Powerful Advice for Young ODs

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Starting fresh in any field can be a little startling for anyone. Not knowing one’s way around the job and its responsibilities may lead to confusion and discomfort.

Every young person starts their new job with a lot of knowledge and a plethora of hope. They wish to stay on the job and watch their careers excel.

Recent optometry graduates have every word of wisdom spoken by their professors chiseled into their minds. They have their skills polished, gears running, and are ready to receive one patient after the other, hoping to change their life.

But as time goes on they discover, to their dismay, that they do not have as much a grasp on the job as they thought they did. They realize that the work life goes beyond what was written in the course books and what their professors jotted down on the whiteboard. This is when the panic sets in and the new optometrist would find themselves feeling lost.

There are some things that you learn with time, but that does not mean you have to necessarily wait for time to teach them to you. On its behalf, this post will tell you what you should do to further your cause and prevail in your field.

The first and foremost thing you need to do is take initiative. This is one of the most important and the least frequently used advice. Success in this world always begins from taking initiatives, whether you have to take initiative in learning something or creating something. You should not have to wait for someone to guide you or tell you to do something different and new. When you have an idea, you put it into the process of making it a reality. If you believe that your business is becoming saturated or the position that you are in has taught you everything you have to learn, then you need to create your own opportunities. This is the only way you will grow.

Also, make sure to invest and embrace new technology. Fields like optometry are all about using the right technology to give maximum high-quality service to the patients. If you become adamant about using the same old technology then you will lose a lot of clients to the ODs who are more open to trying something new.

One essential thing that will help to keep your patients coming back to you, is confidence. When a patient comes to you they are already full of worry, but when you show confidence in your skills, you assure them that you have the power to fix their problems. However, if you are not able to give them the answer to their question, don’t be afraid to say “I don’t know” and follow it up with “we will figure this out”. You are always in the learning process, so it is normal to not know a few things. But sincerity with your patients should always have top priority!

Difference between S Corp and LLC for your Optometry Practice

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Difference between S Corp and LLC for your Optometry Practice

You have worked for years in corporate optometry and now believe that you know everything there is to know about the field. You have all your funds and skills together, you have consulted all the business mentors, watched hundreds of documentaries on successful entrepreneurs, and are completely ready to carve out your own path.

But there is one itching question that you have not been able to solve yet. Should you open your optometry practice as an LLC or S corporation?

The business structure that you choose for your business will have a long-term impact on a lot of crucial aspects of your business. This includes the rules and regulations surrounding liabilities and the rate at which your business is levied with taxes.

First, let us have a look what each of them means:

LLC stands for Limited Liability Company, which is a business structure where the associates of a company will not be held liable to pay off the company’s liabilities. This means the personal assets of the owner(s) of the company will not be sold off to pay the company’s debts when it files for bankruptcy.

S Corporation is the kind of corporate structure in which the business is able to evade the double taxation by not having to pay corporate income tax on the profits that it makes. It usually pays income in the form of dividends which leads it to avoid corporation and personal tax. This structure also helps the owners protect their assets from any type of corporate-based liability.

The LLC is better for those owners whose main priority is flexibility in business management. The owner of such a company wants to keep paperwork at pay, does not feel the need to gain extra investments and thus does not feel the need to put up the company in the stock markets. This sort of structure is well suited for a smaller scale business. S Corporation, on the other hand, is better suited for companies with a much more complicated organizational structure such as multinationals.

The LLCs are very flexible when it comes to who should be in the top management and who reports to whom. They can be changed according to the CEO or the shareholders themselves. However, with S Corporation everything is laid out in black and white and the people who are part of that corporation are not allowed to switch up the rules to their liking.

As mentioned before, one of the biggest advantages of having an LLC is less paperwork which makes it is significantly easier for the owners to set it up. However, the S Corporation requires the owner to fill out a great deal of paperwork, which may seem tedious at first but it will work well to provide as concrete proof during unfortunate times. This is especially important since with S Corporation we are talking about large sums of money that would be related to liabilities and taxation.

The Advantages of Owning Your Own Optometric Practice

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You have worked for dozens of well-established and dynamic optometry businesses for years now. Though it was good money and you learned a lot, you realize that working under someone and following someone else’s rules is not what you are made for or something you want to keep doing your entire life.

Being hired for a job can be a safer option due to job security but it can also be a pain since you have to work according to the rules set by the top management. You might find that this is stunting your creativity and innovativeness since whatever you propose goes through dozens of hierarchical levels and the answer is often “No”. You have to face  competition with your peers and can be held accountable if the target revenue has not been generated by you.

So what is the best option? Open your own optometry business, and here are a few reasons why:

You are your own boss

Even though you are the one in control here, it does not mean you will not be told what to do. Customers, government officials, and suppliers will often be offering their two cents on how to run your business, but in the end, the decision to consider those suggestions, will be up to you. When you are working for someone, they will be the one telling you what to do and keep a strict scrutiny on you to make sure you get the work done.

You work/life balance is much more even now

Owning a business lets you decide your timings and the amount of work you will take on at one time. You can delegate the pressure now which allows you to be able to give more time to your social life. When employed by someone, you are allowed to leave at a fixed timing, you cannot bring a family member in the office, and you might be bombarded with work at odd hours.

You choose the people you work with

In the company that you were employed, you did not get to pick whom you worked with. It would not matter whether you and your colleagues gelled or not. You just had to work together and build towards the company’s goals. However, when you are the owner of your company you can hire and fire anyone, and even when you get a partner on board you can disassociate with them whenever you feel it is not working out.

