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.
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 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 ECP’s 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.
