Veterinary Practice Profits – Have You Seen The Profit?

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Veterinary Practice Profits? Discover Where ‘The Profit’ Really Is!

The Profit on MSNBC gives great lessons to boost your veterinary practice profits.

You might be surprised to hear that here at Veterinary Practice Profits, one of our favorite TV shows is Shark Tank on ABC. If you’re a veterinary practice owner, we would hope it is one of your favorite shows too. Apart from some of the amazing innovations it uncovers, just watching the Sharks (the investors) negotiate with people pitching their products is a business lesson in itself. If you haven’t seen the shark tank before then you can catch new episodes on Friday evenings on ABC and watch re-runs on Tuesday evenings on MSNBC.

Tuesday nights on MSNBC is also where you will find another must-see show for business owners, which we recently came across. ‘The Profit’ sees Marcus Lemonis, CEO of multi-billion dollar company, Camping World doing something no one has ever done on TV before … putting millions of dollars of his own money on the line to turn around struggling American businesses in return for a piece of the business and a percentage of the profits.

When Marcus visits these companies he usually finds that there is one of three things that is causing the company to struggle…the product, the people or the process. What seems to make Marcus so successful is that he is able to very quickly identify which of these ‘P’s is failing and then rectify it fast.

This raises the question…which of these ‘P’s could be holding your veterinary business back from doing better?

The Product

For a veterinary business, the ‘product’ is the overall service(s) you deliver. The question you need to ask yourself is… when compared to the product every other veterinary business in your area is delivering, how does your product stack up?

Are you offering the best quality product you are capable of and is it sufficiently different enough from your competitors for pet owners to buy it without it having to be cheaper than the rest?

The People

Are your people all giving their all to ensure your business is a success? Do your client facing staff reflect your business in a good light? Does your practice manager know the key numbers to ensure your business is not stagnating or declining?

Are all of your people a good fit for the job they are doing? Do you have any people holding you to ransom because all their knowledge is locked in their head and not documented in a system?

The Process

Do you have any bottlenecks in your system? Do you have documented systems for attracting new clients? Do you have systems in place for increasing client compliance? Do you have systems in place for ethically getting clients to visit more often? Do you have systems in place for ethically getting clients to spend more while in your practice? Are you making the bet possible use of the space available in your practice? Are their any areas of your business that are inefficient?

Uncover Your Hidden Veterinary Practice Profits

Take the time to review the three ‘Ps’ in your veterinary business and you might just find some profits you didn’t know were there. And, of course, make sure you set you DVR to record The Profit you’ll be surprised what you’ll learn!

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