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Business & Finance
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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
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Look before you leap into wellness plans
I confess--I'm a wellness plan junkie. For years I've offered them in all of my practices, from traditional clinics to charter-owned Banfield hospitals. And I'm not alone on the wellness plan bandwagon. Many leaders in our profession view them as ........ . . . keep reading
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Client Centred Leadership
Four little words sum up what has lifted most successful veterinary practices above the crowd: A little bit moreThey did all that was expected of them, and a little bit more. When practice leaders focus on just the gross sales to....... . . . keep reading
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The Practices of Successful Managers
As a manager, you have the opportunity to lead, supervise, mentor and motivate others - and your ability to do so effectively makes a huge difference to your company's overall success. But, statistics show that 50% or more of ...... . . . keep reading
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10 Ways to Effectively Market Your Practice
It's Tuesday afternoon and you notice the appointment schedule for the next 2 days has many open slots. You're worried since this scenario isn't uncommon in these tough economic times. As you sit at your desk, you contemplate how to do ...... . . . keep reading
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Rich Owner, Poor Owner
Recently I valued two veterinary practices both grossing approximately $2,000,000. The Rich Owner has controlled his expenses well throughout many years of ownership and therefore has a high profit percentage. The Poor Owner has not ...... . . . keep reading
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It's all in the numbers
"Not everything that counts can be counted, and not everything that can be counted counts."Albert Einstein. Who could possibly argue with Einstein's statement, particularly veterinary practice owners and managers, faced with a mountain of ..... . . . keep reading
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50 Things Your Veterinarian Won't Tell You
We asked veterinarians and vet technicians to reveal pet vet tips and cautionary tales, which can save time, trouble, and trauma for everyone in the family. 1. "People always ask, 'How do you handle pit bulls and rottweilers and big German ..... . . . keep reading
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The True Economics of a Dental Practice
The article is designed for dental practice owners but the lessons may be equally appropriate for veterinary practice owners. Mathematics and accounting are important. Please don't misinterpret what I am going to state here. You need ................ . . . keep reading
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