Speaking of finances, a long-time owner of veterinay clinic said to me:
“I entered the profession when the primary goal was to assist the pets and their owners. The new business model is to run your business as a business, which may not always be in the interest of your client. I know I’m a dinosaur. But I’m lucky. I graduated when tuition was low with no student debt. I purchased my practice in a small town where expenses were also low. What would I do if I were to graduate now?”
Just what would my friend do?
No matter what your service is, you know that you must run your business as a business, while maintaining service to your customers. You know that you must attend to finances in order to be there for your customers. What must you do?
After talking to business owners, we concluded that there are 8 things that successful practices must do to manage the financial side of their businesses. They are:
- Understand the Concepts of Profitability and Benchmarking.
- Monitor Revenue Sources and Expenses
- Develop Efficient Strategies to Manage Your Inventory
- Secure the Proper Tools.
- Review All Revenue Sources
- Scrutinize Your Billing
- Reduce Your Expenses
- Practice Doing Business With a Budget
Watch this space. In the coming weeks we will discuss more thoroughly each of these items.
In the meantime, stay in touch and “like” us on our Facebook page.
Carolyn and John
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