Retail Trends in 2018

Marketing, Practice, Resources

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Today’s connected consumers, most notably Gen Z, expect instant gratification, new experiences, and personalization in retail. As a result, they are driving change in the traditional retail landscape.

Here are some of 2018’s top retail trends, and some examples of companies who are leading the change.  As the retail landscape continues to change in every industry, businesses that strive to incorporate the new customer expectations will be the winners.

One of the most interesting changes is that a few retailers are reinventing the experience in their physical locations.  They are focusing on unique experiential moments instead of a simple transactional purchase.

Take, for example, Nordstrom. They just opened a newly conceived Brick and Mortar that carries no merchandise. Instead, the store offers styling, tailoring, manicures, returns for online purchases, and a beverage bar.

Sephora has also forged new ground with a new small-format neighbourhood concept that features custom makeover services, facials, sampling opportunities, and same-day pickup of online orders.

These businesses are creating a reason beyond just the products for their customers to visit.

One of our favourite examples in the Optical Industry is a small optical in Western Canada. They offer local beer tasting at a sit up bar at the back of their gallery. We are sure that more than a few patients think, “well if I have to buy glasses anyway…”

Today’s consumers are also seeking instant gratification. They’re looking for products that are available exactly how, when, and where they want them. In its simplest form, this means that the consumer wants to decide where they shop and where they pick up their product.

Movie theatres are a good example of offering more convenient options.  In many theatres, you can now choose your seat so you don’t have to be there an hour before to get a good seat. Banks have also jumped on board with making things more convenient for their customers. It is now possible to make a deposit using your phone and avoiding the need for a trip to their physical location for this task.

As an optometric practice owner, you can offer more convenience by putting your products on your website so patients can browse and shop. As well, an office can offer the choice of pick up or to have glasses delivered directly to patients.

The delivery game has changed completely with the introduction of services like Amazon Prime. I was blown away when my husband ordered something late Saturday night and it arrived early Sunday morning. They have made possession of product practically the same experience as shopping at the store, without the inconvenience of having to go to the store!

In fact, Amazon is already working on the next level of this service by anticipating your shopping needs.  https://blogs.wsj.com/digits/2014/01/17/amazon-wants-to-ship-your-package-before-you-buy-it/. This type of artificial intelligence is becoming commonplace through the retail experience.

And these are not simply “nice to haves”. Salesforce’s 2017 State of Marketing report found that 50 percent of consumers are likely to switch brands if a company doesn’t anticipate their needs.

Customers now expect tailored experiences.  Take the example of the Gap’s recent launch of babyGap OutfitBox, a new subscription service for baby clothes. It is a subscription based service that automatically sends clothes based on the buying patterns that have been observed.

In the optical industry, this trend could easily be translated into sending a new pair of glasses to consumers every six months, based on their preferences.

And price plays a part in all of this. Consider cable television. Far fewer people subscribe to cable than ever before. Why would you, when you have YouTube and Netflex – on demand, what you want, when you want it.

There are a number of giant shifts happening in the retail landscape. For the early adopters in the optical industry, there is a huge opportunity to embrace the current trends and forge a new experience for patients.

 

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.

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5 Winning Marketing Ideas from Outside Optometry

Advertising & Promotion, Marketing, Resources

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Great marketing ideas can come from your peers. Just as often, businesses outside of the optical industry can give you a fresh perspective. You can learn how best to create bonds with current patients, while also attracting new ones. Here are five marketing ideas that, as a marketing consultant and a former practice owner, I have either tried myself or seen the effectiveness in other businesses.

Business cards shaped like sunglasses, with contact information for the doctor written on the left lens of the sunglasses on top. Dr. Higgins says such a card reminds people of not just what you do as a doctor, but what you sell.

