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Business Tips

A FEW BUSINESS TIPS
TO HELP YOU SUCCEED

We are here to help.  Check out Business Tips and make small changes in your practice that may have profound positive impacts on your culture, operational efficiency, profitability and sustainability.  Check out our podcasts and the Thought Leadership section of our global platform.  Click Here

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TIP #101
Monthly Dashboards

When you are developing your monthly dashboard with the key metrics you want to track, start slow and make it simple to read and easy to collect the data to evaluate.  Most practitioners and managers try to put too many details in their monthly reports. The outcome is usually one of two directions, it is too time consuming to collect the data, or it takes too long after a busy day to sit down and evaluate the trends in your business.  Either way, you are likely to stop using the reports to work “on” your business and instead continue working “in” your business as a practitioner.  Here is a snapshot:  Make them simple and fast reports, look for trends and then dig into details only if needed.

TIP #102
Hire the Smile

You can teach skills, but it is almost impossible to develop and train a positive attitude in others in the workplace. During the hiring process, dig deep into the personality characteristics of the potential hire. How do they get along with you?  Do they treat others with respect?  Do they align with the core values of your practice?  Ask them in the interview to share a challenging time in their life and ask how they responded to that challenge. 

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TIP #103
Feedback

What is one thing we tend to resist doing the most in any veterinary practice? It isn’t medical records or dealing with an upset client, though nobody likes doing either of these. Its giving feedback to those we work with. We know we should talk with a co-worker about something they did or said, but we delay doing it and think that next time we will talk to them.

Delivering feedback makes us uncomfortable. We don’t like to hurt someone’s feelings, or we worry that the recipient will take it the wrong way. Those of us in veterinary medicine tend to be people-pleasers and giving feedback risks upsetting people. I would argue that one of the best things we can do for another is to give good feedback to help them improve their performance.

TIP #104
Breakeven Analysis

Before purchasing a major piece of equipment or new vehicle, perform a breakeven analysis to better assess your return on this investment.  What are both the variable costs and fixed costs and how long will it take to pay off the purchase?  How long with the equipment last and how can you maximize the longevity to increase profitability?  Are maintenance contracts valuable or a waste of money?  These questions and many others can be answered in a breakeven analysis to help you in the decision process to buy or not buy.

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TIP #105
Inventory Barcodes

The best way to manage inventory is to track it.  Installing a barcoding system to receive, dispense, and count your medications and supplies quickly shifts this cumbersome process to an efficient system of counting that has saved many practices both time and money.  When you purchase products, there is a small margin for getting the best price.  Managing your inventory efficiently can save you a lot of money in lost charges, wastage, and stocking expenses.  Barcoding is an effective tool to consider.