Episode 5: Eyes Wide Shut Part 2

Practice, Revenue RX

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Revenue RX Optical Wins Podcast

By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

In this episode of Revenue RX: Optical Retail Wins, I explore how simple, grassroots ideas can unlock new opportunities for your business—no complicated SEO, website tricks, or expensive social media campaigns required.

Sure, those digital tools are important, but sometimes the most effective strategies are right in front of us. Innovation isn’t reserved for the tech-savvy; it’s about being curious, thinking differently, and taking the time to notice opportunities around you.

Listen to this episode now

Discovering Opportunities Next Door

One of my favorite lessons in innovation started with a vacant storefront next to my optical shop. For months, the empty space was doing me no favors. But one day, during one of my walkabouts, I stumbled across a nail salon struggling in a nearby, run-down building. They were always busy, fully booked, and operating on a month-to-month lease.

I saw an opportunity. I armed the salon owners with information about the vacant space next to my store, helped them negotiate better terms with the landlord, and within 60 days, they had moved in. This wasn’t just luck—it was a deliberate move to create a synergy between our businesses. Their clientele, mostly women aged 35-65, overlapped perfectly with my customer base.

We took it a step further: I provided the nail salon with discount vouchers to hand out to their customers, encouraging them to visit my optical shop. I also placed signage on the salon’s back entrance, leading to a shared parking lot, with exclusive offers for their clients. This simple partnership brought in new customers without the need for expensive ads—just a bit of legwork and old-school marketing.

Leveraging Hotel Room Directories

Another opportunity came from the two hotels within a block of my store. Hotel directories often feature local business ads and promotions, but none of my competitors had taken advantage of this space. So, I approached the hotels with a proposition: I’d be the exclusive optical business in their directories.

Many hotel guests stay long enough to purchase new eyewear, and for those who didn’t, we offered free shipping. It was a low-effort, high-reward strategy—tapping into a new customer base with minimal expense. Innovation doesn’t need to be groundbreaking; sometimes it’s just about being the first to notice an overlooked opportunity.

Cross-Promotion with Hearing Services

My next big win came from recognizing the connection between vision and hearing. I noticed that many of my older customers could benefit from hearing screenings. Instead of setting up a hearing business myself, I partnered with a local hearing company that needed a place to conduct tests.

We set up a small hearing booth in the back of my store and advertised free screenings on our windows and sidewalk signs. The hearing company paid a monthly fee for the space, and I gained foot traffic from people seeking hearing tests—most of whom also wore glasses. It was a win-win. When the original hearing company pulled out, I quickly partnered with another one, ensuring the continuity of the service.

This collaboration didn’t require hiring new staff or investing in expensive equipment—just a bit of creative thinking. It was about staying in my lane while leveraging partnerships to increase customer visits.

Empowering Customers with a Photo Comparison Studio

One day, I noticed customers taking selfies while trying on frames, but they struggled to compare multiple looks. I invested in a specialized camera system that displayed four images side-by-side, allowing customers to see themselves from different angles. It also featured easy-to-understand content about lens coatings and eye health.

This simple setup, which I called the “studio,” transformed the shopping experience. Customers could sit comfortably, compare their looks, and feel empowered to make informed decisions. This wasn’t just about selling glasses—it was about enhancing trust and building customer confidence. The ROI from this interactive tool was immediate, paying for itself almost daily.

Innovation: A Continuous Process

Innovation isn’t complicated—it’s about trying new things and acting on ideas. It’s not enough to have good ideas; execution is what sets successful businesses apart. Whether it’s moving in a new neighbor, advertising in hotel directories, or partnering with a hearing company, the key is staying curious and open to opportunities.

I learned early on that holding onto ideas without sharing them stifles growth. As a kid, I was told, “He who tells all he knows, knows little.” But I’ve found the opposite to be true—when we share what we know, we create opportunities for others to share with us, and we all benefit.

In this episode of Revenue RX, I remind you that what got you here today won’t get you where you want to go tomorrow. To grow, you need to keep innovating. Innovation isn’t always high-tech; it’s about seeing what’s already around you, reframing problems, and finding solutions in unexpected places.

Tune in to this episode for more insights, and stay tuned for future episodes where I’ll explore the power of trust, communication, and image in driving conversions. Because at the end of the day, innovation is simply doing new things.

