Successful veterinary practice management will include 5 core components that will build value for your business:
Consumers are shaped by their experiences as a whole. Expectations are often a mixture of not only industry experiences but also other professional, personal and social interactions. As a business it is important to offer established and potential clients a realistic picture of your practice and the level of service provided.
Economics teaches us about utility. Simply defined utility is a measurement of “usefulness.” It is the ability of a product or service to satisfy client expectations, which can be predefined by the client or the business can set the standard.
Motel 6/Ritz Carlton Effect
As consumers, we have different expectations in our Motel 6 or Ritz Carlton experiences. And in reality, you could stay at one tonight and the other tomorrow night. The difference between your stays being positive or negative will be the value received. Other than both being hotels, they do not pretend to offer the same experience or amenities. This is where you may find yourself giving a 5 star review of both facilities. The value assigned will be determined in your mind as to what you paid and what you received. In other words did one or both of the hotels meet or exceed the expectation set in your mind? And who is responsible for setting that expectation?
All things to all people
We need to accept a practice with a defined mission cannot serve all clients from every walk of life. Your practice must reflect who you are and who you are committed to serve. Your veterinary practice will cater to a specific type of client and not serve everyone. This does not mean that you cannot offer your best to each client and patient who walk through the door. It is important to remember the client determines if they will accept, agree with or even continue with your recommendations.
The need to embrace the unique qualities of each type of veterinary practice, now and in the future, is more important thanever. If nothing else, remember each practice has a veterinarian providing care to patients, and these veterinarians are your peers.
The types of practices forming and available are in response to client needs and wants. As a society there has been a client centered shift, to grow and progress it is important to listen to those you are committed to serve.
Types of Practice:
- Low Cost
- Service Specific
And every shade and combination of those listed.
What value are your clients assigning your practice?
Examine the utility your practice has to offer. To do so look at your clients. Your clients are the illustration of your practices’ mission. Are you proud? Does the image match your mission? If you aren’t sure, find out. Offering digital and paper surveys, or take your top clients to dinner and ask them. The power is in your clients hands, but the purpose and mission are in yours.
Full Speed Ahead
Making sure you are focused as a professional and committed to your mission takes a team. Your professional and para-professional team are there day in and day out. Give your practice a critical advantage by engaging the services of a Veterinary CPA. Veterinary CPAs offer industry knowledge, support and partnership not offered by non-industry specific CPAs.
Holdsworth & Co. provides customized Veterinary Practice Management Consulting. Some of our popular services include:
- Leadership Mentoring Program
- Train the Trainer Program
- Practice Examination
- Start Up Veterinary Practice Consulting
- Full Service Accounting for your Veterinary Practice
Contact Us today for a free consultation!