Is your veterinary practice successful?

Success can be measured in a number of ways.  On the business side, a practice is successful if it is profitable.  Profit equals revenue less expenses.  If you are seeing revenue growth year over year your profits should grow.  If cost of goods sold and staff wage percentages each are within 20-22% of gross revenue, you are managing your most significant expenses well and should be profitable.  If you see net income (what you have realized after paying all expenses and compensating yourself appropriately) growing year over year, your business should be successful.

What about the intangibles associated with a successful practice?  Do you have a good quality of life?  Are your employees happy and do they find fulfillment in their work?  Are your clients happy?  Are you delivering quality care to all your patients?  Are you building your client base?  If you can answer “yes” to all these questions, you are successful and should be congratulated.  If not, explore why and start implementing strategies for positive change now.