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Building a successful veterinary business
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Summary
Veterinary services may be classified as consumer or ‘final’ services because they provide an output directly to the consumer. Simply put, service industries are created in response to demand and are therefore characterised as ‘pull’ rather than ‘push’ systems of market demand. This presentation outlines successful strategies in establishing a successful veterinary business with particular reference to specialist Equine practices, and explores the major challenges that confront them.
Like any small to medium size enterprise (SME), the Veterinary business requires a good deal of commitment, resources, expertise and application. Veterinary services as a business are part of a professional service industry, dealing with the care and welfare of animals. Veterinary services are classified as professional services and are characterised by a:
Low:
- number of customers/clients processed per day and
High:
- Contact time
- Customisation
- Discretion
- People Focus
- Front Office orientation
- Process orientation
In the US, over 70 percent of the population is employed in the service sector and the percentage is growing. In 1989, services accounted for 64% of UK gross domestic product and this proportion is increasing. Service industries now account for over 26% of all ISO 9000 accreditations and show the greatest area of growth.
In the human medical field, paediatrics and geriatrics are often referred to as ‘Veterinary Medicine’ because there is a clear differentiation between the ‘patient’ and the ‘client’, and each clinical interaction often involves at least both and often other stakeholders.
Research has provided strong evidence supporting the view that successful organisations are those that most effectively interact are those that most effectively interact with their environments through aligning the behaviours with the requirements of the competitive context, and through operating a customer orientated business culture.
In the case of a Veterinary business, the primary objective is excellence in service delivery to clients and their animals. Other stakeholders are also involved (owners, syndicates, insurance underwriters etc.) and therefore the issue of ‘who is the client?’ can be multidimensional and complex.
Businesses that provide service delivery inherently require a belief system…What are the underlying values of this business as a veterinary practice?
Veterinary practices are generally good businesses (when well managed) and provide solid profits (Lamberts rule of thumb). Practices (excluding single person operations) require five main elements:
- Reception and booking systems (front of house)
- Equipment and premises
- Support staff (nurses, grooms, cleaners, accounts staff)
- Veterinary professionals
- Effective management (Managing partners/ directors i.e. decision makers)
The most common challenges confronting these businesses include:
- Understanding your target market
- Attracting and maintaining effective/quality staff
- Credit control
- Dealing with disputes
- Succession planning
Get access to all handy features included in the IVIS website
- Get unlimited access to books, proceedings and journals.
- Get access to a global catalogue of meetings, on-site and online courses, webinars and educational videos.
- Bookmark your favorite articles in My Library for future reading.
- Save future meetings and courses in My Calendar and My e-Learning.
- Ask authors questions and read what others have to say.
1 Daniels P (1982) Service Industries: Growth and Location. Cambridge University Press. Cambridge
2 Fitzgerald L et al., (1994) Performance Measurement in Service Industries, The Chartered Institute of Management Accountants, Black Bear Press Ltd, Cambridge.
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