6 Today's Veterinary Business Business
A tangible spending plan is your vision for the future and is
important for the financial health and success of your practice.
Business
MONEY MATTERS
What Is a Budget, Really?
Say the word "budget" and several
negative connotations may spring
to mind. Many people consider
budgets to be severe constraints
on spending, a pair of handcuffs
that prevents us from doing what
we really want to do or from buying
something frivolous.
your practice. What programs will
you implement? Will you hire a
surgeon? More veterinary nurses?
What technology will you bring
into the practice? Are you thinking
of adding solar panels to the roof?
You can prepare a budget for a
project as small as an open house
or as complex as a remodel or a
What if I told you that one of the best ways to achieve your goals while maintaining or increasing profit
levels is through developing and using an annual budget?
To the uninitiated, the mere mention of budgets causes groans and eye rolling. However, power users know
that budgets are critical tools for managing their businesses. Think of a budget as a blueprint or a financial plan
that provides the resources and time frame for achieving your goals.
By Leslie A. Mamalis,
MBA, MSIT, CVA
Doesn't that sound a lot more
interesting? Let's get started.
Preliminary Steps
The first step in budgeting isn't
making a spreadsheet or pulling
out folders full of invoices. Instead,
start with a planning session. In
other words, establish goals for
A budget can
help you reach
your goals
For your business, the goals
you build into your budget are
the goals that are easiest to reach.
Reframe your thinking to think
of a budget as an action plan for
attaining goals. When prepared
thoughtfully and reviewed regular-
ly, a budget provides the resources
for making your goals a reality.