 

 
Joseph Mireault

Joseph Mireault

Joseph Mireault, Optical Entrepreneur, Business Coach, and Published Author.

Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.

He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.

Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECPs in achieving their goals.

Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.

His insights are shared with optical business owners aspiring for greater success in his new book,  “An Entrepreneur’s Eye Care Odyssey: The Path to Optical Retail Success.”  

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Empowering Patients Through Informed Choices

Independent SightLines

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Young woman Optometrist

Not long ago, I had an insightful conversation with an optometry student, bursting with energy, excitement, and dreams of soon becoming a Doctor of Optometry. As we spoke, their passion for the field was clear, but so was a perspective that gave me pause: a somewhat paternalistic view of patient care.

This wasn’t a unique flaw but rather an understandable outcome of his eagerness to help. However, it sparked a much-needed dialogue about how we, as optometrists, empower patient’s choices or potentially limit them.

 

During our exchange, I saw his genuine concern over how he might come across as “pushing” patients toward expensive or unnecessary treatments. His trepidation mirrored a fear many young professionals face: being seen as a salesperson rather than a healthcare provider.

It was then I felt compelled to offer a candid reply: “We are not drug dealers; we are doctors.” Those words seemed to strike a chord, sparking a shift in our discussion, and brought into focus the essence of patient care—empowerment through informed choice.

 

Shifting the “Pushing” Paradigm

The student’s reluctance to recommend more expensive options, for fear of pushing patients, brought up key questions. Is it truly “pushing” when we present a range of solutions to improve patient outcomes?

Are we not duty-bound to educate our patients on the full scope of treatments available to them, from basic to advanced?

In our profession, it’s easy to shy away from discussions about cost, but doing so may lead to unintentional harm. By not informing patients of all their options, especially those beyond the immediate scope of our clinics, we risk depriving them of the chance to make the best decision for their vision and health.

This raises critical considerations:

  • Are we conscious of each patient’s financial situation?
  • Do we provide enough information to empower them to choose?
  • How do we ensure we are guiding without overwhelming?

It is imperative that we see these interactions not as sales opportunities but as moments to educate, guide, and empower.

 

The Power of Informed Choices

Every patient has the right to fully understand their condition and the possible interventions available to them—whether it be a simple corrective lens or a state-of-the-art treatment.

The notion of concealing the “best” or more expensive options can backfire. Without offering a comprehensive view, we may create an information void that limits the patient’s ability to choose freely and wisely.

Even worse, if the initial treatment fails, and the patient later discovers that advanced options existed all along, it can erode their confidence in both the doctor and the treatment process. Transparency builds trust, withholding creates doubt.

 

Educate Without Overwhelming

Patient education is the cornerstone of our profession, but it requires balance. Too much information at once can overwhelm, too little can misinform. To achieve this balance, I recommend blending both verbal explanations with digital or printed resources.

Additionally, for more complex conditions like Myopia Management, using a “drip” approach — introducing information gradually — can help patients absorb and understand their choices over time.

Early intervention is key, but so is presenting options in a way that patients feel empowered to choose. This dialogue is where we must excel.

 

Guide the Conversation, Not the Sale

There’s a fine line between presenting options and dictating choices. It’s not enough to offer a buffet of treatments and expect patients to navigate these options alone.

Our role is to guide them, present the full spectrum of treatments, and create a space for personalized dialogue.

In these moments, it’s essential to engage in meaningful conversation—one that considers their lifestyle, financial priorities, and health goals.

By doing so, we help them see beyond immediate costs and consider long-term benefits, ultimately allowing them to make the decision that feels right for them.

 

Case in Point: A Lesson in Offering Without Judgment

One patient stands out in my mind as a perfect example of why this comprehensive, judgment-free approach matters.

A woman who identified as low-income came into my clinic seeking solutions for her vision issues. During our discussion, I offered her several options, including a premium-priced treatment: contoured prism lenses.

Despite the cost, she ultimately chose the more expensive solution, drawn to the potential for better comfort and improved vision. Her results were nothing short of remarkable.

This experience reaffirmed for me that offering patients the best solutions, without presumption about their financial capacity, is key to empowering them to take control of their own care.

 

Be the Doctor, Not the Salesperson

At the heart of optometry is the doctor-patient relationship—a dynamic that is built on trust, information, and respect. We are not here to sell products, nor are we here to judge what a patient can or cannot afford. Our responsibility is to ensure that patients have the tools they need to make informed choices about their health.

