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What is Benchmarking for Opticians?

At Morris & Co we have found that nothing ever stands still in the ophthalmic profession. One company or another is constantly seeking to improve their service and products as opticians.

To remain competitive, an optician therefore needs, at the very least, to keep pace with the changes, developments, trends and innovations that are taking place.

One important way of doing this is through benchmarking.

Benchmarking allows the optician to compare his buying skills, his staffing and their operation, his productivity, his customer service, his marketing activities and his overall performance with that of other opticians.

Essentially, benchmarking involves a direct comparison between one opticians’ business and others. It allows you to measure your current performance against that of the competition.

The advantage of benchmarking is that it is a good way of measuring your strengths and weaknesses. Any weaknesses that might be highlighted can be reviewed to find ways of correcting them. Any strength can be capitalised upon. One of the key purposes of benchmarking is to assist in implementing new and effective business strategies.

Because we act for a number of opticians at Morris & Co we have compiled our own financial statistics and compared the trading results of all of our optician clients with whom we act. The key indicators that we looked at were income composition, gross profit percentage by income, net profitability, total fees per optometrist and total salaries as a proportion of fees. A detailed sample of the benchmarking areas that we review is shown to the right of this page.

We would be happy to compare your results with that of ours and provide you with a detailed report as to how your practice is performing. For further information please telephone Desirie Lea on 0151 348 8400 or email specs@moco.co.uk

Morris & Co have a dedicated team specialising in VAT and ophthalmic accounts and are able to provide advice and guidance on all aspects of financial accounting, taxation including partial exemption & business matters.

For a FREE no obligation chat about your circumstances Contact Desirie Lea on 0151 348 8400 or email specs@moco.co.uk

Example of Benchmarking Statistics

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