Set smart goals for your veterinary practice

By Marketing

27 February 2020 5 min read

 

Discover how training can help you deliver the best for your patients and your practice.

Whether you’re a new practice or have been around for decades, it’s good to set goals that help you achieve year after year. Goal-setting helps keep your practice efficient, productive and profitable and can help provide the best standards of care for your patients.

So, what are some of these goals that you should look to set at the beginning of each new year? Setting SMART (Specific, Measurable, Achievable, Realistic and Time-based) goals backed by sound training will help you maintain a high-performing practice.

Profitability

It’s vital that your practice remains profitable. Without sufficient cash flow, you’re not able to invest in the equipment, inventory, or staff resources your practice needs to provide the best of standards of care for your patients.

Inventory control

Well-managed inventory is a key factor for helping meet your practice’s profitability goals. Good inventory control will help you identify slow- or fast-moving retail items as well as the turnover of medication and consumable items used regularly by your veterinarians and technicians. With proper inventory control, you’ll always have enough of the items on hand to meet staff and patient needs, but never so much that there’s wastage when an item passes its use-by-date.

Client retention

Client retention is another vital component of practice growth. While it’s important to keep a steady flow of new customers, keeping your current clients and their pets is a good way to keep your appointment book full and improve the lifetime value of your customers.

Staff retention

Just as much as you want to keep your clients happy and coming back, you also want to keep your staff happy and eager to turn up to work every day. Clients (and their pets) appreciate seeing the same faces each time they come back. This gives them confidence they’ll receive the same level (if not better) of care every visit. Training is an important aspect of staff retention; 7 out of 10 people say that training and development opportunities influence their decision to stay with a company.

Training

This goal goes hand-in-hand with staff retention. A survey by Spherion Staffing found that 29% of employees felt their skills were outdated. Having your staff professionally trained by experts ensures that they’re not only properly skilled, but are also able to make the most of their practice software. This, in turn, will help improve the overall effectiveness, efficiency, and profitability of your veterinary practice.

Accurate and complete medical records

Accurate data is crucial; this includes accurate and complete medical records of your patients. These are important for providing excellent standards of care for patients and also for identifying trends over time across your entire patient base.

Positive ROI from marketing

Just like any other business expense, marketing needs to be able to prove that it’s providing a tangible benefit for your practice. Whether it’s attracting new clients to the practice, or increasing a client’s spend, marketing needs to be able to show a positive return on investment. If you’re advertising in a channel that isn’t delivering a steady source of new patients, for example, this will be an area you might want to revise.