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Many vets I speak with share a common sentiment—they’re a bit resistant to change because it feels safer to keep things the way they are. I understand that. But what if I told you that moving your practice forward doesn’t require a massive overhaul?
The good news is that significant improvements in your practice can be achieved through small, manageable changes. It’s about making minor tweaks that collectively make a big impact.
To illustrate the power of small changes, I’d like you to try this exercise:
Grab a piece of paper and draw four columns. Write down your practice’s top 10 billed items in the first column. This includes the shopped items (those that clients often inquire about prices) and non-shopped items (such as dispensing fees). Also, list their current prices.
In the second column, note how many times a week you typically bill out each of these items.
In the third column, calculate how much more you could charge for each item without significantly affecting sales. The key is to keep the changes modest—just a few extra dollars here and there—so they remain competitive and don’t scare off clients.
Finally, in the fourth column, multiply the weekly frequency of each item by the adjusted price increase to determine the additional weekly profit. Sum up these figures to get the total weekly increase in revenue, then multiply this number by 52 to see the annual impact.
As you can see, small changes to the prices of the most frequently billed items can significantly impact your revenue. These minor adjustments are often so slight that clients won’t notice them, yet they can substantially boost your profits. Imagine what an extra few hundred or even thousands of dollars per year could do for your practice’s financial health.
Start with this simple exercise, and you’ll likely discover how easy and effective small changes can be. It’s a way to enhance your practice’s profitability without the stress of major disruptions. And this is just one strategy. There are many more profit-boosting techniques waiting for you.
If you found this exercise helpful and want to learn more strategies for increasing your practice’s profitability, consider joining the Accelerate Mastermind Group. We provide practical, results-driven advice to help you make small changes that lead to significant improvements.
Schedule a call with me to learn more about how we can support your practice’s growth. https://calendly.com/sam-bowden/chat-sam-bowden?month=2024-07
Sam Bowden has spent 15 years as a practising vet. He has owned two practices during this time, each of them achieving phenomenal results in growth and profitability. He has devoted his last 12 years to helping practice owners increase their happiness, work-life balance and profitability. He is the founder of United Vets Group | The Ultimate Veterinary Practice | Complete Vet Systems | More Vet Clients Websites | Accelerate Mastermind Group | Vet Business Manager Program | The Dental Academy His skill set is combining long-lasting mindset changes together with proven practical strategies to allow practice owners and teams to reach their full potential. He is considered a leading educator on how to increase profitability, work-life balance and happiness in the veterinary industry.
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Great post! Thank you for sharing 🙂
Thank you – happy to hear you enjoyed it!