Today's Veterinary Business

AUG-SEP 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.

Issue link: https://todaysveterinarybusiness.epubxp.com/i/856474

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22 Today's Veterinary Business Business Business A dying breed ? (Continued from cover) Let's consider effectiveness, efficiency, predictability, profitabili- ty, people, service, value and relationships. Common Frustrations The business model for the de- livery of veterinary care at corpo- rate-owned practices is not that much different than yours. They put their pants on one leg at a time just like you do. They have the same problems: • Compliance sucks. • Transactions are down. • Drug prices keep rising. • Finding and hiring good staff and associates is hard. • Labs forget to pick up a spec- imen, or the staff forgets to put it out. The benefit of corporate prac- tice comes from the mothership, which helps address some of these issues and may negotiate better pricing on certain products or ser- vices. However, the mothership is very hungry and needs to be fed. But guess what? • You can negotiate. Just do it. • You can learn to hire and fire. Just do it. • You can learn to train to trust. Just do it. • You can improve compliance, service, value and relation- ships. Just do it. • You don't have a mothership to feed. Create profits so you can feed yourself. Just do it. A plethora of resources, rang- ing from consultants and educa- tional tools to veterinary-specific attorneys and financial planners, are out there, ready to help practic- es become more successful. Independent practices can readily survive and even thrive in this rapidly changing world by focusing on the three P's: people, processes and profits. People Clients are looking for value in the money they spend at your business. They want a personalized experi- ence. They seek a consistent rela- tionship with the people with whom they interact. Simply put, they want to be heard and acknowledged. The client experience that can be offered in a private practice — fluidity and flexibility — is much harder to attain in the corporate practice. Remember that 20 percent of your clients provide 80 percent of your profits. Creating a personalized experience for these clients will go a long way in getting you ahead. By systematizing the client experi- ence and delivering it the same way each time, every time, all the time, without fail, you can move into the Nordstrom world of client service and do so without much expense. The client experience is all about investing in your people. The staff experience, from the hiring process through onboarding and training, is a huge differentia- tor. Building a team based upon a consistent culture is imperative. The leadership in an independent prac- tice should be a strong constant. From the ownership to the manage- ment team, a strong foundation is imperative. If you build a team that delivers on the leadership vision, the client experience and an established culture, you will be ahead. A cor- porate practice may have difficulty maintaining that strong culture and leadership when the original owner leaves or when management is strictly by the numbers. In summary, staff retention equals client retention. Retained clients come in more often, are more compliant, spend more mon- ey and will be your primary market- ing source through referrals. Processes The internet allows consumers to customize their experience through a keyboard, mouse and monitor. These same consumers want a cus- tomized experience from brick-and- mortar places that are operated by people and not algorithms. Because the internet provides ease, value and consistency, some businesses are following suit in their own way. Starbucks and Uber have contribut- ed to the "me" economy. You can as well, but you must have the systems in place to do so.

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