Challenges and Opportunities in the Future of Independent Optometry
This special report, developed by the editors o Review o Optometric Business, presents a strategic SWOT analysis o the current competitivesituation aced by independent ODs across the United States. SWOT analysis is a widely used business tool that identies the key issues abusiness must conront to remain protable and to grow.A SWOT analysis is oten a rst step in an annual business planning process. The acronym abbreviates the our SWOT components –
The strengths and weaknesses o a practice are the internal actors under the direct control o the practice which infuence perormance, whileopportunities and threats identiy external actors aecting results, usually beyond the direct control o the practice.A SWOT analysis or an individual OD practice in a specic geographic locale might produce quite dierent results than one which considersthe competitive situation aced by all independent ODs, such as that presented here. Nevertheless, the broad appraisal in this report has valuebecause o the many commonalities in the competitive situation aced by independent ODs across the nation.This analysis was commissioned by Vision Source
, the leading alliance o independent ODs, with 2,700
member practices and 5,500
memberdoctors in the U.S. and Canada. Vision Source
wanted an objective, independent source to appraise the current market position and utureprospects o independent ODs, to provide current and prospective members a actual oundation or planning. The assessments in the analysisare grounded in quantitative market research rom reliable sources including Vision Watch, Jobson Research, the Management & BusinessAcademy (MBA) and other sources.The value o a SWOT analysis is the short list o action priorities and strategies that it produces. Such a list can ocus eorts to improve oceprocesses on a manageable set o projects with the greatest potential pay-o. This can lead to a more realistic matching o a practice’sresources and capabilities with the competitive environment. This SWOT analysis highlights the reasons so many ODs are joining alliancegroups, including Vision Source
, which bolster independents’ competitive position.