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 […]
Pet owners demand supply-chain transparency
How products are handled and delivered is a growing priority for today's customers. Some premium brands have altered their distribution practices to develop closer ties to consumers.
Increasingly engaged, empowered and values-driven, consumers are prompting changes in the route veterinary products take from manufacturers to pet owners. The result is a shift to human-grade standards for handling and distributing veterinary nutritional supplements and foods. This development has significant implications for manufacturers, trading partners and consumers. As brands develop deeper connections with pet […]
The culture conundrum
Building an outstanding organization starts with devoted, empowered leaders who encourage employee camaraderie, team building and plain old fun.
Salaries and benefits are no longer the raison d’être for attracting and retaining the best clinical and support staff. They are looking for more. More what, exactly, is the question? Work/life balance to be sure. What else? Relief from the burden of student debt would be high on the list; that shadow is an ever-present […]
Get personal about your finances
You should have short- and long-term goals and know how to achieve them.
Whether new to the profession or near retirement, veterinarians need a financial game plan. Consider these five questions. 1. What is the point of my savings? Being financially disciplined and saving money is great. Having a goal or multiple goals for your savings is even better. If you are fortunate enough to be able to […]