Running a successful veterinary practice means that you are always striving to grow and improve performance. Here are our top three ways to boost your profitability this year.
1. Set SMART Goals
It sounds simple but many practices won’t reach their full potential simply because they don’t have clear objectives to work towards. A key step towards increasing your revenue is by setting Specific, Measurable, Achievable, Relevant and Timely (SMART) goals.
Specific: Goals must be well-defined and clear to everyone involved.
Measurable: Determine the metrics you are going to use to measure your success and set milestones along the way. This makes the goal more tangible.
Achievable: Be realistic. Consider the availability of resources, knowledge and time required to achieve the goal and work within your own capabilities.
Relevant: Think about what it is you are trying to accomplish by completing this goal and how it compliments the broader business objectives.
Timely: Be ambitious but still realistic. Ensure you have enough time to achieve your goal but not too much time that you lose motivation.
Example of a SMART goal to increase revenue in 2019:
To increase sales of flea & tick products by 15% within the next 6 months.
2. Up-skill Staff
Your staff members are your biggest asset, so it goes without saying that an investment in them is an investment in your practice. Training your staff not only improves the service you offer to your clients but also shows that you value your team as an important part of the business. Staff that feel valued are more productive and happier in their work lives which has an ongoing effect on your clients – who experience a more positive clinic environment.
Some of the benefits of training your staff include:
- Increased clinic productivity
- Improved patient care
- Increased diagnosis accuracy and treatment options
Ultimately resulting in a more profitable clinic.
For more information on how you can increase your revenue by up-skilling your team, click the link below.
Another way to increase profits in your practice is by introducing an additional revenue stream. Offering retail products for sale to your clients is an excellent way to achieve this. However, simply having the products available and on display is not enough to achieve any reasonable impact to your bottom line.
Relevance is key. Products must be relevant not only to your service but also to your clients’ needs. For example, offering dog winter coats in the middle of December may not only seem out of sync with your core business but also shows that you are not really considering your clients’ needs.
Communication is essential. Clients are more likely to purchase a product if it has been endorsed by someone they trust and see as an expert on the topic. Encourage your team to introduce products to your clients in a confident and helpful manner. If your staff feel uncomfortable
- Did you know that we also sell XYZ products?
- I’ll show you our most popular products, which will help Patients Name
- Conveniently – we sell that product; would you like me to show you our range?
Spell out the benefits. Clients are not experts nor are they mind-readers, they rely on you and your team to educate them on what is best for their pet. Encourage your team to show the value of the product by tailoring their discussion to highlight the benefits to that individual pet owner. Not only does this increase the likelihood of a sale, but also demonstrates to your client that you understand and care about their needs.
If you’re looking to increase your in-clinic product range this year, click the link below to access wholesale prices on the AES First Aid Book: A Guide to Common Pet Emergencies. The recommended retail price for this product is $29.95, and we’re offering Veterinary practices the opportunity to purchase the book for $20 – an easy way to make $9.95 from the sale of every book.
Just use password aes for exclusive wholesale pricing.
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