By fostering an environment of open dialogue, presenting a full range of options, and respecting their autonomy, we do far more than treat their eyes. We empower them to take ownership of their vision and, in turn, their lives.

 

 

2024 Trevor Miranda

DR. TREVOR MIRANDA

Dr. Miranda is a partner in a multi-doctor, five-location practice on Vancouver Island.

He is a strong advocate for true Independent Optometry.

As a serial entrepreneur, Trevor is constantly testing different patient care and business models at his various locations. Many of these have turned out to be quite successful, to the point where many of his colleagues have adopted them into their own practices. His latest project is the Optometry Unleashed podcast.

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I’m able to run my clinic in the way I’d like to

sponsor, Sponsored Posts

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Dr. Thomas Jay Yung, an optometry partner with Specsavers

“With Specsavers taking care of a lot of the background business aspects, I can spend my effort on delivering a good patient experience.”  – Dr. Thomas Jay Yung, Optometry Partner

 

Since graduating from the University of Waterloo in 2019, Dr. Thomas Jay Yung has been practicing optometry full time in Calgary. In 2023, Dr. Yung took the plunge into partnership with Specsavers and clinic ownership. Now that he’s celebrated one year at his clinic located in Specsavers at Marlborough Mall, Dr. Yung shares how he’s finding business ownership and how Specsavers marketing is helping to bring in new patients.

 

Why did you choose partnership with Specsavers?

When I decided to become an optometrist, I had also decided that I would want to own my own practice as well. After I graduated, I began looking for opportunities to own a clinic but circumstances such as cost, and a lack of good opportunities prevented me from realizing that goal.

I heard about Specsavers from colleagues and co-workers around mid-2022. I decided to look further into partnership because I heard positive feedback from those who were already in the partnership process. When I learned more, it only reinforced the positives I had previously heard. I was convinced by the reasonable $25,000 entrance fee for the amount of help that I would get in starting up the Specsavers store. Not having to worry about those aspects really helped to minimize the stress that comes with opening a new independent clinic.

 

How’s business at Specsavers Marlborough Mall and your clinic?

So far, so good! I think collaborations with someone like Col. Chris Hadfield are worthwhile since it helps promote the importance of eye health from someone who is highly respected. The best results for my clinic have been from Specsavers’ marketing support prioritizing eye health, eye exams, and OCT messaging. That’s what seems to get people in our clinic. This past August was a record month for us, and it was a combination of reaching our one-year recalls, the summer being a busier time, and the great promotions Specsavers has for eyewear.

 

We’ve been making our name known throughout the community and have been getting plenty of positive feedback from patients. It’s by the patient experience that I would measure the success of my clinic. Ultimately, the team at Specsavers Marlborough Mall work together so that people can have quality eyecare, which will positively impact their quality of life. So, at the end of the day, if the patient is taken care of, I would call that a success. And judging by the feedback we have received over the past year – I would say that we’ve been very successful.

 

What’s been a highlight about opening your independent clinic?

Opening up my own clinic means that I’m able to run it the way I’d like to. My focus has always been on the patient experience and being in full control of that means that I have the freedom to do my best in that area.

My favourite part of being an optometrist is that I can make a positive difference in the lives of people every day. Seeing satisfied patients is what makes this job and the schooling I did all worth it. I believe in providing the best clinical care, giving honest recommendations, and doing it all for an affordable cost.

With Specsavers helping with a lot of the background business aspects, I can spend my effort on delivering a good patient experience.

 

Make the next move in your optometry career

Whether you have an existing business or you’re looking to start out, we have partnership options that could work for you. Our partnership team can tell you how.

Visit specsaverspartnership.ca

 

 

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Small Business Tax Rate and Its Erosion with Passive Income

Finance|Wealth, Tax & Legal Matters

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Taxes C3 Wealth article

In recent years, the landscape of Canadian small business taxation has undergone significant changes, particularly concerning the small business deduction (SBD) and its interaction with passive income. Understanding these changes is crucial for small business owners who rely on the SBD to reduce their tax burden and promote growth.

What is the SBD?

The SBD is a tax benefit on the first $500,000 of active business income (ABI) in a Canadian-controlled private corporation (CCPC). This reduction is designed to help stimulate business growth and job opportunities.