You can take risks

When you own a business you can take whatever risk you wish to take, whether they are financial or creative. There is no one to stop you, and if that risk returns a profit, you get to keep them all to yourself.

You get to keep all the profits of your hard work

While you were an employee, even if you brought in revenue that was more than your salary per day, you would still be given the amount that was stated in your contract. However, with your own business, you get to keep the surplus for yourself. This, in turn, motivates you to work harder.

A CEO Mindset Can Help You Scale Your Business

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A CEO mindset can help scale your business. The role of the CEO is not just to own the company or go through its financial statements by the end of the month. In fact, it extends far beyond that. CEOs are the parents of the company. They make the big decisions, they are the ones who plan for its future progression, make sure to get it out of a rut, and make adjustments to its policies as the trends change.

There comes a time in every business’ time frame where its popularity starts to increase. Though this is good news for the company, it can, however, come with its own set of challenges. This would mean buying more materials, hiring more staff, or changing the entire organizational structure to match the increasing demand. This is when there is a high tendency for the company to get startled and panic.

At this moment, the CEO has to intervene and set things in order. This can be a tough thing to do on its own because if the entire company has been set ablaze with alarm, then the seeping fire will also reach the CEO. The CEO will have to work very sagaciously here to not lose their company to the haphazardness that is their business at the moment. This employs the work of a certain mindset to be able to bring things in order.

Engage the employees

First of all, the CEO needs to engage each and every one of their employees. They have to ask them questions and listen carefully to the problems that they might be facing. This way the CEO will become well aware of the problems that are present in the company, and may also be given solutions as to how to fix them.

Get a mentor

This is often the baseline for any solution. The mentors, who specialize in business issues, are mostly there to help their clients jump through any hurdle. They will give the CEO advice and encouragement over how to solve their problems and run their business at optimum speed. Even Presidents and Prime Ministers of countries have advisors by their side who give them suggestions on how to best handle obstacles and how to work towards the progression of the country.

Combine business goals with employee goals

Ask your employees what their goals are and then tell them the business’ goal. Then ask them to evaluate how they feel they can align their goals with that of the business. This means that the CEO can ask the employees about how they feel that they can use their goals to achieve business goals. For example, an employee might want to get responsibilities beyond what their current job role dictates, so they may ask the CEO to be given the responsibility of another area of the business.

Focus on the important things

There will be some sections of the business that may demand greater attention of the CEO. This could either be because that area is suffering a problem or maybe because it is one of the most revenue generating sections of the business. Whichever it is, the CEO may have to prioritize some aspects of the business over the others

How to Quickly Talk to Your Patients About Blue Light

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While there is considerable conversation happening around blue light, the reality is that 41 percent of consumers have never heard of blue light*. That being said, presenting and educating patients on blue light and its damaging effects should be a priority for eyecare professionals—even with limited time.
What are the best ways to help patients quickly understand what harmful blue light is and what steps they should take to ensure their eyes are protected?

Start by Asking Questions
Presenting blue light to patients is really an entire team effort. When the optometrist is prescribing lenses, you want patients to already be considering UV and harmful blue light protection.
As soon as a patient enters the office, put UV and harmful blue light protection on their mind. For example, during the registration process, include questions such as, “How do you protect your eyes from the sun?”, “Do you wear prescription sunwear?”, and “How often do you use digital devices?” By asking every patient that walks through the door these simple questions, you’re setting the stage for the blue light discussion in the exam room.

Educate through Comparisons
The best learning is often through analogies and comparisons—and talking to patients about eyecare is no exception. A great way to introduce UV and harmful blue light protection to patients is by comparing it to sunscreen for your eyes. Many patients know the damaging effects the sun’s rays can have on the skin but aren’t aware of how it impacts their eyes. Explain that sunlight includes both ultraviolet and blue light, and that both can have damaging effects.

Outline Sources and Symptoms
According to a survey conducted by Wakefield Research, 57 percent of patients are aware that digital devices are a source of blue light, and only 26 percent are aware the sun is a source. Help patients understand the need for blue light protection both indoors and out.
Communicate that harmful blue light can cause eyestrain and eye fatigue, and long-term exposure to harmful blue light has been linked to an increased risk of developing age-related macular degeneration**.

Recommend a Product Lens Solution
After educating patients about blue light, 78 percent of consumers were likely to purchase a product that provides protection. With the high interest in purchasing glasses that help protect wearers’ eyes from harmful blue light indoors and outdoors, Transitions® lenses are an ideal solution to recommend.
Although all Transitions lenses help protect against harmful blue light, Transitions® XTRActive® lenses offer the highest level of harmful blue light protection indoors and out for a Transitions lens. Transitions XTRActive lenses help filter harmful blue light, blocking at least 34% of the harmful blue light indoors and 88% to 95% of harmful blue light outdoors. To find more information on blue light and to hear how other ODs are bringing up blue light with their patients, visit TransitionsPRO.com/bluelight.

*Online survey conducted by Wakefield Research on behalf of Transitions Optical, Inc. in December 2017.
** Arnault E., Barrau C., Nanteau C., Gondouin P., Bigot K., Viénot F., Gutman E., Fontaine V., VilletteT., Cohen-Tannoudji D., Sahel J., Picaud S., Second source,  Phototoxic Action Spectrum on a Retinal Pigment Epithelium Model of Age-Related Macular Degeneration Exposed to Sunlight Normalized Conditions, PlosOne 8 (2013), DOI: 10.1371/journal.pone.007139