Products & ideas for the laboratory professional.
Issue link: https://opticallabproducts.epubxp.com/i/472711
FINISHING PROFITS 10 march 2015 opticallabproducts.com disease. Why not simply survey your customers about what new products they might be interested in? This can create a new market for your lab and may even help you fnd new customers. EXPLORING OPPORTUNITIES Specialization in a particular area can build your business over time. Mike Foote, a senior lab technician for K Optical Inc., specializes in step-back lens edging on Oakley frames and custom-shaped drill mounts. "Being able to provide high-quality specialized lenses has produced a large demand for these items," Foote notes. "For example, we had to sub out our custom work, which added time and expense. Now, we do most jobs in-house. Although extensive training was needed, and initially, I had to build a database for frame designs, the in-house ability to do custom work like this has more than covered this small inconvenience," he concludes. Consider increasing your prices too. You can do some research to see if you have priced your goods and services correctly and if there's a way for you to increase prices without reducing sales. Finally, introduce promotions to increase your customer base. STRATEGIES TO DECREASE COSTS Part of your overall strategy should include a complete inventory of your fnishing department. Stock control is a good way to streamline your business. If you have upgraded your equipment, have you unloaded your old equipment? There are many outlets, especially through the Internet, where you can sell used equipment and unneeded stock. Not only will this earn a little extra cash, it can potentially free up some extra room in the fnishing department. NEGOTIATE BETTER PRICES Decreasing direct costs by making sure you have the right suppliers for your consumables can also save you money. Consider negotiating with your vendors for better prices, or discounts for buying in bulk. Your vendors will want to keep your business so don't shy away from squeezing every penny you can in savings. Proft is a long-term accumulation of nickels and dimes. Every penny counts. CROSS-TRAIN STAFF You can also look at the indirect costs affecting your bottom line. For example, try to minimize waste and errors by keeping staff edu- cated on the latest technologies and how to use them. This will reduce potential spoilage which can happen due to an operator's innocent, but costly, mistake. It is a good idea to cross-train your fnishing department staff in all the department's operations. An operator who performs one or two operations cannot be expected to just start edging lenses. Cross-train- ing can also increase worker confdence which can decrease breakage in the long run. Getting that perfectly fnished job out the door is the biggest challenge facing any lab. Benchmarking business costs allows you fnd out if you are running your business or if your business is running you. W h y n o t s i m p l y s N o w , w e d e o i t r o N D m s u c C CHECKLIST TO INCREASE PROFITS 4 IMPROVE WORKFLOW 4 PUT YOUR BEST WORKERS IN FINISHING 4 INVEST IN BETTER EQUIPMENT 4 IDENTIFY PROFITABLE PRODUCTS 4 MOVE INTO NEW MARKETS 4 CONSIDER INCREASING YOUR PRICES 4 USE STOCK CONTROL TO STREAMLINE YOUR BUSINESS 4 NEGOTIATE BETTER PRICES WITH SUPPLIERS 4 MAKE SURE STAFF IS EDUCATED ON NEW TECHNOLOGY 4 CROSS-TRAIN FINISHING STAFF 4 KEEP EXACT RECORDS OF SPOILAGE 4 BENCHMARK BUSINESS COSTS 4 DECREASE COSTS BY KNOWING WHAT THEY ARE 4 TRACK EXPENDITURES