Unique Business Card
Cost: Fifty cards start at $20.
Why might it work in an independent OD practice? You want to make sure you stand out in today’s healthcare market, where patients have many choices.
How can I do It?: Hire a clever graphic designer and/or come up with an idea on your own. You can do a simple Google Image search for creative business cards to spark ideas of what you could do.
I’ve seen business cards for optometrists that are made out of a magnifying plastic, so someone could use it to read. Or you could have the cards cut into the shape of glasses or an eye. Or include a pinhole in the card, and explain the pinhole phenomenon on the back. Another creative option: A flat card that has a multi-tool/screwdriver for glasses on the edge, or a round card that can be used as an occluder.

Dr. Higgins encourages practice owners to try sidewalk chalk advertising. You may want to check your local city ordinances to be sure that doing so doesn’t violate any laws.

Chalk Writing on Sidewalk
Cost: $10 for a package of sidewalk chalk.
Why might it work in an independent OD practice? It is helpful to direct people’s gaze upwards from watching where they are walking, or direct them around a corner.
How can I do it? Find out first if there is any ordinance, or law, prohibiting businesses from drawing on the sidewalk in your town. If it’s not illegal, get creative and draw and write away. You just need to jump in and try this yourself, or have a staff member with nice handwriting, and a flair for drawing, give it a try.

Where’s Waldo?
A local bookstore in Frederick, Md., where my practice was based, started this campaign.

They gave all the businesses in town a Waldo figure to hide in their stores. They then gave the children passports to get stamped at each store where they found Waldo. When completed, the children turned in their passports at the bookstore for a prize.
Cost: $50 for the Waldos and the passbooks, and the cost of the prize.
Why might it work in an independent OD practice? An optometry office could spearhead the game. The contest benefited all of the businesses in the town, as it increased foot traffic. Because of this, the businesses in Frederick were eager to participate.

A bookshop in Dr. Higgins’ town of Frederick, Md., held a Find Waldo contest that involved all of the town’s other businesses, drawing in families with small children

All you need to do is get the Waldo figures, which you can find copies of  online and and print the passports (which were photocopied sheets of a chart with all the stores). This promotion ran for one month in the summer, and parents embraced the event to keep the kids entertained for a few hours.

Organize & Host a Fashion Show
My local hair salon held a fashion show every year on Valentine’s Day. The local business owners were invited to participate, with the understanding that we would share the minimal cost.
The salon styled the hair, the makeup shop provided makeovers, the consignment store designed the outfits, and we rocked the glasses. The show was held in a funky upper room of a local brewery, donated by the owner.
Cost: I do not know for sure the overall cost, but the main cost was time on the part of the stores that signed up to participate. I would estimate the cost to be as little as $500 for the business organizing this event.

A window display at Dr. Higgins’ former practice, Unique Optique. Dr. Higgins says you can find inspiration for creative window displays walking through your town, or on sites like Pinterest.

Why might it work in an independent OD practice? This was a hugely popular activity. There was an auction of donated wares, a DJ and pre-show model training. Any business that seeks to raise its profile in the local community would benefit from this kind of event.
How can I do it? Take the initiative to gather the local businesses, using your local Chamber of Commerce and other business organizations. It would take some time to organize the evening.

Creative Window displays
The clothing chain Anthropology is well known for its windows. You probably have local stores in your community with windows that you’ve admired. When you see one that stands out (in a good way), take a photo, and brainstorm with your staff how you might do something similar.
Cost: This will vary widely depending on your idea. Cost can range from free, if you use left-over materials in your office, like frame inventory, ribbons, streamers, or props that you may have in your closet at home. You should be able to create a memorable window for under $300, and fewer than two hours.
Why might it work in an independent OD practice? It will make people notice your office, and some of those people will stop in to browse your merchandise, and hopefully book an appointment for an exam.
How can I do it? You can search window displays on Pinterest for interesting window display ideas.

Keep your eye peeled for marketing ideas everywhere to incorporate into your practice. Marketing is marketing, regardless of the specialty.

 

MARIA HIGGINS, OD

owns The Unique Technique, a business and marketing consultancy. She formerly owned The Unique Optique in Frederick, Md. To contact her: info@the-unique-technique.com.

