For your employees’ benefit and yours
Compensation is more than just a paycheck. Health coverage, retirement plans and tuition reimbursement can help a practice recruit and keep talented workers.
Employee fringe benefits are a hot topic for many U.S. employers, and as long as businesses have to compete for talented workers, benefits will remain front of mind for hiring managers. Benefits significantly influence a person’s quality of life, and they help compensate employees for the value they provide to the business. A healthy benefits package […]
Employee health insurance and the small practice owner
From reimbursing premiums to group policies to self-funding, companies have several choices.
2020 is just around the corner, and with the new year come changes to health insurance standards and employee expectations. As insurance spending continues to increase year over year, small veterinary practices often struggle to compete with larger practices for top talent. Below is a summary of the top three health care options that a […]
Automation gets the job done
You don’t have to do everything as a practice owner. From bookkeeping to budgeting, technology will save you time and money.
I was listening to the dreams of a soon-to-be owner of a one-doctor veterinary clinic. The young gentleman was truly excited, and he was inspired to implement trendy solutions to change the old practice. His ideas were bold but humble in timing. One step at a time was his motto — renovate an abandoned building, […]
The SBA 504 solution
A Small Business Administration program allows business owners to purchase real estate with 10% down and at a below-market interest rate.
Veterinarians who own their practice should absolutely own the building. The benefits of owning outweigh those of leasing, and deciding to purchase a building is one of the most significant steps a business can take toward securing its future. When you own your building, you have peace of mind. Occupancy costs will be steady month […]
Don’t be a fraidy-cat when marketing
Advertising is a whole different animal. You first need to focus on a marketing plan that is actionable and measurable.
I vividly remember a conversation from my childhood. Driving with my dad to his office, we passed a billboard of an attorney with whom my dad had graduated. My 10-year-old self eagerly exclaimed, “You should get a billboard, too!” I’ll never forget his response: “If you need a billboard, you aren’t a very good attorney.” […]
Enjoy the payoff from a new client payment system
The latest technology can assist with data analytics and inventory management. The ability to accept chip cards fights fraud.
How consumers pay for services is always changing, so making sure your veterinary practice’s payment system is up to date is crucial. Answering the four questions below can help you determine whether the time is right for an update. 1. Does your current payment system provide access to business analytics? Legacy payment systems do not […]
Employ a strategy to build a happy team
Placing people in the wrong jobs, not properly training them and failing to motivate them are correctable management errors.
Fifty-two percent of U.S. employees plan to look for a new job in 2019, according to the digital marketing firm Adtaxi. Of those who take part in the hunt, 54% landed their current job less than a year before. Why do team members leave your veterinary practice, and how can you get them to stay? […]
Start charging for your phone time
Give fee-based consultations a try and see how your clients respond.
Have you ever calculated how much time you spend on the phone with clients? Time spent checking on your patients, following up on lab work results and giving status updates on hospitalized patients. But there is a whole other side to callbacks that will make any veterinarian sigh, or maybe cry, at the end of […]
What smart veterinarians do financially
Retirement accounts and budgets can put you in a more comfortable fiscal position. Those aren’t your only choices.
After working with many veterinarians, I have distilled some common denominators when it comes to successful practitioners. These are not all-encompassing behaviors, but they seem to be the smartest personal finance actions that a successful veterinarian can undertake. 1. Take full advantage of the unique retirement accounts available to them. For higher-income practice owners who […]
9 ways to improve your personal finances
Adjusting where you put your money and how you spend it can make a big difference for veterinarians.
Veterinarians are inherently busy, so enacting some relatively easy and quick changes to better themselves financially is a prudent move. Here are nine ways to do just that. 1. Lower your investment fees. Why are you invested in funds that charge exorbitant fees or commissions? Not many funds, if any, outperform the market over the […]