Change can be daunting, especially in a veterinary practice where predictability and routine often reign supreme.
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 Secret: Small Changes
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.
An Exercise in Small Changes
To illustrate the power of small changes, I’d like you to try this exercise:
Step 1: List Your Top 10 Items Billed
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.
Step 2: Determine Frequency
In the second column, note how many times a week you typically bill out each of these items.
Step 3: Price Adjustments
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.
Step 4: Calculate Increased Profit
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.
The Impact of Small Changes
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.
Implementing Small Changes
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.
Join the Accelerate Mastermind Group
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
Great post! Thank you for sharing 🙂
Thank you – happy to hear you enjoyed it!