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Business & Finance
Business and Financial Management

Many measures can be used to monitor the success of your veterinary practice. Here are some

  • Quality of professional care and attention for clients and patients
  • Degree of client satisfaction
  • Maintenance of patient health
  • Quality of clinical records
  • Sound financial performance
  • The level of salaries and conditions of employment for all staff members
  • Required return on the owners investment in the practice
  • Good reputation and respect for clients, patients and staff
  • Practice image of which the owners and all concerned are proud

Most practice principals are able to make some subjective judgments about each of these factors but many of them are difficult to measure objectively. Sooner or later the success of the practice will have to be measured financially.

Tax inspectors (agents), bank managers, accountants, prospective incoming partners or purchasers will all wish to be satisfied that, in addition to all the other subjective measures, here is a veterinary business which is financially sound ( from The Business of Veterinary Practice -- John Sheridan and Owen McCafferty, Pergamon Press)

Take a look at these Business and Financial resources

Eight ways to energise when you're the boss
Eight ways to energise when you're the boss Happiness at work is the single most accurate predictor of life expectancy -- more accurate even than whether you smoke or drink or are predisposed to heart disease. If you enjoy what ... . . . keep reading
How profitable is your pharmacy?
How profitable is your pharmacy? This is an updated version of John Sheridans article originally published in 2005. Since then some practices in the UK have reduced their charges for some pharmaceutical products in an effort .. . . . keep reading
Interview with Mr David Hodgetts Cert PFS M.I.A.M
Interview with Mr David Hodgetts Cert PFS M.I.A.M I am delighted to have had an opportunity of talking to David Hodgetts, founder partner of Professional Practice Services, probably now the largest financial advisory centre to the veterinary.. . . . keep reading
Ten Step Exam Room Protocol to bond clients to your practice
Ten Step Exam Room Protocol to bond clients to your practice The majority of income generated in a veterinary practice starts in the consulting room. This makes the consulting room the most important 100 sq ft in your practice. To improve your ... . . . keep reading
How to Avoid Being Clobbered By the Recession
How to Avoid Being Clobbered By the Recession It is always wise to look outside the profession to see what others are doing. Identify their strengths, and then adopt them. For example, the dental profession places great emphasis on ... . . . keep reading
Cutting Costs to Cope with the Economic Downturn
Cutting Costs to Cope with the Economic Downturn During the first half of 2008, we in the U.S. struggled through very difficult economic times. This year started out after a slow Christmas retail season and talk of recession. We've recently ... . . . keep reading
Improving compliance through recognising and changing limiting behaviours
Improving compliance through recognising and changing limiting behaviours by Caroline Jevring-Bäck. From a paper presented during the Hills Pet Nutrition - Healthy Pets mean Healthy Business Pre - Congress Practice Health Day, Barcelona, 2007. Do you remember the last .. . . . keep reading
The No-Lo Practice - do you own one? - how do you know?
The No-Lo Practice - do you own one? - how do you know? My video tip this month is to tell you about The No-Lo Practice business tool from Vet Partners. Shock! Disbelief! Practice owners are devastated when they learn their practices are worth only .. . . . keep reading
Wouldn't You Like to Invite these Practice Management Experts into YOUR Practice so that You can Pick their Brains?
Wouldn't You Like to Invite these Practice Management Experts into YOUR Practice so that You can Pick their Brains? Lunch-Break Webinars starting next month. A multi-expert series of 60 minute Lunch Break Webinars offered exclusively for full members of the Veterinary Business Briefing Community. The Webinars will... . . . keep reading
Four Reasons Why Small Businesses Succeed (or Fail)
Four Reasons Why Small Businesses Succeed (or Fail) The American system of business management has been admired and emulated around the world. This system is characteristic of two traits (1) enthusiasm for the future and making things better, and (2).. . . . keep reading
Are You Too Busy to Be Productive? Why customers shouldn't be your first priority
Are You Too Busy to Be Productive?
Why customers shouldn't be your first priority Let's be frank - if you work for a company,(or if you are a manager in veterinary practice) then your primary goal is to make money. Period. You may have secondary goals to serve the ... . . . keep reading
Members-Only Lunch-Break Webinars
Welcome to the registration page for the Lunch-Break Seminar series from Veterinary Business Briefing Previous Lunch-Break Webinar Recordings . . . keep reading
Graduate debt and practice profits - an Interview with Dr James Wilson DVM JD
Graduate debt and practice profits - an Interview with Dr James Wilson DVM JD This summer I was privileged to participate in the mid year meeting of Vet Partners in Kansas City. One of the founder members of VetPartners, formerly known as the AVPMCA ... . . . keep reading
Pop Goes the Weazel download
Pop Goes the Weazel download Do your staff have any idea of the commercial realities of operating a quality professional service, the costs involved and the need to be profitable? You know that somehow you need to teach them but ... . . . keep reading
Who are the managers? What are they for and what are they worth?
During the last 15 years or so, there has been a steady growth in practice management employment and training opportunities spearheaded by the Veterinary Practice Management Association, a number... . . . keep reading
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