From pandemic challenges to growing online competition, successful veterinary practices will employ a proactive approach to stay aligned with cultural trends and technological innovations.
The key to managing change amid constant flux? Recognize issues early and tackle them collaboratively. With that said, here are four tell-tale signs your practice is ready for a change.
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1. Missing clients
A simple way to evaluate change is to check out the competition. Online pharmacies and big box stores are offering prescription and over-the-counter medications, lifestyle products and even care advice. This can lead clients to skip routine visits and shop elsewhere. By reviewing what these channels offer, you can identify opportunities and plan conversion tactics. Similarly, if another local practice is thriving, see how they’re sparking growth (wellness plans? personalized service?) and consider these ideas for your practice.
2. Falling revenues
Falling revenues and profit loss are clear indicators of necessary change. If profit margins are decreasing, certain products are staying on the shelf longer, or services that were once popular are no longer being requested, you need to consider making adjustments to your business. A drop in practice profitability or cash flow is one of the most significant impacts of failing to adapt to changes such as digital prescriptions and an enhanced reliance on ecommerce.
3. Outdated tech
It’s important to keep up to date on technology. This includes diagnostic equipment and practice management software. It also includes client communications and marketing your practice to new customers. Today’s pet owners are more discriminating, with more choices and easy access to reviews. That’s why complete solutions include social engagement tools and other ways to reach and retain valuable pet parents.
4. Low morale
Veterinary wellness relies on staff wellbeing, and burnout or turnover is a leading symptom of outdated environments. Overwhelmed teams will have difficulty finding the time or resources for necessary change initiatives, creating a stress cycle that doubles-down on existing pain points. New demands on staff time such as faxed prescription requests require new workflows, not more paperwork.
Read our ebook Navigating What’s Next: How to Manage Change in Your Veterinary Practice for a clear blueprint designed to support, strengthen and future-proof your business.