5 Simple Ways to Increase Revenue for Your Veterinary Practice
Running a successful veterinary practice involves more than just maintaining the status quo. You should always be striving for growth and improved performance. Of course, knowing this and actually achieving it are two entirely different things. The good news is there are a number of ways you can expand your reach, increase your book of business and boost your profitability. Here are a few proven strategies for bringing in additional revenue.
Believe it or not, many practices fail to reach their fullest potential simply because they don’t have a clear goal to work toward. If you don’t have a good idea of what you’re trying to achieve, how can you effectively get there? The first and most important step toward increasing your profits is to set specific, measurable goals. For instance, rather than just saying you want to make more money, set a goal of increasing new clients by 10% within six months’ time.
Your staff should be well aware of what your practice goals are and the role each one of them plays in achieving those objectives. Additionally, your team members represent tremendous opportunity to increase revenue through strategies like forward-booking and upselling. For instance, you might educate your receptionist on how to keep the appointment book fuller and also train your technicians on when and how to recommend additional products or services to your clients.
Imagine how much more attention your practice would get if the local pet store, groomer or boarding facility recommended your services to their customers. Building mutually beneficial strategic partnerships with other complementary local businesses can do wonders for your bottom line. Why? Because pet-related businesses typically share the same clientele and those clients trust their recommendations.
Just be careful to align your practice only with businesses that are reputable and well-respected in the local community. And remember, it’s a two-way street so do your fair share of recommending as well.
Invest in Your Online Presence
These days, if a business doesn’t have a web presence, they might as well not exist. Like it or not, the majority of people today turn to the internet when they want to find a local business, and that includes finding a veterinary clinic. If your practice isn’t front and center when your prospects are searching, you’re losing revenue big time. Make sure you have an engaging, informative website and a strong, active social presence so that when those opportunities arise, you’ll be able to capitalize.
Do you know off the top of your head which services are the most profitable? If not, you are probably not optimizing your practice to the fullest. Keeping close tabs on what’s what will help you quickly and accurately identify the potential for greater profitability.
For instance, through reporting, you might discover that dental cleanings bring in a good deal of revenue and therefore promoting them might increase the volume of clients requesting that service. Or, you may discover certain products or services through which a slight increase in price might generate a great deal more revenue. But you can’t know this unless you’re regularly tracking and analyzing performance.
If you’re looking for ways to increase your practice’s profits, these five strategies should get you pointed in the right direction. With appropriate planning and a little creativity, you should begin to see a steady increase in your bottom line.