The price is not always right
If you don't know the difference between markup and margin, your revenue might be taking a hit.
Bon Jovi, a band from my native New Jersey, has an anthem that starts off, “It’s all the same, only the names will change.” Great tune, but unfortunately, it’s not all the same when it comes to markup and margin. The two terms, each a measure of profitability, are not interchangeable. The reality is that […]
Take stock of your inventory
Resolve to do better in 2018 in determining the best product mix for your practice and how many of each to have on hand.
Another year is almost in the books and 2018 will be upon us quicker than you can say, “Merry Christmas and Happy New Year.” Traditionally, the end of the year brings the holidays, celebrations with families and friends, and, of course, delicious foods and treats that have us packing on the pounds. It also brings […]
Don’t sell yourself short
Whether you like it or not, veterinary practices are also retailers, so now is the time to turn your austere waiting room into a moneymaker.
You are a retailer. Surprised? Don’t be. Many veterinary practitioners have incredible revenue potential they have yet to unlock, and it is sitting right in front of them in the waiting room. It’s not the patients. It’s the retail store they have yet to fully open for business. Though I was born into veterinary medicine, […]
In defense of sales reps
Maximize the relationship with your vendors to help grow your veterinary practice and better serve clients.
We live in a time when competition is increasing and when creating a differentiating factor among your competitors is more difficult. The goal for each of us should be to use every resource at our disposal to satisfy our clients and staff. Most of us overlook or forget about an excellent and underutilized resource staring […]
NPAIDs emerge as an effective new therapy
Nonpharmaceutical anti-inflammatory devices can improve patient care and drive revenue growth.
NPAIDs, once largely relegated to the rehab setting, have gained a foothold in daily practice as veterinarians report how these nonpharmaceutical anti-inflammatory devices successfully treat an array of conditions in pets. The benefits can be financial as well when practitioners prescribe pulsed electromagnetic field (PEMF) products like the Assisi Loop and the Ivivi Roma for […]
Compete and profit on product sales
Squeezing revenue from retail isn’t that hard if you know what you’re doing.
I was traveling through the Salt Lake City airport in July 2003 when my flip phone rang. My colleague on the other end insisted that I run to the nearest newsstand to pick up the most recent copy of Consumer Reports magazine. I reluctantly complied. There it was: a cover featuring an adorable, heart-tuggingly […]