When you think about investing in your practice, your mind might jump to upgrading to the newest equipment or maybe even hiring a new technician. These investments are sound and may lead to a huge payoff, but you don’t have to cough up $30,000 or more to receive a bump in your ROI.
With as little as $200, you can make some significant investments in your practice. Of course, with any investment, consider if it makes sense for your practice at the time, and weigh out the potential benefits and downfalls before you make a decision.
Small Investments For Your Eyecare Practice
1. Self-made video for your waiting room
If you have the resources, developing a self-made video for your waiting room is a great way to display your services to your patients. Not only will this help pass the time for them, but it’s advertising for you.
A good way to do create this is to find free videos online or get permission to use vendor videos from companies you’d like to work with. Find someone who can splice the short videos together on Fiverr or another freelancer network and display them in the waiting area or in the exam rooms while patients wait.Your videos will help educate your patients and hopefully encourage them to ask about your services.
2. Donations
Although we don’t typically look at donations as an investment, impact investing is a great way to make a difference while generating financial returns. Whether you donate your time, your money, or your support, finding a way for your practice to give back to a cause will also improve the way your community and peers look at you and your practice.
Participating in giveaways with local schools, sponsoring local events, or donating old frames are great ways to not only give back but also capture the attention of your community and hopefully gain more patients in doing so.
3. Freebies
Handing out freebies to patients who have purchased products from your dispensary is another $200 investment that can go a long way in your practice. Free cloths, bright-colored branded glasses, masks with logos, contact cases, or pens are potential freebies to give out to your patients.
It’s possible that freebies can lead to an increase in sales through branding and messaging. Patients are more likely to return when you show them you're invested in their satisfaction, even when it costs you a bit of money in the form of free repairs or adjustments. Additionally, when your patients use a pen, lens cloth, or sample contact lens case that has your practice's name on it, they're less likely to forget you, and it may lead to a potential upsell.
If you need more advice on how to increase profits, read our OD Handbook, "Small Business, Big Profits".