The Tax Advantage of the SBD

The current combined federal and provincial corporate tax rate on income eligible for the SBD is 11% in Alberta. This represents a 12% tax savings compared with the general rate income pool (GRIP) tax of 23% on active income.

Changes in Corporate and Personal Taxation (2018)

In 2018, the Canadian tax system underwent significant adjustments aimed at achieving greater integration between business and personal taxation. This overhaul primarily affected business owners and their comparison to salaried individuals, creating a near-perfect tax alignment.

2018 Tax Changes Affecting the SBD

The 2018 federal budget introduced significant changes to the impact of passive income within corporations. If passive income exceeds $50,000 in a given year, a clawback* begins on the $500,000 of eligible ABI for the SBD.

Understanding Passive Income

Passive income includes interest, dividends, and capital gains. The taxable portion of these forms of income is termed adjusted aggregate investment income (AAII).

How is Corporate Passive Income Taxed?

Following the 2018 tax changes, corporate passive income as AAII is currently taxed at a rate of 46.7% in Alberta (combined federal and provincial rate).

The Tax Impact is Greater after June 25, 2024

In 2018, at the time of “near perfect integration” the capital gains inclusion rate was 50%. This means that 50% of the gain was deemed taxable as AAII. On June 25, 2024 the capital gains inclusion rate for corporations was increased to 66.7%, making it easier to surpass the $50,000 threshold, thereby affecting SBD eligibility.

How SBD Erosion Works

For every dollar of ABII that exceeds the $50,000 threshold, SBD eligibility is reduced by $5*. Once passive income surpasses $150,000 in any given year, the entire SBD on active income is eliminated.

Example of SBD Erosion in Alberta

Consider a scenario where a corporation has $500,000 in taxable active business income. Without any investment income, the corporate tax bill would amount to $55,000.

If this corporation also has $100,000 of ABII**, which exceeds the $50,000 threshold, the SBD rate of 11% will apply only to $250,000 of active income, with the remaining $250,000 taxed at the GRIP rate of 23%.

SBD Tax on $250,000: $250,000 × 11% = $27,500

General Rate Tax on $250,000: $250,000 × 23% = $57,500

Total Tax Bill on Active Income = $85,000 which is $30,000 MORE than if the corporation had passive income less than $50,000!

**this example does NOT include the tax bill on passive income. To see examples for other provinces and the tax on passive income visit our website to access a simple calculator.

A Complex Conversation

Navigating investment and divestment strategies within your corporation has become increasingly complex due to ongoing tax changes. A holistic financial plan that integrates both business and personal aspects of your wealth and taxation is essential to empower you in your financial journey.

It is never too early or too late to initiate your financial planning. Contact us at 780-261-3098 or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

 

*Note: Ontario, Quebec and New Brunswick provincial tax calculations do not mirror the federal rules for the SBD clawback.

 

Roxanne Arnal is a CFP®, former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial and tax planning. Individual circumstances and needs vary. Errors and Omissions exempt.

 

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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Episode 4: Eyes Wide Shut

Practice, Revenue RX

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Revenue RX Optical Wins Podcast

By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

How do you attract more customers to your optical store? The answer might be right in front of you. In this episode of Revenue RX: Optical Retail Wins, I’m sharing insights from my journey in the optical retail world—and beyond—that helped me uncover hidden opportunities. You don’t need to reinvent the wheel to make a difference in your business.

Sometimes, the smallest changes, if done with intention, can yield the biggest results.

Listen to this episode now

 

When I took over the store, I wasn’t just facing competition—I had eight other optical stores on the same street. Outspending them wasn’t an option, but out-thinking them was.

I wasn’t an optician or an optometrist; I was an entrepreneur, and I knew my first challenge was visibility. One rainy day, a bright yellow DHL truck drove by, and I thought, You can’t miss that thing! That’s when the idea hit me: if the truck can grab attention, why not the store? I got permission from the landlord, bought the paint, and turned the store into a bright yellow beacon.

Innovative (and Cost-effective) Marketing
But I didn’t stop there. I had a yellow Toyota FJ Cruiser at the time, and I figured, why not turn my car into a rolling advertisement? I wrapped it with the store’s name, address, and phone number, and suddenly, my daily commute became a mobile billboard. Every day, as I drove the same route my customers took, I was marketing the business—creating impressions, rain or shine, without lifting a finger.