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Psychology of the Transaction

Buying-Selling A Practice, Practice

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An often overlooked aspect when selling your practice are the psychological factors that come into play during the transaction process. In this discussion adapted from the Webinar Should I Stay or Should I Go, expert panelist Daryan Angle (VP IRIS The Visual Group) discusses the emotional journey of selling your practice.

The process of selling a practice is definitely an emotional experience with lots of ups and downs. When you get into the actual sales process you go through a range of emotions. There’s the stress of running your practice at the same time going through a sale process, and the questions that come up with regards to financial evaluation or diligence. They can be confusing, and you can get frustrated. You may think that things aren’t going to happen, and you can have low points.

It’s important to recognize that that’s going to happen no matter how stoic you are and how a logical thinker you might feel you are. We are all humans and we are driven by our emotional centers as a real way of making decisions and taking action.

What are the solutions? Have a trusted advisor, somebody who’s been there before who can fill in some of the more technical questions and be a buffer, walk you through certain things, and give you a better perspective on the whole process as it goes forward. It has to be someone you trust, it could be your CPA, or your broker, or someone else that knows the space.

You must set realistic expectations, and retain some flexibility. The sales process is not black and white, and things change based on information on the buyer’s side. It certainly can be helpful to be open with the buyer, so if you are feeling like something isn’t going right, or your point is not really being made, it is beneficial to be open with the buyer so that you can come to a resolution. Before you wind up being partners with your buyer, you want to make sure that you are able to air everything that gives you some apprehension. Part of the discussion during the sale can surround what the practice is going to look like post-transaction.

In addition, now that you are free of all the administration you used to have as an owner, you are going to have some free time in your life and you need to have a vision for where you are going to spend that time. That will make the post-transactional life more smooth and you may have less feelings of grief or loss due to the changes that have occurred.

Lastly, support the integration plan. Whenever there is a transition of ownership, the seller is goingto be a crucial part of that transfer of trust for the team, for the employees, and for the suppliers. As the seller, they are all going to look to the cues of the former owner as to whether they are going to accept the new owner and what they want to do. Being part of the integration plan in a meaningful way will not only help the transitional goal for the buyer, but it actually helps you emotionally because it allows you to go through a smooth transition as a cheerleader in the process.

 

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Discussion: Practice Valuation Methods

Building Wealth, Buying-Selling A Practice, Finance|Wealth, Practice, Resources

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There are several commonly used formulas for determining the value of a practice. Often the different approaches are averaged together and used as a starting point to begin negotiations. In this discussion adapted from the Webinar Should I Stay or Should I Go, expert panelists Al Ulsifer (CEO FYidoctors), Grant Larsen (CEO Eye Recommend), Daryan Angle (VP IRIS The Visual Group) and Paul Gray (Optometric Services Inc.) discuss three commonly used methods in more detail.

Al Ulsifer, FYidoctors: The most common valuation method that we were seeing years ago is taking one year’s net income, and that can be on a three-year average. There are other considerations as well. A buyer will be cognizant of a practice that decides to not take holidays for the year prior to the sale, for example. So it’s important to have some stability over a period of time. It could be 100% of, or sometimes up to a net of 120% if the practice is growing and showing promise, and then adding on the fair market value of your assets. Assets being equipment, furnishings, lease holds, supplies, inventory. Sometimes it’s a bit of a challenge to assess what is the fair market value of those assets.

We have equipment companies that can go and give an assessment of what the fair market value of optometric technology is. Some folks will look at the net book value of those assets on your financial statements because it is quite a process to truly get an external valuation, a fair market value assessment of all assets in the business.

Our company will use a combination of a couple of different methodologies in a formulaic approach to generate the valuation.

Grant Larsen, Eye Recommend: There are a number of details when you are looking at some of the tangible and intangible items that impact weighted average gross income and how you value.

