Most other industries in the world can report on the various segments of their business in terms of product lines and branches. The veterinary industry has the unique challenge however that each vet is a self-standing business unit selling a diverse range of products and services and requiring a reasonable amount of assistance from nurses and receptionists – in other words, it’s complicated.
It is now possible to produce a Profit and Loss statement (Income Statement) for each vet in a practice. This takes into account their sales performance, the materials that they are using, the support staff component that they use, and even allocates to each vet their fair component of fixed costs such as rent and software expenses. This means that each veterinary surgeon within the larger business becomes their own ‘micro-business’ where specific strengths and weaknesses can be identified. This allows you to laser focus on each one and tailor training and strategies to each person. Join us as we take a look at this approach with Paolo Lencioni from Profit Diagnostix.