Who Needs a Business Plan?

A recent Women In Optometry  Pop-up Poll provided insight into how some female ODs approach business planning. The majority of respondents said that they do craft business plans, but 37 percent of respondents said that they do not. One-third said that they actually have multiple business plans—short-term and long-range plans. Most who do have a business plan update it at least once a year.

Forty-four percent of respondents said that they anticipate increasing their revenues by up to 10 percent in 2019, and 26 percent expect 2019 revenues to be the same as 2019. Nearly 15 percent are projecting growth of more than 10 percent.
Multiple factors influence this generally optimistic outlook, according to Women In Optometry:

• “We made changes and added cash sale items.”
• “Improved efficiency and our population is growing”
• “Adding another OD and increasing recall frequency”
• “I feel the area could use a unique vision/optometry office.”
• “Decrease in the number of providers”
• “I expect business to increase with the positive economy, yet hesitate to grow too quickly without sacrificing our high quality customer service.”

However, the economy also has sparked some worries. One survey respondent said she is concerned that late Q3 and Q4 might turn into a recession. “For material costs contributing to retail price, I allow for 2 to 4 percent increase in gross revenue and beyond that I'm projecting a 3 percent increase from new patients,” she explained.