Identify important trends to measure your optical retail business.
We found this gem of data at retailowner.com for our optical retail customers which lists sales & financial benchmarks specifically for your market. This kind of data is great tool to isolate trends as well as identify areas you need to address within you own business.
Don't get too intimidated by the financial vernacular or the data points. You can get all of the data you need from your financial reports. You can also go here to find explanations, how to's and even an online calculator that does the formulas for you.
One bit of advice from our financial guru…Don't focus on the individual numbers but rather the trends. Since this data was taken from all over the country from varying types of businesses it would be hard to decipher if you are comparing apples to apples. What you can determine is if your company is growing or declining and compare that to how the rest of your market is doing. If there is advancement in the market but you are declining you may need to looks at your strategies. If you are having more growth than your counterparts, keep doing what your doing but keep and eye out for changes.
If you look at your financials or the market as single month or year you can lose site of what's really happening and give you a false sense of where you are as a company.