Foot traffic was another challenge. There was a busy bus stop right outside the store, but it faced away from the building, with people lining up with their backs to me. Across the street were parking meters, and I saw an opportunity. Every morning, I parked my branded yellow SUV at one of those meters.

For just $4 a day, I had a prime advertising spot—right where people waiting for the bus could see it, and directly across from my competitors. It was far cheaper than a bus stop poster, and it gave me visibility all day long.

Even with all these efforts, I quickly learned that just being visible wasn’t enough. One day, I asked a passerby if they knew where the nearest optical store was. They looked confused and said, “No idea.” They had just walked right past my store—past the bright yellow paint, the sandwich board sign, and even a bus stop poster. That’s when I realized I needed something extra, a small touch to tie everything together.

One day, I saw a party nearby with someone carrying a helium balloon, and I thought, That’s it! A balloon catches the eye like nothing else. So I tied a bright balloon to my sandwich board outside the store. The effect was immediate. People who had missed the sign before now noticed it, and once their attention was on the balloon, they saw the board, the yellow store, and everything else. It was all connected. When I asked someone again where the nearest optical store was, they pointed right at my place and said, “It’s the one with the balloon!”

This episode is packed with lessons from moments like these—ways I found to stand out without breaking the bank. I didn’t just rely on paint and balloons. I also built innovative marketing partnerships.

I also learned the value of taking advantage of slow economies. During the recession, other businesses cut back on marketing, but I doubled down.

Running a business isn’t easy, and I know how tempting it can be to get stuck in the day-to-day operations. But I focused on working on my business, leaving my well-trained staff to handle customer care so I could keep coming up with new ways to attract customers. It’s all about staying creative and finding your own “balloon”—that one thing that makes your store stand out and draws people in.

Because what got you here today won’t get you where you want to go tomorrow.

Keep your eyes wide open, stay creative, and remember—innovation is simply doing new things.

 

 
Joseph Mireault

Joseph Mireault

Joseph Mireault, Optical Entrepreneur, Business Coach, and Published Author.

Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.

He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.

Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECPs in achieving their goals.

Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.

His insights are shared with optical business owners aspiring for greater success in his new book,  “An Entrepreneur’s Eye Care Odyssey: The Path to Optical Retail Success.”  

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Episode 3: Embrace Change For Optical Retail Survival

Practice, Revenue RX

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Revenue RX Optical Wins Podcast

By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

In this episode of Revenue RX, we unpack the mindset and strategies necessary to not only keep up with change but to harness it as a tool for success.

Change is not just an option in optical retail—it’s a necessity. In the latest episode of Revenue Rx, we dive deep into the essence of change, exploring why it is the price we pay for survival in this dynamic industry. If you’re standing still, you’re not maintaining your position—you’re falling behind.

Listen to this episode now

The Illusion of Standing Still

Let’s start with a hard truth: standing still doesn’t exist in business. If you’re not moving forward, you’re slipping backward. The world around you is constantly evolving, and if you’re clinging to the status quo, you’re at risk of being left behind. This episode is a wake-up call, an intervention of sorts, urging you to take action before it’s too late. You have a choice: become a maker of change or fall victim to it.

Success in optical retail—or any business for that matter—requires a willingness to embrace risk and do things differently. What got you here won’t get you where you want to go next. Complacency is the enemy of progress. The discomfort you feel when making changes is natural, but it’s also a sign that you’re on the right path. This episode introduces the concept of the Sigmoid Curve, a crucial principle in business that underscores the importance of reinvention at the height of success.

Understanding the Sigmoid Curve

The Sigmoid Curve represents the life cycle of businesses, products, and even personal growth. It has four key stages: start-up, growth, decline, and reinvestment. The latter two are where many businesses falter. As your business matures, growth slows, competition increases, and the market becomes saturated. It’s at this point that reinvestment and innovation are essential to avoid a downward spiral.

The episode highlights the downfall of once-great companies like Blockbuster, Kodak, and Sears—giants who fell because they didn’t adapt in time. The lesson here is clear: no one is immune to failure. Even if you’re riding high now, complacency can lead to a slow but inevitable decline.

The key takeaway? Anticipate the need for change before you hit the decline phase. Reinvestment, whether it’s in new ideas, technologies, or business models, is essential for sustained success. Transform your business to a new curve before the current one goes too far into decline.

