Really good businesses are built from an aggregation of marginal gains, a concept that was made famous by Sir Dave Brailsford, general manager of the GB Cycling Team. All too often we focus on one part of the ‘sale’ ie. the appointment, and miss other opportunities to generate additional earnings, frequently for very little extra effort. Stock sales is one of those marginal gains, that can end up making you thousands in extra revenue, every year. This article details how this opportunity can be put into practice by any therapist or practice.
By Clare Carrick, MCSP
The Gift Horse
Last month I wrote about how most physical therapy businesses lose perfectly ethical earning opportunities every single day. One of those ways to boost earnings ethically is to enhance and follow through on what we all do best - giving advice and exercise for the patient to follow at home, so they improve their strength, range of motion and reduce their pain levels as soon as possible.
Clients are very motivated and engaged on their initial visit to see you, so this is an ideal time to suggest self-help measures. By stocking key items of equipment that you like to recommend, and having these attractively displayed in a designated area of your reception, will prime your client, making them open to a potential purchase for either themselves or someone they’re close to.
If you recommend a potential solution to a client that will help them get better, it is crazy not to be able to provide that product then and there. People lead busy lives, which means they may not get the opportunity to source the product immediately. If they remember, they will most probably choose to order from Amazon, which may also incur postage.
And once it does arrive, will they know what to do with it? If you have the product in stock, it’s very simple to give a demonstration at the same time that you’re talking about the benefits which means you get better client engagement and you’re very likely to get a better clinical outcome, which is after all what everybody wants.
It’s all about offering a better, more professional service to your customers. I guarantee very few customers will begrudge you a couple of quid in commission if you can provide a value-added service, that also saves them time.
While there are obvious benefits to being able to offer value-add stock sales, I’ve worked in private practice for over 14 years, and I know it can be time-consuming to source the right products at the right price to make it financially worth my while. Often the time invested in ordering and sourcing is outweighed by the monetary gain.
Added to which, most products you have to buy in bulk to make any significant profit and many of us don’t have either the cash flow to do this, particularly when you’re starting out, or the space to physically store the products. My other challenges have been the time it takes to place orders and the packaging quality of the products, because let’s face it, an unattractive package doesn’t look good on display at reception.
What to look for
You need products that:
- Are good quality
- That look good on display
- That give you a good profit margin
- That you can order quickly and easily online
- And that you don’t need to buy huge loads of stock
- That stocks most (or ideally all) of the stock sale products you need
Recently I’ve discovered a company called Eureka Physiocare, which ticks all these boxes, so much so that I felt they deserved a mention. The products are great quality and they look really stunning on display.
Remember this is all about adding value and offering convenience. An added bonus is that it can also boost your bottom line. You save your clients the time of having to order the products online, or find a shop that stocks them. And more to the point, they can feel confident that the product is good quality, instead of having to try and work out for themselves, which product out of the huge range offered by Amazon for example, would be best for them.
I have road tested these products in my clinics for the last 6 months now. The clients love the products, and the staff feel confident about selling them. This is because of the care and attention that Eureka Physiocare puts into sourcing all the products they sell. They really understand what we need to get out of it as a practitioner, while also offering a great quality product to our clients.
Eureka have put together a Profit Calculator which you can download at the following link which will help you simply and easily calculate the profit that you could add to your business, both weekly and annually, by selling stock.
You can download the Profit Calculator at this link.
Better still, Eureka Physiocare will also produce a custom display for you with your branding on, which you can use to display the products you sell and most of the products also come with a leaflet detailing how to use them, which saves you time explaining everything.
Remember, patients don’t know what they need in order to get better. That’s why they come to you in the first place. If you stock a product that can help them get better, more quickly, not only will they be grateful, but they’re also more likely to refer you to their friends and family. It’s win, win for everyone.
If you want to ask me any questions about my experience with these products specifically or advice about stock sales in general, you can contact me via email at firstname.lastname@example.org or click this link to email Clare
To find out more about Eureka Physiocare visit https://eurekaphysiocare.co.uk/