:51 - Case study: Allie's experience in stock management

20:24 - Repricing stocks and its challenges

23:15 - Emotional influence of stock management

23:42 - Hiring for your optical practices

28:05 - Building the right team culture

29:58 - Stock planning for a new practice

Episode Suggestions:

Episode 4: Elevate Your Practice: Topic 1 - Identifying the Point of Difference in Optometry Practice with Joanne Scott-Dostine

Episode 14: Engage and Influence: Emma Gillies on Advanced Strategies for Trust-Based Selling

Connect with Joanne Scott-Dostine:

LinkedIn: https://www.linkedin.com/in/joanne-scott-dostine-144297152/

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Website: https://www.thefocusedview.com.au/

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