The Psychology of Change

Change isn’t just about strategy—it’s deeply psychological. Making decisions, particularly those that involve significant changes, is stressful. It’s no surprise that many people resist change because of the fears associated with it. These fears range from fear of the unknown and fear of failure to fear of loss and even fear of success.

This episode delves into these common fears, encouraging you to confront them head-on. Recognizing these fears is the first step in overcoming them. The episode offers practical advice on how to build confidence and reduce anxiety by taking small, manageable steps toward change.

One powerful example is how we approach major life changes, like marriage or starting a family. We don’t let fear hold us back from these significant life events because we focus on the positive outcomes rather than the potential risks. The same mindset should apply to business. By focusing on the benefits of change rather than the discomfort it might cause, you can push through resistance and make the necessary adjustments to keep your business thriving.

Why Change is Critical in Optical Retail

The optical retail industry is no exception to the rule of change. Markets are constantly evolving, and if you don’t adapt, you risk becoming irrelevant. Whether it’s changing styles, new technologies, or shifting demographics, staying ahead of the curve is crucial.

Innovation is a driving force behind success. In this episode, I share examples from my own business journey, such as giving my stores a facelift every five years to keep the environment fresh and engaging for customers. Simple, thoughtful changes can make a big difference, whether it’s updating your store’s layout, introducing new product displays, or enhancing the customer experience with interactive elements.

But change isn’t just about aesthetics. It’s also about the practical aspects of running a business, like cost savings and resource management. Regularly reviewing your processes and making adjustments can lead to significant improvements in efficiency and profitability. In my case, I made a habit of reviewing balance sheets monthly and challenging suppliers to offer more competitive pricing.

The Bottom Line: Make the Commitment to Change

The path to success in optical retail—or any business—requires a commitment to change. Stagnation is the enemy, and the way out is through strategic reinvestment and continuous innovation. The decisions you make today will determine your future. So, start by setting aside resources for reinvestment, identify one key area of your business that can directly impact your bottom line, and focus on making meaningful changes there.

In the end, thoughtful change is not just about keeping up—it’s about getting ahead. It’s about making your business more resilient, more competitive, and more successful in the long run.

Call to Action

Don’t let complacency be your downfall. Listen to the full episode of  my podcast and learn how to embrace change as the key to thriving in the optical retail industry. Your business’s future depends on the decisions you make today—so make the commitment to change now.

 

 
Joseph Mireault

Joseph Mireault

Joseph Mireault, Optical Entrepreneur, Business Coach, and Published Author.

Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.

He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.

Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECPs in achieving their goals.

Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.

His insights are shared with optical business owners aspiring for greater success in his new book,  “An Entrepreneur’s Eye Care Odyssey: The Path to Optical Retail Success.”  

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5 Principles of Cash Management

Building Wealth, Finance|Wealth

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Cash Management

In our cashless society, it’s common to lose the connection between what we are earning and what we are spending, often leading to empty bank accounts and increasing debt. How do you manage debt effectively while building long-term financial security and peace of mind?

  1. Review Your Cash Outflows

Sounds so simple, but do you know where your money is actually going?

Review a minimum of 3 months of bank and credit card statements. Summarize where your money has been going. Be honest. You might be surprised how much you are spending eating out, the number of “tap” charges you are paying, and the actual burden of interest charges.

  1. Create a Cash Flow Plan and Stick to It

Now that you know where the money is going, create a better solution.

This solution still needs to be realistic in order to be successful. Build in your mandatory payments like student loan repayment, car payments, rent and disability insurance premiums. Add in your after tax income. Then review how much you can allocate to everyday expenses like gas, groceries, gifts, clothing and social activities. Tracking this spending allows you to manage it and discipline gives you a clear plan for reaching your goals.

  1. Build and Maintain an Emergency Fund

An emergency fund is your personal safety net. Life is unpredictable and unexpected expenses, like a car repair or sick pet, can throw your financial stability into chaos. Your emergency fund should also be able to cover your basic needs while you wait out the elimination period before your disability insurance benefits are payable in the event that you are unable to work due to illness or injury.

The general recommendation is to have at least 3 to 6 months worth of living expenses set aside in an accessible, but separate, account from your daily spending.

Carve out a piece of your monthly income to build up this pool and use it for true emergencies only.

  1. Control Debt Wisely

Debt isn’t inherently bad, but it’s important to manage it carefully and use it strategically.