First, it’s a weighted average, the last 12 months being the most important, usually at about 50%, the second last year being at about 30%, and your third last year being at about 20%. That’s the weighted average of it, and you are relating it to gross income. Once you’ve got that gross income weighted average then you are looking at a number of components that will impact, plus or minus.

Looking at how well your business is run from a net income standpoint, that is an indication of efficiencies and the value of your business. Looking at the reputation of your practitioner and how that matches up with you as a buyer is really critical.

We look at the community as a whole and at the geographic location. We also look at mix of patients—the demographics, and parking and transportation. Consumers’ convenience is becoming very important to them.

Fees, credit policies, a lot of these elements need managing, so they have a dramatic impact on the value of the business, and often times it is the perception of the buyer as to whether these are positive or negative.

The last one is competition, or could be a lack of competition. We think about rural and urban practices and there is no rhyme or reason why one is more valuable than another, especially in Canada. But competition can have a direct impact on whether it is more or less valuable.

Daryan Angle, IRIS: EBITDA is certainly the most accepted evaluation in the public market.

If you take all your revenue coming into your practice and you start to pay out your expenses, wages, cost of goods, the rent, all those things and you get down to the number before you pay your taxes, before you pay interest on any money you borrowed, or before your accountant decides to depreciate or deduct an amount based on assets you have in the practice that is depreciating.

This is an accounting process that, when you are taking a piece of equipment or leasehold, you amortize or you depreciated over time, you take the number before that, before the interest, before the tax, you have your EBITDA, and that is the number that the market uses as an indication of the profitability of your practice.

Your operating expenses isn’t the number you want to use because it’s fairly common for practice owners to use their practice in creative ways to reduce the taxes you pay. Salary, running expenses, personal expenses like cellphone, automobile uses, other type of expenses that you can put through the practice which are not directly related to the operations of the practice and the buyer will not have to pay once they acquire that business.

Those are all things that you want to pull out of that EBITDA number when you are looking at adjusting your business for sale, as well as non-recurring expenses. If you changed your carpet last year, you are not going to do that every year, so you want to remove that from your EBITDA calculation when you go to sell your practice because it’s not something the buyer is going to have to do every year, and they are going to reap the benefit of the profitability of not having to have that expense.

When you make these adjustments you get to an adjusted value or adjusted EBITDA value, and then you apply to that value a multiplier. The negotiations around that multiplier relates to different factors—is it too isolated to recruit associates, is it big precisely because there is no competition? There are so many factors involved but that’s going to affect the multiplier that you applied to the EBITDA as well as what you adjust to. You may get creative in terms of what you think is a non-recurring expense, but that becomes a point of negotiation between your advisers and you, and the potential buyer.

That is the simple version of the adjusted EBITDA evaluation, certainly the one we use at IRIS, and it’s one that follows a lot of the rigorous accounting principles that you need for a public markets and one that we are very familiar with.

Paul Gray (OSI): The price needs to be fair to both parties, in particular if they are going to continue the practice together. I think it’s worth pointing out as well that some of the sales difficulties disappear when the practice is sold to an associate who has the benefit of familiarity of having worked in the practice for one or three years in advance, and as you’ve worked them in the practice, and you worked them in the management structure, and the staff interaction and so forth, the trust develops both clinically and interpersonally.

It also allows the purchasing practitioner to have a real sense of what their dollars per patient or their real revenue per patient that they generate in the practice actually is and it makes the calculation about affordability much easier. The practice must be reasonably priced to ensure that the purchaser is going to receive enough net to fulfill their financial obligations, their lifestyle obligations, taxes on their net earnings, loan payment schedule, student loans and so forth.

 

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High Tech Hiring: Why Predictive Analytics Is The Key to Successful Recruiting

Human Resources, Practice, Resources, Talent Acquisition, Technology

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2018 is proving to be a challenging year for hiring managers. Relatively low unemployment rates, a shortage of skilled workers, and a highly competitive marketplace are adding increasing pressure to practices already struggling to attract and retain top talent.

According to a recent survey, some 45% of companies are unable to fill vacant positions. If your business is one of them, we’ve got good news.

