Product range reviews can be conducted by a ProVision Business Coach. These reviews are designed to help you assess the value of your current stock holdings, ensuring that your inventory aligns with your patient needs and business goals. The process begins by running comprehensive reports through your practice management system, which are then meticulously compiled. Your Business Coach will analyse the data and present tailored recommendations and improvement options based on your unique circumstances.
Successful outcomes from product range reviews include:
Reduction of Aged Stock:
By identifying products that have been in inventory for too long, you can take action to reduce excess stock, thereby minimising holding costs and freeing up capital.
Buying Budgets:
Establishing clear budgets for your purchasing helps to manage cash flow more effectively and ensures that you are investing in stock that meets your patients’ needs.
Introduce Ranging and Brand Selection Strategies:
Your Business Coach will work with you to develop a strategic approach to brand selection, ensuring a well-balanced mix that appeals to your patient demographic while maximising sales potential.
Additional benefits can include:
Tighter Inventory Control:
Improved inventory management processes can lead to better stock turnover rates, ensuring that you always have the right products on hand without overstocking.
Improved Cash Flow:
By optimising your product mix and reducing aged stock, you can enhance cash flow, allowing for reinvestment into the business or other growth opportunities.
Wider Patient Offer:
A refined product range enables you to cater to a broader spectrum of patient preferences, enhancing their overall experience and increasing patient loyalty.
To unlock these benefits and more, speak to your dedicated Business Coach about conducting a product range review in your practice. Together, you can identify opportunities for improvement and develop a tailored strategy to drive your business success.