First focus on paying off high-interest debt, like credit card balances (and be committed to permanently keeping it off). These debts grow quickly and can easily overwhelm your finances if not addressed promptly. Look back at our previous article on Tackling Debt [https://www.eyecarebusiness.ca/resources/tackling-debt/ ] to learn about the Avalanche & Snowball methods.

  1. Save & Invest for Your Future

The final principle of personal cash management focuses on the future you. Sometimes hard to image when you are in the here and now, but the future you deserves your love.

Once you’ve build up your emergency fund and managed your debt, you can begin focusing on saving for future goals – buying a home, funding your child’s education and saving for retirement.

It’s essential to have a plan in place for your savings goals and the investments you pick should align with the time frame of each goal to help create a financial future of true freedom.

A Fool & His Money are Soon Parted

Understanding income, expenses, debt and savings are key to creating a stress free present and a future filled with opportunity. A holistic financial plan should integrate all aspects of your life in order to truly put you in the driver’s seat.

The best plans use a long-term strategy where your progress is measured and goals are adjusted as your life changes.

 

 

 

It is never too early or too late to set your financial plan in motion. Interested in an advisor that understands how to live for today and tomorrow, give us a call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

Roxanne Arnal is a CFP®, former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

 

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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Episode 01 – Navigating Optometry Practice Settings

Future Focus Podcast, NextGenOD

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Welcome to the inaugural episode of Future Focus: The NextGEN OD Canada Podcast. In this episode, our hosts engage in a compelling discussion about various optometry practice settings, including corporate, independent private practice and surgical settings. Our hosts delve deep into the differences in patient interactions, follow-up care, and the unique challenges faced in each of the optometry practice environments.

  • Independent Private Optometry Practice
  • Corporate Settings
  • Independent Contractor in Optical Retail Settings
  • Surgical Care Settings

Key Points Discussed:

  • Patient dynamics in the various settings and how they affect optometric practice
  • How surgical and hospital settings offer opportunities to engage with unique and complex cases, enhancing skills in ocular disease management.
  • How various settings present challenges that can affect control over your work schedule and work-life balance.
  • How to balance personal standards of care with business pressures in each setting

This conversation underscores the importance of understanding the advantages and challenges of different optometry practice settings for new optometrists, serving as a valuable resource for students and recent graduates navigating their early careers.

Your Hosts:

  • Amrit Bilkhu, OD, FAAO, FOVDR
  • Dr. Amrit Bilkhu graduated from the Illinois College of Optometry in 2019 and completed a Vision Therapy & Rehabilitation residency program at UC Berkeley School of Optometry in 2020. She is a fellow of the American Academy of Optometry and the Optometrists in Vision Development and Rehabilitation. Dr. Bilkhu owns her private practice, Northern Sight Optometry, in Vaughan, Ontario. In her spare time, she serves as a board member for Vision Therapy Canada, writes articles for optometry blogs, and shares her knowledge on her professional social media page.
  • Alexa Hecht, OD
  • Dr. Alexa Hecht obtained her Doctor of Optometry from the University of Waterloo in 2021. She currently practices at Bayview Vision in Toronto, Canada, where she enjoys seeing patients of all ages and has a clinical interest in dry eye disease and ocular aesthetics. Dr. Hecht has a significant social media following on Instagram and TikTok, where she aims to educate the public about the importance of eye health and clean beauty habits. She is passionate about inspiring and mentoring the next generation of optometrists.

Future Focus is proudly sponsored by Eye Recommend.

Eye Recommend - Exclusive SponsorEye Recommend is a dynamic network of independent optometrists dedicated to providing personalized, comprehensive eye care. They offer outstanding career opportunities across various optometry specialties, along with signing bonuses, mentorship programs, and access to exclusive world-class events and education. With a vast network of experts and clinics nationwide, they empower optometry students and recent graduates to build successful and fulfilling careers.

Sign up to the NextGEN OD Newsletter to get episode notifications and other updates from NextGEN OD Canada.
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Vision Entrepreneur by OSI Group: Your Key to a Successful Optometry Practice

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Ready to turn your passion for optometry into a thriving business? The Vision Entrepreneur program is your gateway to launching or enhancing your optometry practice. Whether you’re a newcomer or a seasoned professional aiming to delve into optometry entrepreneurship, this program offers unwavering support at every turn. With experienced coaches deeply passionate about the field, you’ll gain the necessary skills and insights to navigate the complexities of entrepreneurship and build a thriving practice.