A number of new HR tech tools have harnessed the power of artificial intelligence, machine learning and predictive analytics to help take the guesswork out of hiring.

These technologies may well be the key to successful recruiting for your practice, no matter how big or small it is.

What is predictive analytics?

Predictive analytics takes large amounts of data gathered through data mining, modelling, AI, machine learning and statistics.

The information is analyzed to make accurate predictions about future behaviour or events.

In HR, past trends, patterns and relationships can be identified and used to assess which factors and characteristics are most likely to contribute to a candidate’s success or failure in a specific role.

How can predictive analytics help you hire better?

There’s a reason major enterprises such as Google and Hewlett-Packard employ predictive analytics tools throughout the entire spectrum of the talent management process.

How you hire is just as important as who you hire. From acquisition, retention, and development of new staff, all the way through to exit surveys and the process of hiring replacements, using predictive analytics can improve hiring processes in a number of ways:

1. Streamline success

Predictive analytics HR tools help cut through the clutter, identifying the factors critical to success and predicting which job seekers are most likely to succeed – both in your specific position and your unique office culture.

Reducing the time spent sorting resumes, ranking applicants and interviewing unsuitable candidates streamlines the hiring process, saving time, money and resources.

When the hiring process is not only faster, but more efficient and effective, everyone benefits.

2. Knowledge is power

Better decision making is based on having better knowledge.

Predictive analytics can help you gather crucial data regarding employee performance and productivity, turnover rates, engagement and job satisfaction.

Patterns and trends help identify which factors had a negative impact on your employee lifecycle in the past, and can predict which changes in your hiring processes will have a positive effect in the future.

3. Quality, not quantity

Many employers rely on certain job sites and recruiting tools because they consistently deliver a high number of candidates. But quantity is not an effective measure of the quality of candidates referred.

Why waste your time and resources sorting through a huge stack of resumes from job seekers who aren’t likely to succeed in the role?

Use the power of predictive analytics to determine which sources are the most effective at delivering the candidates you need.

Certain platforms, such as Eyeployment.com go a step further by pre-screening applicants, ranking them based on likely fit with your position and office culture, and even predicting which interview questions will offer hiring managers the most insight.

 

JAN G. VAN DER HOOP

Jan is the co-founder and president of Fit First Technologies, a company that applies its predictive analytics to the task of matching people to roles. Those algorithms drive platforms such as TalentSorter, FitFirstJobs and Eyeployment.com, which are relied upon by organizations to screen high volumes of candidates for “fit” in their open positions.

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Job Interview: 7 Questions to Ask Practice Owners

Career Options, Human Resources, NextGenOD

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You’ve spotted a position at an up-and-coming practice that excites you. Before you go to the interview, there are key questions you may want to ask. Here are the top ones to pose during your interview with the practice owner.

Applying for a job in a practice is very much like dating. If, at the beginning of the first date, you suggest that two kids, a house in the country with a white picket fence, and a live-in suite for mom is what you are looking for … well, you just might scare off anyone who agrees to a date with you. When looking to be employed in a practice, you need to ease into finding out the answers you need to know. Conversations need to be logical, respectful and more about the owner-doctor and practice than they are about you.

The core question the owner-doctor is looking to answer is: how will you fit into the practice? If you start out with how much are you going to pay me, tell me about my benefits, how many days off do I get, will you pay for health insurance, dental insurance … all of this is about you. You are telling the owner you are more interested in you than you are in the practice. That’s a negative for an owner who is looking for someone who has the same passion about patient care and the practice as they do.

Here’s a better approach. Start the interview with the research you’ve done on the practice. Explain what you researched and how you’ve researched. This leads into the first question – Does my research accurately reflect your practice? This gives the owner the opportunity to talk about their practice. During this discussion one of the things you want to know is: how many full-time equivalent doctors are working in the practice clinic? This will be important later when you ask about practice gross revenue.

