“Success leaves clues. If you want to succeed, practice the wisdom of successful people. If I can do it, so can you! Let’s do it together! I would love to be your mentor!” — Dr. Lauretta Justin
Growing a business from the ground up is no small feat. As I reflect on my journey, launching Millennium Eye Center without any prior business background felt overwhelming at times. But what I learned through trial, error, and guidance from mentors is that growth is possible for anyone willing to put in the work. “The biggest barrier to success isn’t who you are; it’s who you THINK you’re not.”
If you’ve ever felt unprepared, uncertain, or discouraged about the state of your business, know that you’re not alone. With the right mindset, strategies, and support, you can build a thriving practice or business, just like I did. The lessons I’ve learned from my own experiences, along with the wisdom of my business mentors, are invaluable. Today, I’m sharing three practical steps to help you grow your business, whether you’re just starting or looking to scale to new heights.
1. Obtain and Retain Customers
The first step to growing any business is to attract new customers while retaining your existing ones. This involves creating an effective strategy for promotions, sales, and follow-up that keeps your customers engaged and loyal.
Promotions & Sales
- Create compelling offers to attract new customers. For example, you can offer limited-time discounts or referral incentives to encourage word-of-mouth growth. This works exceptionally well in service-based businesses like optometry practices.
- In retail or service industries, bundling products or services into packages can attract new customers while increasing value for your existing clients.
Example: When we first introduced referral incentives at Millennium Eye Center, we saw a surge in new patients. It didn’t stop there—the follow-up systems we implemented kept those patients returning for years.
Follow-Up
- Implement a follow-up system that ensures consistent communication. Whether it’s through appointment reminders, newsletters, or special offers, staying connected with your clients will help keep you top-of-mind.
- Use tools like email marketing or text message reminders. If you’re a healthcare provider, consider using platforms like PatientPop to help automate patient engagement.
Standard Operating Procedures (SOP)
- Create and update an SOP manual annually. This ensures that every aspect of your business is running efficiently and that your team consistently delivers high-quality service.
Pro Tip: An SOP is like a playbook for success. Whether it’s a small business or a medical practice, clearly defined processes help maintain consistency and improve customer satisfaction.
Training
- Continuous training for your team is key. Even if you have experienced staff, regular training ensures they are updated on new trends, products, and customer service techniques.
Story: One of my mentors, Dr. Gary Gerber, once shared how implementing a structured training program led to increased sales and better patient satisfaction in his practice. Following his advice, I implemented regular staff training at my practice, and it transformed the way we operated.
2. Increase the Average Transaction Value (ATV)
The second step to growing your business is to focus on increasing the amount your customers spend during each visit. This is often the fastest way to grow revenue without the pressure of acquiring more customers.
Product & Service Review
- Regularly review and update the products and services you offer. Make sure you are delivering top-quality and relevant offerings. For instance, in an optometry practice, this might mean introducing new eyewear lines, advanced lens technologies, or adding specialized services like dry eye treatment.
Pro Tip: Products and services that provide high value can increase customer loyalty and boost the average transaction size.
Fee Schedule
- Update your fee schedule annually. This is especially important in industries like healthcare, where inflation and market changes can impact your costs. Don’t be afraid to charge what you’re worth.
Inspiration: Oprah Winfrey once said, “Know your value and charge for it.” This mindset shift helped me realize that charging appropriately for our services was not just fair but necessary for long-term growth.
Upsell & Cross-Sell by Adding More Value
- Train your team to recommend additional services or products during customer interactions. For instance, if a patient comes in for an eye exam, suggesting premium lenses or anti-glare coatings can significantly increase the value of the transaction.
Example: After training my staff to upsell premium lens options and anti-glare treatments, we saw a 20% increase in average transaction value at Millennium Eye Center within three months.
3. Increase the Number of Transactions Per Year
The third step involves encouraging your existing customers to visit more often or make more purchases throughout the year.
Subscription Programs
- Consider offering subscription programs for products or services that require regular replenishment, like contact lenses, vitamins, or eye drops. Subscription programs help ensure customers return consistently.
Pro Tip: Automatic renewals and subscriptions create a steady stream of income and build long-term relationships.
Medical Protocols
- In a healthcare setting, introducing medical protocols like dry eye management or myopia control ensures that patients come in for regular follow-up appointments.
Example: After implementing a dry eye protocol in my practice, I noticed that patients returned more frequently for check-ups, which not only improved their care but also increased the number of billable visits.
Ocular Disease Management
- For patients with chronic conditions, such as glaucoma or diabetic retinopathy, develop protocols that include multiple visits per year. This not only ensures proper care but also increases the number of transactions.
The Exciting Math Behind Business Growth
Here’s a quick way to calculate your business’s growth potential:
- Total Number of Customers – How many active customers do you have?
- Average Transaction Value (ATV) – What is the average amount each customer spends per visit?
- Number of Transactions per Year – How often do your customers visit or purchase from you?
By multiplying these three factors, you can determine your potential annual revenue.
To learn more, Click HERE to email us and request a practice potential worksheet to explore your growth potential.
Real-World Success Stories
When I first applied these strategies in my practice, I saw dramatic improvements. For instance, our dry eye protocol not only helped patients feel better but also increased their return visits. And when we updated our product offerings and trained staff to recommend premium lenses, our average transaction value shot up by 15%. These incremental changes added up to substantial growth—without requiring us to see more patients or work longer hours.
Are You Ready to Grow Your Business?
If you’re serious about taking your business to the next level, I invite you to join our CEO OF YOU™ business consulting program. You’ll learn how to develop a growth mindset, adopt proven strategies, and connect with other professionals on the same journey.
Click HERE to sign up, and let’s grow your business together!
Until next time, remember to Dream Big, Take Risks, and Become the CEO of YOU!
