Inventory turns is the amount of times the inventory is sold within a given time frame. Some people chart overall inventory turns per year, others use a monthly type of turn. Remember Increasing inventory turns reduces holding cost. The organization spends less money on rent, utilities, insurance, theft and other costs of maintaining a stock of good to be sold. Reducing holding cost increases net income and profitability as long as the revenue from selling the item remains constant.
There are many ways to increase inventory turns besides buying less stock. Each way requires a plan of action, a focus and a dedication to improve.
- See more people
- Increase your capture rate.
- Beef up your recall system
- Sell multiple pairs via Lifestyle Dispensing.
- Database market to specific patients.
- Incorporate niche marketing.
- Have practice building events.
That said one of the easiest ways to increase sell through is Lifestyle Dispensing. Lifestyle dispensing means asking a lot of questions about what a person does for work, for hobbies and sports. How much do they drive? How much TV do they watch? Indoor or Outdoor person? How many hours per day do they spend on each of the above?
Equally important is do they use a smart phone and how often are they on the computer? Each of the previous mentioned requires a specific type of lens. Each lens requires a frame.
Making specific frame and lens recommendations based upon patient needs will not only enhance your customer service, help the patient and increase inventory turns.
What to do- Have a staff meeting to discuss the necessary questions to ask, you may have to change your forms. Educate or review the options that are available for types of hobbies and sports as well as lens types for computers and smartphones. Make it a habit to incorporate the questions and education in your dispensing.