Today's Veterinary Business

DEC-JAN 2017

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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53 December 2017/January 2018 • TODAYSVETERINARYBUSINESS.COM the world where products, people and their money are all in the same place at the same time. A captive audience is such a rare commodity in the distraction-filled, hyper- speed world we live in. But you have one. You literally have retail magic just waiting to happen. While traditional retailers scratch their heads over how to get someone through the front door, this major obstacle is mitigated for you by default. Your clients are coming in regardless, and now you have a wonderful, captive audi- ence ready to do some buying if they are engaged, enlightened and educated. That's a beautiful thing. So, now that you are opening up to the idea of being a retailer, how do you go about putting together a product mix that your clients will respond to, doesn't take up much of your valuable, limited space and doesn't take another employee to manage? Follow these steps to build a solid foundation that will deliver profit: Choose a product mix that is pet focused but not necessarily pet necessary. Think about what you sell now — per- haps food, ID collars, medications. These are "have to haves." But think about the "want to haves." Reverse the role and put yourself in the waiting room. What would grab your attention? Place a "Dr. Recommend- ed" tag on items. If your clients trust you, they trust your en- dorsement and will buy from you. Choose products that are not necessarily available in big-box stores. The idea is to not try to compete with retail- ers that sell the same products at better prices, but to bring in something new or different. Doing this will allow you to make more margins on these types of offerings. This is key. Work with vendors that can help with just- in-time inventory. This means having a particular product on display, a couple in the back room and the ability to have the vendor ship di- rectly to the client or to you within 24 hours of depletion. Often times, these are higher margin products like custom leather leashes or col- lars that can be personalized. Local artisans may be an excellent source of one-of-a-kind items, and places like Etsy.com are fabulous for these special products or gifts. You often can work with artisans so that you become an exclusive retailer for their fantastic products. Utilize your staff. Talk to all team members about which products they would want to see if they were on the other side of the counter. They will always think of something you have not, so reward them for their efforts. They are add- ing to your bottom line every day. Where There's a Will, There's a Way If you are concerned about not having retail space, don't be. Not every product has to be in one spot. Use wall space to hang products, or display them under the front counter. Do you know a good handyman? Some of the best product presenta- tions I have seen start with a custom-built, inex- pensive display, shelf or hanger specifically designed for a small spot. A handyman can interpret your vision and help find a way to make you more money. Dan Truffini is the founder of DVM Profit Zone. Learn more at www.dvmprofitzone.com. Retail products make up some of the most profitable transactions a hospital sees, so figuring out where to put them is absolutely necessary. Think of the convenience store model. Retailers like 7-Eleven have what you need or want, when you need it, and you don't think twice about paying more for it. Many of these shoppers have more money than time. You deserve these kind of revenue streams. Practices today have lost many of the income sources that used to be guaranteed. Remember the days of exclusivity within your pharmacy? Therapeutic food lines that were sold only through you? For most, those days are long gone. But developing and exe- cuting a retail strategy that offers high-margin, gotta-have-now products will inject cash into your bank account and help you work smarter, not just harder, to achieve more financial freedom. A river of revenue is hiding in your waiting room. Don't hesitate to unlock its potential, even if you think merchandising is too compli- cated or time consuming. Whether or not you choose to embrace product sales, you are a retailer. Now comes the big question: Is your store open for business? Marketplace Marketplace Be apart of the Get your message OUT TODAY! For more information contact: Doreen Carpenter dcarpenter@navc.com 816.896.6757 Welcome to Beyond The Crown Veterinary Education! Beyond the Crown's goal is to help you take veterinary dentistry to the next level. Let Beyond the Crown Veterinary Education elevate your veterinary dental skills and expertise of the entire veterinary healthcare team through in-hospital educational training. This personal and specialized, hands-on training will enhance your hospital's communication, efficiency, effectiveness and success. Develop a stellar dental program today! Mary L. Berg, BS, LATG, RVT, VTS(Dentistry) Beyond the Crown Veterinary Education Lawrence, KS • 785-331-5319 • www.btcveted.com Retail products make up some of the most profitable transactions a hospital sees, so figuring out where to put them is absolutely necessary. 1 2 3 4 5

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