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
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