Understanding the business (Part 1)
Updated:
MAY 25, 2022
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Understanding the various factors involved that contribute to the income and expenditure of a veterinary clinic is key for long-term success. This chapter will give you the basics about the financial aspects of your work.
Key points
- To ensure that everyone knows the business strategy for a practice, its vision and mission statement should be clearly defined and openly shared with all staff.
- It is important to define objectives for the practice for the coming year and choose the right KPIs (key performance indicators) to ensure a clinic develops and thrives.
Introduction
The fundamentals of running a business do not change whether that business is very small or an extremely large corporation. What changes is the formality of the processes that are involved. In a very small organisation such as a veterinary practice with a single owner and a few staff, the processes can exist in the mind of the owner and be communicated to the staff in an ad-hoc manner. Whereas, in a large company, the process of making decisions is more collective and the communication of information more complex, so the process has to be formalised to be effective.
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How to reference this publication (Harvard system)?
(2022) “Understanding the business (Part 1)”, Veterinary Practice Management Articles - Veterinary Focus. Available at: https://www.ivis.org/library/veterinary-focus/veterinary-practice-management-articles/understanding-business-part-1 (Accessed: 25 March 2023).
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