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 …
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Building trust with pet parents through digital marketingFebruary 5, 2019Pet parents come in all shapes and sizes, ages and genders, backgrounds and income levels. Yet, they all share a few common concerns that guide them as they choose a veterinarian. In addition to a convenient location and budget considerations, such as pricing and the availability of financing, pet parents put a high premium on finding a veterinarian they can trust. Why is trust so important to today's pet parents? Today's pet owners live in a world that tells them they shouldn't trust anybody. The combination of claims of "fake news," well-loved celebrities and politicians acting badly, or major corporations indulging in unethical behavior results in a public wary to take anything on faith. The benefit of the doubt has evaporated, leaving veterinarians forced to market themselves in an environment where customers do research before committing to even the smallest purchase. (Think sports drinks and snack foods.) Choosing to get health care for a pet is a high-consequence decision. Seventy-eight percent of pet owners agree a pet is a member of the family.1 In July 2018, a survey conducted by Pew Internet and American Life found more than one in five people research specific physicians and hospitals before seeking …
Not planning an exit strategy? You shouldFebruary 4, 2019The average baby boomer today is approximately 63 years of age, and in seven years, all of them will be over the age of 60. Obviously, this has implications on the number of veterinary practice owners exiting their business. Baby boomers are unique. Unlike generation Xers who value time, traditionalists who value community/family, and millennials who value individuality, baby boomers value success. They are also known for their 60-hour work week. These two attributes—working hard and being successful—should also play a role in how baby boomers approach their exit strategy. The Exit Planning Institute (EPI) estimates 50 per cent of business exits are involuntary, meaning they are unplanned and/or unexpected. If you are fortunate, you will experience an unplanned exit because you received an offer for your practice you did not expect; if you do receive an offer, we would advise you not accept the first offer without seeking professional advice. Why's that? Well, it is likely neither the only offer available nor is it likely to be the best offer. The reality, however, is most involuntary exits are due to death, disability, divorce, or disputes. Avoiding regret and preparing for an unexpected exit Engaging in an exit planning …
Five reasons clients will love your dental experienceFebruary 4, 2019What if clients loved their pets' dental experiences at your veterinary hospital? As most dogs and cats have periodontal disease by age three, you will speak with clients multiple times about dental treatments over their pets' lifetimes. Creating a positive experience for the first dental procedure can set you up for success when you need to present future care. Here are five strategies for creating stellar client satisfaction through your dental services. 1) Tackle paperwork in advance. Don't wait until the morning of procedures to get signatures. Clients may have experienced road rage while driving to your clinic, chased the cat for 45 minutes trying to get it into the carrier, and were late for work. Instead, have clients sign treatment plans and anesthetic consent forms on the day of diagnosis when they book procedures. At my recent seminar in Reno, Nev., a technician testified this tactic reduced a 20-minute surgical admission to seven minutes. A backup plan is to use text and email together. Two days before the procedure, text the client to confirm the admission appointment: "See you tomorrow at 8 a.m. for <pet name's> dental admission. No food after 10 p.m. Water is OK. We emailed …
Practicing in paradiseJanuary 15, 2019In 1982, four scuba diving-loving colleagues came up with the crazy idea of setting up a veterinary practice on the beautiful Caribbean island of Turks and Caicos. To that end, they created 52 shares that would be available to other colleagues.
Are you an LCD manager or an HCD leader?January 9, 2019Observing the differences between lowest common denominator and highest common denominator management.
Is onboarding the key to better team retention?January 9, 2019If you’re working in a practice that is continually hiring and training, this article can help you understand the benefits of onboarding properly and possibly implementing needed changes.
A life lesson in veterinary careJanuary 4, 2019Tufts at Tech Community Veterinary Clinic in Worcester, Mass., is the nation’s first on-the-job veterinary clinic at a high school developed in collaboration with a veterinary school.
How to be great at delegatingDecember 18, 2018Delegation is an art form that is very valuable, yet sadly underutilized. Many high achievers are guilty of thinking “I might as well just do it myself” or “They won’t do it right.” Those who have tried delegating and lament that it doesn’t work for them probably weren’t doing it properly.
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.