Develop a Clear Vision and a Solid Business Plan

Turn your aspirations into reality with guidance from our expert coaches. They’ll help you set clear business objectives, pinpoint your target market, and devise an effective strategy.

 

Master the Essentials of Optometry Practice Management

Achieving success in optometry requires more than just clinical prowess; robust management skills are just as critical. This program provides hands-on coaching in vital areas such as finance, operations, and business development, ensuring a comprehensive approach to practice management.

Enhance Your Confidence and Motivation

The path of entrepreneurship is full of challenges, but you won’t be alone. Our coaches offer continuous encouragement and support, empowering you to unlock your potential and tackle obstacles confidently.

 

Build Networks and Access Key Resources

Vision Entrepreneur connects you to a vast optometry community. Our coaches introduce you to professionals, mentors, and investors. By expanding your professional network and resources, they open doors to clinic acquisition opportunities.

Craft Effective Marketing and Sales Strategies

Develop marketing and sales strategies that attract and retain clients. By adjusting a game plan to your niche and budget, our coaches guide you to create compelling marketing materials and targeted sales strategies while enhancing your online presence.

Navigate Legal and Regulatory Frameworks

Starting an optometry practice involves a deep understanding of the legal and regulatory landscapes. Our program offers expert advice and links you with legal professionals to ensure full compliance with all regulations.

 

Manage Stress and Achieve Work-Life Balance

Balancing the demands of entrepreneurship without compromising personal well-being is crucial. Our coaches provide strategies to help you manage stress and maintain a healthy balance, ensuring you thrive both personally and professionally.

 

Invest in Your Future

Transform the dream of a successful optometry practice into reality with Vision Entrepreneur. Ready to take the first step toward a successful optometry practice? Visit us today to learn more.

 

visionentrepreneur.ca

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7 Key Features to Look for in a Financial Advisor

Finance|Wealth, Resources

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Financial advisor

The world of financial advice can be very confusing – it is proverbial alphabet soup out there. Let’s take a look at some of the features you should be looking for in a true advisor.

  1. What training have they undergone?

The worldwide standard for financial planning is the CFP®. A Certified Financial Planner® has undergone rigorous training and examination, adheres to a strict ethical standard and is committed to ongoing professional development. There really is no substitute for this designation.

  1. Are they truly a fiduciary?

A requirement of CFP® certification is that designates must commit to serve in the best interests of their clients. Unfortunately, the certification doesn’t guarantee true fiduciary advice. A fiduciary must make recommendations that are truly in the best interest of the client. Not their pocket book or employer.

  1. Are they licensed to sell products and other services?

CFP® professionals can be licensed to sell products alongside providing advice. It is imperative that you understand their licensing credentials and how recommendations are made within any licensing restrictions. Understanding your options is critical to making smart financial decisions.

  1. Do they utilize an Investment Policy Statement (IPS) to provide you with suitable recommendations?

An IPS is a document that outlines your risk tolerance, risk capacity, and overall opinions regarding investing. Your investments should align with your personal situation.

  1. Are they a specialist in the circumstances that apply to you?

Financial planning has many facets and finding an advisor that understands your situation is critical to long term success. Planners that understand the business of optometry will have far more to offer you than just reviewing your investment strategy.

  1. Do they integrate the various tax “persons” that apply to your situation?

The CRA defines “persons” as different tax entities. To have a truly efficient tax and planning strategy, your professional advisor should integrate all “persons” for your personal situation, such as spouses, operating companies, holding companies and trusts for example.

  1. Do they provide you with actionable items to bring you closer to your goals?

A planner should have a deep understanding of your goals and where you are today. The plan should help bridge that gap. Because life is ever changing, your goals will change too. How often are your goals reviewed? Is there follow-up on actionable items? How is your progress measured?

A Holistic Approach to Financial Planning

A holistic financial plan should integrate all aspects of your life: personal and business. It should include an IPS, a Letter of Engagement, goal creation and action items. The best approach is a long term strategy where your progress is measured and goals are adjusted as your life changes.

If you aren’t sure your advisor is a CFP® professional who is acting in your best interests first, don’t be afraid to ask the questions.

It is never too early or too late to set your financial plan in motion. Interested in an advisor that not only understands optometry deeply but is truly your fiduciary, give us a call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

Roxanne Arnal is a CFP®, former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

 

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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