As you are talking about the practice be sure to ask: What are the most important needs you have right now – coverage on evenings or weekends, building the practice, bringing in a specialty? Where would you need me to fill in? You are beginning to explore the practice needs and how you will fit into the practice in a way that is helpful to the owner.

You are probably not the first employee-optometrist the owner has hired, so the owner knows that not all employee doctors are the same. There are productive doctors and there are non-productive doctors. Your task is to show the owner that you are a productive doctor interested in learning how to be even more productive.

The questions to ask are: What and how much communication do you need from me in performance reporting? I want to track my performance in areas such as gross revenue, $/patient and capture rate to make sure I am delivering high-quality care on every patient visit. Are there any other areas that you’d like me to track? How often would you like me to report these to you?

The conversation needs to turn to staffing, so you know what support you will have, so ask these questions: Tell me about your staff – will there be scribes, pre-testers? Tell me about the average patient flow through the practice. How often will I be scheduled with patients throughout the day? Do you want the patient hand-off in the exam room or in the optical?

If you are interested in partnership, then this needs to be brought up in the interview. Are you looking for a partner in the practice? If so, what are you looking for in a future partner? What time frame are you considering?

At some point during the interview you need to ask about the gross revenue of the practice. The question is: What was the gross revenue of the practice over the last three years? You are looking for the trend of the practice. Is this a dying practice, a flat practice or a growing practice? The trend of the gross revenue can give you insight into the answer. It also gives you the answer on the maximum wage package the practice can give you.

Take .2 times the gross revenue collected. That’s the maximum money the practice has to buy all the optometrists who work in the practice including the owner-doctor. If you know the number of full-time-equivalent doctors in the practice, then you can calculate how much is available to buy your services. You also need to know that, in contrast to the maximum, the average for the country is .15 times the gross revenue to buy all the optometrists who work in the practice. How much you are offered tells you how much the owner values you.

If the owner wants you to work in the practice, they will make an offer to you. The offer will contain all the information that you want to know, such as how much are you going to pay me, tell me about my benefits, how many days off do I get, will you pay for health insurance and dental insurance. Don’t lead with questions about this information. Let it come at the appropriate time in the discussion.

Your goal is to walk out of the interview with great knowledge about the practice, which will help you answer the most important question you have for yourself, which is: Do I really want to work in this practice? You will also have communicated to the owner that you are not the type of employee-doctor who is just looking to do the least possible to get a paycheck.

Be thoughtful and insightful in your questions, and find the practice which is the best fit for you.

 

MARK WRIGHT, OD, FCOVD

Dr. Wright is the founding partner of a nine-partner, three-location full-scope optometric practice. As CEO of Pathways to Success, an internet-based practice management firm, he works with practices of all sizes. He is faculty coordinator for Ohio State’s leading practice management program.

CAROLE BURNS, OD, FCOVD

Dr. Burns is the senior partner of a nine-doctor full-scope optometric practice that she built with her husband, Dr. Wright. She is also the COO of a state-wide nursing care optometry practice. Dr. Burns lectures nationally on practice management and staffing issues. Dr. Burns authored the Specialty Practice section of the textbook, Business Aspects of Optometry.

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The HR Challenge

Human Resources, Managing Others

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The challenge of HR is one of the most difficult aspects of owning a business. We often hear about the frustration of staff turnover from our clients.

Our work as consultants is tied directly to the integrity and sustainability of the team and over the years, we have seen some winning combinations.

Leadership is always the foundational piece. Not only will the direction of the practice come from the owner, but it is also key that the owner and their employees have a good working relationship built on respect and open communication. In general, how staff speaks to each other, to the doctor and to patients, will ultimately be a reflection of how the doctor communicates with staff.

We struck a cord recently when speaking on this topic at the OAO conference in Toronto:

Imagine that the doctor is getting ready to leave for the day. A staff member comes back and let’s the doctor know that an emergency has just walked through the door. The doctor’s reaction will be noted by the staff member, either subconsciously or consciously. If the doctor responded with frustration at being delayed, there is a high probability that the next time that a patient walks late or as an emergency, the staff member will exhibit some mild irritation. Conversely, if instead the doctor responds with concern and a willingness to help, the staff will more likely also exhibit that behaviour towards patients.

