The retirement mirage: When can I stop working?December 19, 2023Addressing potential issues well in advance of the proposed sale is far more advantageous than discovering concerns during the sale itself, especially if they are challenging to resolve within a limited timeframe.
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Five ways a loan can improve your practice amid COVID-19September 1, 2020 As the coronavirus pandemic continues to impact the nation, veterinary practice owners have been challenged to change existing procedures or find completely new ways of providing animal care while ensuring the safety of their staff and pet owners. Even with these additional burdens, veterinarians remain focused on keeping their practices going. Despite the uncertainty veterinary professionals face, there are also new opportunities to make meaningful improvements to their practices. Whether you seek to make an immediate impact on your day-to-day operations or pave the path for long-term success, a business loan can help you achieve your goals. 1) Understand the value of cash flow It's true: Cash is king. When cash is tight, it can be distracting, but having working capital can empower you to stay focused on providing excellent care and ensuring business success. A cash flow injection can help you cover immediate operational and overhead costs including rent or mortgage, insurance, utilities, and payroll. Cash can be set aside into an emergency fund to cover any unexpected costs that may arise. And having extra cash on hand can help you get through any delays in client payments. 2) Consolidate debt It might seem counterintuitive to get a …
How to profit from capital equipment purchasesNovember 7, 2019When I went to veterinary school, business courses were not part of the standard curriculum, and I did not have any significant business experience.
How best to measure team well-beingNovember 5, 2019Tracking key performance indicators (KPIs) is well-known as a best business practice in evaluating your hospital’s health.
Cornell to offer new veterinary business programApril 5, 2019Cornell University College of Veterinary Medicine has launched a new interdisciplinary program called the Center for Veterinary Business and Entrepreneurship (CVBE) to grow research, training, and outreach in veterinary business. "I'm thrilled to announce the launch of the Center for Veterinary Business and Entrepreneurship in collaboration with the Cornell SC Johnson College of Business," says Lorin D. Warnick, DVM, PhD, the Austin O. Hooey dean of veterinary medicine. "The center is the culmination of extensive needs-based assessments and planning, and will answer the urgent need in the veterinary profession to provide essential training for students, faculty, and alumni to launch, manage, and succeed in a business or organization of any kind." The CVBE will focus on four pillars: education, economics research, entrepreneurship, and intrapreneurship. The center will offer a new DVM certificate program, a postgraduate executive education, and an assortment of educational programs. Through a faculty hire and collaborations with Cornell's Charles H. Dyson school of applied economics and management, the center will launch a veterinary economics research program. "It's exciting to embark on an initiative of this scope," says associate dean for education, Jodi Korich, DVM. "We are confident this new center will position our graduates for success in …
Professionalism on social mediaFebruary 22, 2019Whether you actively use social media to market your skills or casually (as the majority of us do), every time you post on a site, you are leaving a lifelong impression. As such, what is your online outreach saying about you and your career?
What veterinarians can learn from the Sears bankruptcyFebruary 20, 2019Sears, one of America's longest standing household names, recently raised the white flag and filed for bankruptcy. Started by Robert Sears in 1886, the company bearing his name clearly struggled in the past few years. The reasons are important and somewhat universal lessons to be applied. So how can veterinarians avoid mistakes that brought a 133-year-old iconic business to its knees? Adapt or die Sears was a pioneer in catalog sales, but slow to change with the times. More recently, it struggled to compete with Walmart and other big box stores. Similarly, veterinary practices face competition from multiple "players," including low-cost vaccine businesses (e.g. farm stores, feed stores, human pharmacies, pet stores), spay and neuter clinics, and even local family practices. This has profoundly affected the profitability of practices that relied heavily on "yearly shots," instead of focusing on the importance of (bi)yearly physical exams. Sadly, this philosophy made vaccines look like commodities, which means clients are likely to gravitate to the cheaper provider. Another factor that has historically affected revenue is the development of three-year vaccines. Again, those of us who didn't stress the value and importance of a (bi)annual exam are now facing clients who feel they …
Leveling the playing field with cooperatives, GPOsDecember 27, 2018It is during the maturation phase of businesses that group purchasing organizations (GPOs) and cooperatives show up, offering small fish the buying power of a big fish—in this case, the consolidated corporate veterinary practices and pet supply retailers.
Are you leading or following your practice?December 11, 2018You rush from one intense exam to the next, going home exhausted at the end of the day. This firefighter approach to running your practice may have you following, rather than leading your business. As you begin a new year, reclaim the leadership role of your practice and take actions that move your business forward.
The dedicated referralist's handbookSeptember 24, 2018Want to know the secret to a win-win-win relationship among you, your clients, and your local ER or specialist? It should come as a surprise to no one that clear, unambiguous communication, mutual respect, and a principled approach to achieving what’s best for each individual patient is the key to healthy relationships between referrings (most of you), ERs and specialists (fewer of you), and our clients. Because it’s what’s best for our patients, after all.
