How to Grow Your Veterinary Practice: 4 Key Investments to Make Now
If you're pondering how to grow your veterinary practice, you're likely aware that success won't come easily; it takes hard work, perseverance, and ... money. Though the old adage "it takes money to make money" isn't always true, making investments in key areas of your practice can help generate the kind of growth you've been dreaming of. Here's how to grow your veterinary practice with four ways to spend money effectively.
1. Invest in Your People
Any report on veterinary professionals' salaries, like this one from U.S. News & World Report, demonstrates that they aren't in it for the money.
Employees who earn above-average salaries are not only more productive, but also enjoy higher levels of job satisfaction, which will be noticeable to your clients. They'll talk positively about work in social settings and provide word-of-mouth referrals.
Investing in your team goes beyond paying higher-than-average salaries — it also involves funding their professional development and education. When you invest in your team, employee turnover will decrease, employee and client satisfaction will increase, productivity will improve, revenue will increase, and your veterinary practice will grow.
2. Invest in Your Facility
The better your hospital looks — both inside and out — the more pet owners will want to take their pets there. People want an experience. They don't want to visit a dark, dingy, smelly, outdated facility. Your practice must "dress the part." A bright, shiny, state-of-the-art facility will project high quality to potential clients, drawing new business and helping boost revenue.
3. Invest in Your Digital Marketing and Technology
Old website? Inconsistent social media presence? No blog to speak of? No practice app? It's 2019, and your clients want to interact with you on the channels they prefer. If your website hasn't been updated in the past five years, it's time for a refresh. You should be posting consistently on social media and publishing at least one blog post per month. Your practice should offer an app to engage with clients and make it easier for them to schedule appointments and order refills (which also helps your team!).
When potential clients search online for a veterinary practice, and yours pops up at the top of the search results, leading them to a modern, navigable website, you're well on your way to growing your veterinary practice.
4. Invest in Your Practice Certifications
Finding ways to stand out from your local competitors can help your veterinary practice grow. One way to stand out is to invest in various certifications, like Fear Free or Cat Friendly Practice, or accreditation through the American Animal Hospital Association (AAHA).
According to a survey of 245 veterinary practices for Financial and Productivity Pulsepoints, "On average, AAHA-accredited members outearned nonmember practices in 2017 revenue ($1,707,813 to $1,206,035 respectively), exceeding the national average for all practices by more than 34 percent."
Various certifications can also help improve the quality of your practice's medical care and boost revenue. The 2018 Fear Free Certified Professionals Survey of 940 veterinary professionals found that 82% have noticed an increase in client visits, and 80% reported an increase in gross practice revenue.
Spend wisely, and your return on investment will be more than worth it.