We encourage the offices that we work with to also share financials, as much as they are comfortable with, with their staff. It is vital that staff members understand that the practice is fundamentally a business and that there are some key performance metrics that need to be tracked and managed. Sharing this information is also quite useful and effective in Change Management. As changes are made in the office, it is important that staff see the results of their efforts.

While there is no magic wand—people will leave to pursue personal goals or move with spouses—paying attention to how you manage your staff and understand what motivates them will increase the likelihood of a happy and productive team.

 

CHRISTINA FERRARI

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com

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Both USA and Canadian Retail Markets Consolidate

Differentiation | Business Strategy, Practice

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The Top 7 retailers with the largest US footprint, defied by the number of store locations, grew nearly 5% in revenue in 2017, while the number of store locations remained flt (down 0.1%).

Optik compared each country’s largest retailers and found that the level of store concentration in Canada has drawn closer to that of the USA due to the aggressive acquisitions by New Look Vision Group and FYidoctors in particular.

While Private Equity investment has been a significant driver in US market consolidation, the same phenomenon has not impacted the Canadian market so far. In Canada, direct foreign investment from France, UK and Hong Kong, has spawned new foreign entrants including Optical Center, Ollie Quinn and Mujosh, while new entrants from the USA, including Oliver Peoples (Luxottica), Warby Parker and Illesteva are pursuing the upscale fashion-forward opportunity in major Canadian urban markets.

Mass Merchants
Walmart and Costco alone account for 25% of the Top 7 sales and 32% of the dispensing doors. In Canada they collectively account for less than 25% of dispensing doors. While no grocery retailers made the USA Top 50 list, Canadian grocery giant Loblaw ranks fourth in national footprint.

The Top Canadian Retailer Report is coming soon! Optik plans a comprehensive Top Canadian Retailer Report later in 2018, including dispensing doors and revenue. Retailers are invited to download the survey and self-report sales in order to contribute to the Optik Top Canadian Retailer Report.

References/Références :
1 Vision Monday Top 50 Report May 2018
2 US doors are based upon Vision Monday Top 50 report. Total USA dispensing door estimates Jobson Medical Information LLC
3 Canadian estimates by VuePoint IDS Inc based upon publicly available data as of March 2018
4 New Look Vision Group Annual Report 2017
5 May not include all listed retail brands
6 Self-reported by group

 

MARK B. MATTHEWS

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How to Avoid Hiring a Toxic Employee

Human Resources, Talent Acquisition

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No practice ever sets out to hire the wrong employee, but it still happens for a variety of reasons.

Unclear expectations, personality clashes, poor cultural fit, and a lack of suitable skills or training can lead to low staff satisfaction and high turnover. But what happens when a bad hire turns out to be truly toxic?

Toxic behaviour poisons the atmosphere, affecting everyone on the team.

Research reveals:

Having just one toxic staff member on a team of 20 makes the 19 “good” employees 54% more likely to seek employment elsewhere.

Prevent Problems Before They Start
By the time you identify toxic behaviour in an employee it’s too late; the damage to your team and your practice may already be done.

Prevent problems before they start by screening for red flag issues during the interview process.

Watch for these critical behaviours from candidates; each is a strong indicator of toxic personality traits:

  • Over-confidence and cockiness
  • Exaggerating skills and accomplishments
  • Rude or disrespectful behaviour towards those not involved in the interview: the parking lot attendant, receptionist, your office assistant, etc.
  • Arriving late for the interview
  • Badmouthing past employers and co-workers
  • Blaming others for poor results and difficult work situations rather than taking responsibility

Ask the Right Interview Questions
Asking the right interview questions is key to identifying potential problems. Don’t just settle for the first answer, which may have been prepared in advance.

