Using the Business Model Canvas for Optometry Practices

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The Business Model Canvas is a strategic tool used by businesses to visualize, design, and develop their business model. In 2005, a Swiss business theorist Alexander Osterwalder proposed a simple and straightforward technique for drafting a business plan. Called the ‘business model canvas,’ the concept was formalized in his book, Business Model Generation, published in 2010.  

What is the Canvas?

The business model canvas is a one-page planning tool. It consists of nine boxes, each representing one of the core elements of a business.

Optometrists can use the business model canvas as a sheet for brainstorming new ideas for their practice.

The Nine Components

The nine elements of the business model canvas are as follows:

  1. Customer segments – Define your target audience. Who are your most important customers? What are they attracts these customers to your office?
  2. Value propositions – What problem are you solving for your customer? Your unique solutions or the ‘value’ you hope to deliver to the customer segments.
  3. Communication channels – The different modes of communication to interact with your customers.
  4. Customer relationships – How strong is your relationships with your customers?
  5. Revenue streams – The different sources of income for your practice. Does your company have multiple methods of generating revenue? What is the pricing strategy for the products and how do you offer customers to pay for products?
  6. Key resources – these are the main assets and other supplies you require in order to fulfill your value propositions.
  7. Key activities – What specific key activities are necessary to deliver your value proposition? What differentiates you from others? What services do you provide?
  8. Key partnerships –Identify your company’s key partners. This can consist of important suppliers? What resources and duties does the company receive from these partners?
  9. Cost structure – What are major drivers of cost? Fixed vs variable.

Here is a sample of a Business Model Canvas.

Beyond the Podium: Thought Leadership in Optometry is Evolving

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A thought leader is an expert in their field who is actively engaged in promoting their ideas and sharing their knowledge with others. They are often seen as a change-maker or thought- provoking individual, and their aim is to influence and inspire others. They have a vision of what optometry is supposed to be, not what is dictated by others in the industry.

In order to become a thought leader, it is not enough to simply be an expert in your field. You must also be proactive in sharing your ideas and engaging with others. This can be done through writing articles or blogs, giving talks or presentations, or using social media. In the past thought leaders we ODs that lectured at conferences and had busy practices. With the rise of social media this has changed. Different voices are now able to be amplified. Thought leaders aren’t selected by optometry magazines, pharma boards ,companies or conferences anymore. Thought leaders are created from changing the norm and utilizing the different platforms they have to provide a different perspective. Corporate ODs have been underrepresented in the past. Now is the time to seek opportunity to amplify their voice in the industry. Different voices help our industry grow.

However, becoming a thought leader is not without its challenges. It takes time, effort, and dedication. And, once you have established yourself as a thought leader, there is a certain amount of responsibility that comes with it.

Are you up for the challenge? Here are some ways ODs have become thought leaders over the last 10 years.

1. Develop your expertise: To become a thought leader, you need to have in-depth knowledge and expertise in your field. This means staying up-to-date on the latest research, trends, and technologies in optometry. Attend conferences, seminars, and webinars. Read industry publications like Vision Monday and network with other professionals in the field; whether in person or on Facebook groups.

2. Create a platform: Establish a platform for yourself where you can share your ideas and thoughts. This can be in the form of a blog, a podcast, or social media. Create content that is informative, engaging, and provides value to your audience. Don’t be afraid of thinking outside the box and talking about things that others don’t.

3. Network: Networking is a crucial part of becoming a thought leader. Attend events, conferences, and seminars to connect with other professionals in the field. Meeting people face to face has a lot of meaning. You have to attend all the major conferences and add value to those conferences, whether it be cocktail hours, dinners, panel discussions, Facebook live events and podium time. Engage with others online through social media, LinkedIn groups, and forums.

4. Engage with your audience: Engage with your audience by responding to comments, questions, and feedback. Start a conversation and get people talking about your ideas. Encourage debate and be open to different opinions and perspectives. Thought leaders interact with other industry professionals throughout the year, not just at conferences. When you have other ODs asking you your thoughts on topics in optometry and breaking news, you have become a Key Opinion Leader.

5. Be authentic: A thought leader is not someone who pretends to know it all. Be authentic and transparent with your audience. Admit when you don’t know something and be willing to learn. Optometry is an evolving profession, leaders are readers. The more you continue to learn the better you will become and continue to evolve as a thought leader.

