Surveys: Your top tool for listening to clients. "You can't afford not to listen to your clients. If you don't make it a priority, your practice could lose tens of thousands of dollars every year." David Grant, DVM
Past News ReleasesRSS
North Olmsted, OH (PRWEB) November 22, 2010
Benchmarks 2010: A Study of Well-Managed Practices, http://www.industrymatter.com/benchmarks2010.aspx , sheds light on how owners of some of the top veterinary medicine clinics lead their successful businesses even in times of financial turmoil. This study features practical data from 100 of the country's most profitable companion animal practices along with strategies that guide other practices toward similar success.
For the report, Veterinary Economics surveyed 100 small veterinary medicine clinics which had to meet the following criteria:
1) Patients come first
2) Practice owners in these hospitals never lose sight of the fact that they went into practice to promote veterinary patients' health and well being
3) The practice runs efficiently
The Makings of a Well Managed Practice
These successful veterinary medicine clinics earn enough profits to have a healthy amount of revenue left over after they pay variable and fixed costs, non-doctor staff compensation, and rent or mortgage expenses. Specifically, a successful well-managed practice averages a profit-to-gross-revenue of 35 percent to 42 percent. This means that a practice earning $2 million in revenue would have at least $680,000 left to pay owners and associates and to reinvest in the practice.
Practice Owners Enjoy Practicing Veterinary Medicine
In well-managed practices, a love of the profession comes through in practice owners' attitudes toward their team members and clients. And when clients are happy, they stay with the practice.
Practice Owners Foster a Culture of Respect.
Team members are people first and foremost, and well-managed veterinary medicine clinic owners know they must show appreciation for associates and tem members based on who they are rather than the roles they play. These practice owners value all their team members and strive to help them achieve their potential.
Effective, purposeful leadership is critical for any business to succeed, prosper, and grow. Benchmarks 2010: A Study of Well-Managed Practices sheds light on how some of the top veterinary medicine practice owners lead their successful businesses even in times of financial turmoil. This study features practical data from 100 of the country's most profitable companion animal practices along with strategies that guide toward similar success. This year's study includes data and strategies on:
- Hiring the right employees and compensating them properly
- Developing a strong team
- Providing excellent client value
- Tactical planning
- Succession planning
To learn more or to purchase the study on the practices of successful veterinary medicine clinics, please visit http://www.industrymatter.com/benchmarks2010.aspx.