Balance
Making the right decisions today drives positive consequences tomorrow
A common factor in many of the conversations Team Onswitch have had across the veterinary
profession in recent weeks has been balance (or more specifically, a lack of it).
Lovely as it would be for everyone to have exactly what they want all the time, it’s simply not
possible. Especially in service businesses such as veterinary practices. Business owners might
well seek to achieve ever-increasing profits, but unless you have enough clients willing to pay
for the excellent care provided by a motivated and professional team, the whole thing falls
over. Without clients who not only return, but also recommend you to their friends and family,
you don’t have a business at all, just an expensive and time-consuming hobby.
Nurturing the veterinary business ecosystem
When it comes to running a practice, focusing solely on finance is just not sustainable.
Turnover and profit are important, of course, but if you focus only on the bottom line today
you’ll miss developing trends in activity levels and client registration numbers that affect
business sustainability tomorrow. If you keep putting your fees up and fewer clients are paying
them, before long the business is making less money. Unhappy clients don’t return. Team
members can quickly become demotivated and disengaged when they feel that the fulfilment
they seek from caring has been eclipsed by the demands to chase profit for their bosses. Look
after the people who pay you (your clients), and the people you pay (your team) and the rest
will follow.
Building a sustainable business is about doing what’s right, not what’s easy. Successful and sustainable veterinary practices are only created through a repeating cycle of attracting and retaining clients, meeting their needs in a way that is palpably fair and honest.
1.Make contact happen
2.Convert webchat / message / call
3.Consult convert
4.Charge correctly for work done
5.Get recommended
It really is that simple – when pet or horse owners contact you, offer them an appointment. When you see them, listen, empathise and personalise your recommendations. Involve clients in decision making and be transparent about the costs of excellent care. Not only will they come back, they’ll tell others about your superior approach too. Word of mouth is very effective advertising. And it’s free. And so the whole process goes round again.
Balancing the business
At Onswitch we’re big fans of the Balanced Scorecard process, which helps you set priorities
and keep your focus on the business parameters that really matter in each of four quadrants:
1. Clients
2. Team
3. Operational effectiveness
4. Finance
A Balanced Scorecard approach is crucial for achieving business sustainability and long-term
commercial success, as it instils best practice in:
∙ Process mapping
∙ Realistic target setting
∙ Seeing both the big picture and the interconnecting elements that it is comprised of
∙ Regular measurement of KPIs - highlighting any issues early and identifying trends
∙ Establishment of a positive team culture
∙ Management rigour
Many practices, old and new, fall into the trap of concentrating solely on the revenue and profit numbers. This is short-sighted as well as being ultimately ineffective, because finance follows activity. Profit and turnover targets can only be achieved if you know who your target market is, assemble the right team who will focus on delivering an excellent customer experience, establish consistent and effective processes and ways of working, and set useful objectives. Provide an excellent service and your business will grow. Build it, and they will come.
Many practices, old and new, fall into the trap of concentrating solely on the revenue and profit numbers. This is short-sighted as well as being ultimately ineffective, because finance follows activity. Profit and turnover targets can only be achieved if you know who your target market is, assemble the right team who will focus on delivering an excellent customer experience, establish consistent and effective processes and ways of working, and set useful objectives. Provide an excellent service and your business will grow. Build it, and they will come.
On balance, what gets measured gets better/span>
Whether you’re planning to open your own practice or have had your own business for years,
the fundamental principles for success remain the same. The way you do things needs to work
for all stakeholders – patients, clients, team and directors. You can’t take out more than you
put in, so only by balancing the four quadrants (clients, team, processes and finance) can you
build a sustainable business.
Onswitch have helped many practices hone their approach through a Business Health Check. The comprehensive audit process analyses Key Performance Indicator data from your established practice, or from the proposed catchment and existing competitors for veterinary businesses in the planning stages. Get the basics right today and you’ll have a successful business for many years to come.
If you want to find out more about how the get in touch works, please get in touch. We’ll help you build a sustainable, balanced business that works for everyone.Onswitch have helped many practices hone their approach through a Business Health Check. The comprehensive audit process analyses Key Performance Indicator data from your established practice, or from the proposed catchment and existing competitors for veterinary businesses in the planning stages. Get the basics right today and you’ll have a successful business for many years to come.
