Do you want your precious management time to have a bigger impact?
When the weeks are flying by (and they’re going fast) it can be valuable to define your key trackable metrics & keep your practice performance on track. And when we say ‘on track’ there’s a difference between performing and growing for growths sake and what we call ‘sustainable growth’ but that’s something we’ll touch on soon so stay tuned.
Here are the top 5 key performance indicators (KPI’s) we believe deserve a place on your practice dashboard.
- The average revenue per pet per rolling 12 months can be compared over time. If you chose to track average transaction per client note this will be variable as for example some practices with passing foot traffic have lots of smaller OTC sales which drives down average transaction value. Also, you may invoice a pet for their whole stay as opposed to issuing a separate invoice per day which will vary your results if you choose to benchmark your practice.
- Active clients or a variation that looks at new clients, retained clients, client enquiries and lost clients over time is useful. There are also ways to track your client conversion rate which can be insightful.
- Wages as a percentage of revenue
- Net profit
- Cost of goods sold
There are many useful KPIs that can be tracked in practice and the KPIs a practice chooses to focus on will vary depending on where they are the life cycle of their business.
IVA strives for your successful independence by supporting you as you reach for your practice objectives your way – part of this mission is providing you with the resources you need to grow. To learn how we can support you, your practice and team make contact with our friendly team.
We’re here to help.