6. Seek out opportunities: Look for opportunities to speak at conferences, contribute to publications,provide content on social media and participate in webinars. Use your platform to promote your expertise and showcase your skills. Content is key! The more content you develop the more recognition you will get on the area you are looking to break into. Thought leaders seek out opportunities for exposure, it is never about the money but for the purpose.

7. Be consistent: Consistency is key when it comes to building a following and establishing yourself as a thought leader. It takes time and effort to build a reputation, so be patient and keep working at it. If your competitor is providing 1 content a week look to do 3x-5x more content per week. Over time content development will become part of your routine and won’t take up as much time as it did before.

Becoming a thought leader in optometry is not an easy task, but with dedication, hard work, and a passion for the field, it is achievable. As you establish yourself as a leader, remember to always be humble, open to learning, and eager to share your expertise with others.

The Power of Rejection: How Entrepreneurs Turn No Into Yes

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Rejection is something that we all face at some point in our lives. Whether it’s in our personal or professional lives, rejection is an unavoidable part of the human experience.

For entrepreneurs, rejection is a part of the journey. In fact, some of the most successful entrepreneurs have faced more rejection than anyone else. The key is to use rejection to your advantage and learn from it.

In this article, we’ll explore the power of rejection and how entrepreneurs can use it to their advantage. We’ll also look at the importance of a positive mindset and how it can help you overcome the fear of rejection.

1. Embrace rejection as a learning experience

One of the most important things you can do as an entrepreneur is to embrace rejection as a learning experience. If you can learn from rejection, it can become a powerful tool in your entrepreneurial journey. For example, if a potential investor rejects your business idea, ask for feedback and learn from their perspective. Use their feedback to refine your idea and make it stronger.

2. Don’t take it personally

It’s natural to feel disappointed or frustrated when you face rejection, but it’s important not to take it personally. Remember, rejection is not a reflection of your worth or ability. It simply means that the opportunity wasn’t the right fit for you at that time. Keep that in mind and move forward with a positive attitude.

3. Cultivate a growth mindset

A growth mindset is a powerful tool in overcoming rejection. Instead of seeing rejection as a failure, see it as an opportunity to learn and grow. Believe that your abilities can be developed through hard work and dedication, and that challenges help you reach your potential. Cultivate a growth mindset to help you overcome the fear of rejection and thrive as an entrepreneur.

4. Develop resilience

Resilience is the ability to bounce back from setbacks and continue moving forward. As an entrepreneur, you will face many setbacks and rejections, but resilience will help you stay motivated and focused on your goals. Develop resilience by focusing on your strengths, setting achievable goals, and building a support network of people who believe in you.

5. Stay persistent Persistence is key to success as an entrepreneur. Don’t let rejection discourage you or make you give up on your dreams. Keep pushing forward, even when it feels like the odds are against you. Remember that every successful entrepreneur has faced rejection at some point, and persistence is what separates the successful from the unsuccessful. In conclusion, rejection is a part of the entrepreneurial journey. However, by embracing rejection as a learning experience, cultivating a growth mindset, developing resilience, and staying persistent, you can use rejection to your advantage and achieve your goals. Remember, rejection is not a reflection of your worth, but rather an opportunity to grow and improve.

88% of Employed Corporate ODs Need Angle Closure Kits.

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The incidence of angle-closure glaucoma varies depending on the population and geographic location.

In the United States, it is estimated that angle-closure glaucoma accounts for about 10% of all cases of glaucoma. The incidence of angle-closure glaucoma is higher in certain ethnic groups such as Asians and Eskimos. In these populations, the incidence can be as high as 50% of all cases of glaucoma.It is estimated that up to 90% of glaucoma cases in some Asian countries are due to angle-closure glaucoma.

It’s important to note that angle-closure glaucoma can be a medical emergency and requires immediate treatment to prevent irreversible vision loss. If you are experiencing sudden eye pain, redness, blurred vision, nausea or halos around lights, seek medical attention immediately.

In a recent poll in the Corporate Optometry Facebook Group, a member ask if Employed Corporate ODs have angle closure kits?

88% of employed corporate ODs stated they didn’t have the resources supplied by their employer to assist the patient with an angle closure. Some ODs stated that they work next to a pharmacy so they don’t need one.

In Corporate optometry, many ODs might see these cases as new patients. Since hours of operation are extended hours compared to other practices, ODs need to be equipped with all the tools and resources to help our patients. If you are an OD without a kit, I urge you to call your Eye Care Director, your immediately treatment can save that patient’s vision.