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Are You Happy with the Income from Your Veterinary Practice?

Posted in Operations @ Nov 20th 2012 9:58pm - By Judy Gillespie
Dog & dollar

A few weeks ago I attend a webinar ‘Ten Better Ways to Frame Your Pricing’ presented by Jon Manning from Pricing Prophets.  I was really impressed with his content which made a lot of sense to me, and it got me thinking about the veterinary industry.

Are you happy with the level of income you’re making?

Are you comfortable with the prices you charge for your services?

Do you feel you’re earning a fair income for the effort you put into your work?

Are you confident that you can make a comfortable income doing the work you love?

I suspect that not many will answer yes to all of these questions.  For this reason I think pricing practices and the models used in the veterinary industry are worth looking into further.  To start off my research I’d like to know more about the current situation,

So here’s my favour – as a start could you please complete this very quick online survey?  It only has 5 questions and is completely anonymous.

Just click here to start –  Vetanswers Survey : How do you determine prices in your veterinary business?

Of course I’ll keep you all informed of what I discover and where we go to next.  In the meanwhile feel free to tell me in the comments section below what you think are the most difficult challenges you face in setting prices for your business.

Comments

Gillian Shippen @ Dec 5th 2012 10:40am
This blog is interesting and although my little business is not Vet Practice persay - I do have trouble setting prices? I think I provide a unique service in fitting the right product to the right animal - I might get a dog trainer suggesting a particular toy to a pet because they like it and they know it works and I cannot deny it is a good choice. However I like to find out what make the animal tick, what are their preferences and I may come up with a completely different suggestion. I want to make sure the purchase is the correct one - to me there is nothing worse than a pile of toys that aren't getting used because it doesn't suit the animal personality. Just yesterday I had a client concerned about spending money on a toy, in case her dog wouldn't use it - I had had 4-5 differnt communications with this owner to establish the right toy ....the owner kept leaning towards a certain toy (and it wasn't a cheap toy) simply because she liked the look of it (it is a great toy ) but I had to suggest several times it would not suit the purpose she wanted - I ended up selling a much cheaper toy. I am telling you all of this because, that kind of service I don't charge for, so I have to recoup my time some how, which I do from the markup on the products but then I have to compete with other people that sell them cheaper either on line or in stores - without paying any attention as to if it's the right fit. One of my trainer clients did ask me once about charging for the service and maybe bringing down the markup - I wonder if people would actually be prepared to pay a "consult fee" as it were. I feel most people just want the free advice. I would be interested in what others might think?
Judy @ Dec 5th 2012 1:17pm
Thanks Gillian - I think you've hit the nail on the head. Using a pricing strategy like 'cost plus' doesn't take into account the 'value' you offer. And that's where it gets tricky - how do you put a price on the 'Value' that you're delivering to your clients? And do you want to be know for being the 'cheapest' anyway? Pricing is quite a complicated area and that's why I'm interested to research and deliver some more information on the topic in 2013 :)

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