Optometrists
Focus on what matters most — turn your vision for success into reality.
Running an optometry practice involves more than just caring for your patients’ vision. It’s about balancing the daily demands with a strategic outlook on your practice’s future. You’re likely juggling everything from new technologies to evolving regulations, and it can be challenging to keep sight of long-term goals amidst the day-to-day.
That’s where MNP comes in. We understand your unique challenges and work with you to chart a clear path forward. Whether you’re launching a new practice, looking to optimize your current operations, or planning for retirement, our team is here to support you. We bring insights from across the industry to help you stay ahead, ensuring your practice thrives both now and in the future.
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Take the SMARTPro assessment
You’ve worked hard to build your successful practice. We’re here to help you consider what comes next, with succession strategies designed specifically for the professional lifecycle.
What's your challenge?
Navigating tax complexities
The labyrinth of tax regulations can feel like a never-ending puzzle. Managing these complexities while running your practice can be stressful, leaving you concerned about compliance and missed opportunities.
Growing your practice
Expanding your practice is both thrilling and demanding. Balancing the drive for growth with smooth daily operations is crucial for achieving sustainable success without compromising patient care.
Planning for retirement and succession
You’ve built a successful operation and now it’s time for what’s next. Ensuring a smooth transition requires meticulous planning to preserve your legacy and financial future.
Managing finances and cash flow
Keeping your practice’s finances in check is vital for its success. Juggling expenses, investments, and unexpected costs while ensuring a healthy cash flow can be a constant challenge.
Adopting new technology
The constant evolution of technology presents a challenge, requiring a keen understanding to navigate this changing landscape and keep your practice relevant with the latest innovations.
How we help
Tax solutions and advisory
Our tax team simplifies the complexities of tax regulations and helps you manage tax liabilities. We work with you to ensure your tax strategy aligns with your practice’s needs and goals.
Value creation
Our value creation team focuses on boosting your practice’s value and bottom line. We analyze your operations to uncover new opportunities and implement strategies that enhance efficiency, optimize supply chains, and drive overall growth.
Family office services
Through our comprehensive family office services, you can confidently plan for the future of your practice and family. We help you create a robust plan and financial roadmap that addresses your goals and ensures a smooth transition for your practice.
Cloud accounting and bookkeeping
With ease, MNP’s cloud-based accounting solution, you gain real-time financial management, improving accuracy and efficiency. This allows you to spend less time on paperwork and more on what you do best.
Digital advisory
Stay ahead with our digital advisory services, which include integrating new technologies into your practice and cyber security and IT services. We provide support for adopting innovative solutions, ensuring that technology enhances your operations.
Frequently asked questions
To improve cash flow, consider optimizing billing and collections processes, offering flexible payment options, and regularly reviewing expenses to identify cost-saving opportunities. Additionally, implementing efficient inventory management for eyewear and contact lenses can help reduce costs and increase profitability.
Key financial reports for an optometry practice include the income statement, balance sheet, cash flow statement, and accounts receivable aging report. These reports provide insights into profitability, financial health, cash flow, and outstanding payments.
Evaluate the costs of additional equipment, new staff, increased operational expenses, and potential revenue from the expansion. Create a detailed financial projection and ensure you have adequate funding through savings, loans, or investors. Assess the market demand and potential competition in the new location.
Implement an inventory management system to track stock levels, sales, and reorder points. Regularly review inventory to identify slow-moving or obsolete items and adjust ordering practices accordingly. Negotiate with suppliers for better terms and consider bulk purchasing discounts for popular items.
Key metrics include inventory turnover ratio, days sales of inventory (DSI), stock out rate, and carrying cost of inventory. Monitoring these metrics can help maintain optimal inventory levels, reduce waste, and improve cash flow.
Insights
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Performance
November 28, 2024
How will the CRA’s significant GST/HST update impact your dental and orthodontic practice?
How will the recent GST/HST update impact your dental practice? Understand the new requirements for claiming ITCs and opportunities for GST/HST refund claims.
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Confidence
Transform your dental practice with key performance indicators
Key Performance Indicators (KPIs) are essential metrics that provide insights into the overall health and performance of your dental practice.
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Performance
November 14, 2024
Unlock hidden growth: How KPI’s can elevate your dental practice’s success
Learn how KPIs helped a dentist identify inefficiencies and boost profitability by focusing on key metrics like patient retention and administrative efficiency.