Encourage candidates to give two or three different examples when answering each of the questions below:

  1. Describe three times when you had to deal with stress or conflict at work. What did you do?
  2. When have you failed at a task? Describe how you handled two or three different circumstances and what you learned from the experience.
  3. What kind of people do you find it most difficult to work with? Tell me about three different experiences in which you had to handle difficult people at your job.
  4. What three words would your former manager use to describe you?
  5. What three words would your former subordinates use to describe you?
  6. Describe three situations in which you showed exceptional leadership skills

Do Your Due Diligence
The best way to avoid hiring a toxic employee is to do your due diligence.

Check credentials and qualifications carefully and follow up with multiple references – both personal and professional.

As well, turn to your own network of sources who should know the candidate: former coworkers, past clients, or those in the same social circle as your potential hire.

As with the interview process, asking the right reference questions provides key insight into possible personality conflicts or areas where the applicant’s values don’t align with those of your practice:

  1. How well did he/she collaborate with others?
  2. How did subordinates feel about reporting to him/her?
  3. Did the candidate’s behavior ever reflect negatively on your organization?
  4. Would you re-hire him/her if the opportunity arose?

Screen for Fit First
There’s no way around it; hiring a toxic employee is a costly mistake.

The best way to avoid it is to attract the right candidates and screen for “fit” at every stage of the hiring process.

That’s why we created Eyeployment.com, a unique platform which uses cutting-edge behavioural science to help practices like yours take the guesswork out of hiring.

We identify the traits most critical for success in your position – and most likely to indicate potential problems – and pre-screen applicants for you. You’ll receive a detailed analysis for each candidate, ranking them in order of likely fit with your mission, values and specific position description.

We even provide a customized interview guide that tells you exactly what to ask each applicant to ensure they are the right fit for your role.

 

JAN G. VAN DER HOOP

Jan is the co-founder and president of Fit First Technologies, a company that applies its predictive analytics to the task of matching people to roles. Those algorithms drive platforms such as TalentSorter, FitFirstJobs and Eyeployment.com, which are relied upon by organizations to screen high volumes of candidates for “fit” in their open positions.

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Creating the Experience Consumers Expect

Practice, The Patient Journey

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Optometry has an advantage over many health care providers. Not only can optometrists diagnose issues, they are in the position to also provide the best solutions to meet the needs of their patients.

And one of the greatest needs of today’s patients is convenience. Online retailers have uncovered the patients’ desire to be presented with the option to have glasses delivered directly to the patient’s home. It is simply about convenience. While for some, convenience may fall into the “want” category, there are far more who value convenience as a need. Consider the situation for single parents, parents who both work, students who are going away for school, and so on. For them, having their glasses delivered right to their door is an invaluable time saver. If the glasses need adjustment, they can pop in when they have time.

Consumers are also seeking more transparency in the cost of eyeglasses. Many still seek a branded product but it is much harder to compete when they are readily available to shop in big boxes and online. Assuming that your service makes up for any price discrepancy is a mistake that will continue to erode your optical sales. Instead, create a pricing strategy and signage that easily allows patients to understand their options, including value priced and multi-pair savings.

With the introduction of the Smart Phone, there are few people who don’t manage much of their lives through these devices.  From booking appointments to receiving and sending texts about products and appointment times, the average consumer now expects this convenience. When selecting a restaurant, consumers Google to see what their choices are and often choose the restaurant that allows them to make a reservation online. It is just more convenient and saves time. Receiving a text that an appointment is coming up or that glasses are ready is far less intrusive than answering a call or listening to a voicemail. Patients prefer this experience. It can be a differentiator – a reason to switch offices and try something new.

As we help optometrists plan for and open new clinics, we spend a lot of time discussing what the experience will be like in their office. We keep our clients focused and coming back to the patient’s experience when they interact with the office. With so many choices, it is imperative that optometric practices seek to stay current and offer the experience that patients are drawn to; convenience, clearly articulated choice and use of technology to make interactions with the office more streamlined and efficient.

 

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.

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