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You own and operate your own veterinary practice — congratulations! You’ve stepped out as a leader in the veterinary industry and are committed to putting patient care first. And whether you’ve got at a big, bustling animal hospital in the city or a small clinic out in the country, you’re getting a crash course in all things Business 101.
Let’s take a minute to look at different aspects of your veterinary business to help you ensure the lasting success of your practice.
What to Pay Attention to as a Veterinary Practice Owner
As the owner and leader of your practice, it is your responsibility to stay focused on what matters most. Your goal is to guide the ship ever toward the true north of your practice’s values.
But with so many competing components, it can be easy to lose your way. And there’s no one-size-fits-all solution. Here’s a helpful list to simplify your top responsibilities as a good manager.
- Oversee day-to-day operations: You want to put the right people and systems in place so your veterinary business runs smoothly day in and day out. It is your job to track how things are going, ensure you have the right veterinary technology, and provide professional development for those who might need extra support.
- Manage the finances: As the owner, you want to keep a firm handle on the finances. Have your real estate costs increased? Are your employee salaries competitive? Are you saving enough to replace necessary equipment? Are you pricing your services according to industry standards? Keeping track of your finances is critical to growing a profitable practice, and access to robust veterinary practice management software can make all the difference.
- Facilitate open communication: You set the tone for your practice’s work environment. To create a workplace of openness and trust, you need to be proactive with your communication. Your veterinary team should be kept abreast of decisions made and changes implemented. Your veterinary technicians and assistants should be valued members of your team. And client communication is just as important. Pet owners should understand the value and cost of each service you provide. Regular, open communication with your staff and clientele creates a healthy veterinary community under your practice’s roof.
- Effectively save money and bolster profits: For any enterprise to be successful, you need your profits to be larger than your costs. But that is often easier said than done. It takes strategic investment and thoughtful decisions to cut costs—without diminishing quality—and to see your return on investment grow over time.
Navigating the Realities of Owning a Practice
To say you have a lot on your plate is quite an understatement. You are juggling what could be considered five full-time jobs—not to mention the responsibilities you have outside of work.
Owning your practice affords you the luxury of making your own decisions, creating your own culture, and charting your own waters. And while that is incredibly exciting, it can also be overwhelming. Having support systems to help you navigate the realities of owning your practice is key to creating a sustainable work-life balance.
Marketing a Veterinary Practice Effectively
Marketing can be one of many practice owners’ most elusive and challenging responsibilities. How do you know which social media platform to use (or how to use it)? What about advertising? Who is your target audience? How do you market in a way that is authentic to your clinic’s values?
If effective marketing feels like uncharted territory, you are not alone! We’ve got tips, tricks, and tools for you to use to help ease the process. The bottom line: You have created an outstanding veterinary practice, and it is worth spreading the word!
Marketing for Veterinary Practices
Benchmarks and KPIs You Need to Be Aware Of
Now, we’re getting into the nitty-gritty of owning a practice: how to measure the success of your clinic according to industry standards. This can be tricky to measure, so it is helpful to have support and access to continuing education as you learn to assess your practice.
Industry benchmarks include employee retention, customer satisfaction, and your team culture. Monitoring and measuring these factors help you see how healthy your practice is.
Key Performance Indicators (KPIs) show how well you are reaching your goals. One vital area to be aware of is revenue. You want to look at KPIs that show your total revenue, revenue by source, and expenses in relation to your revenue. You also want to keep track of how many clients you have in total and how many new clients you gain.
Regularly monitoring industry benchmarks and KPIs —and acting on what you find out — will ensure that your practice is moving in the right direction.
Filling Your Hiring Needs – Key Considerations
Finding and retaining the right people for the right positions is one of the most challenging parts of owning your practice. Of course, you want people you can trust and rely on to provide the highest level of veterinary care. From your assistants to your vet techs, you are looking for exceptional veterinary professionals.
With labor shortages across the veterinarian industry, finding skilled staff has become that much harder. But it’s not impossible. With some key investments, you can surround yourself with compassionate and hardworking team members, who are also highly skilled.
How We’ve Perfected Our Process for Our Partners
Managing a veterinary clinic on your own can be taxing. There are parts of the job that you love. And parts of the job you’d prefer not to have to do ever again. What if we told you that you could do just that: keep the pieces you enjoy and offload the rest?
At AmeriVet, that’s precisely what we do. You have created a valuable practice, and we want to support you to keep doing what you do well. But if marketing stresses you out, we’ll take care of it. Are payroll and human resources paperwork the pits? We’ve got it. Partner with us to continue growing your practice to become the best vet clinic it can be.
Why Partner With AmeriVet?