I know this probably doesn’t apply to you but do you know for sure….
Would you be better of working for somebody else? These are questions you should be asking yourself if you are working full time in your practice making sure your team is getting paid on time. You are keeping your clients happy with refunds, discounts or worse and not charging at all because you are too busy fixing their pets.

Let’s find out.There are 2 types of people in the world. People orientated or figure orientated. Guess what most vets are in? If you said the people orientated then you are right. About 80% of us are all in the same quadrant on the DISC personality. Which means most of us don’t really like working or just looking at figures.

However because most of us are people orientated we need to figure out our figures to make sure we can help people and their pets. Because even the vets working for the RSPCA or any other charity organisation are being paid at the end of the month. None of them are working for free. But maybe without knowing it you might be.

However because most of us are people orientated we need to figure out our figures to make sure we can help people and their pets. Because even the vets working for the RSPCA or any other charity organisation are being paid at the end of the month. None of them are working for free. But maybe without knowing it you might be.
All over the world the average profit in a veterinary clinic is 7% of turnover.

AVERAGE this means that some of them are higher but that also means some of the veterinary business owners are lower than that.

Turnover 1 Million – profit 70K
Does that look like your figures? If not then great you are probably on the right track BUT
Did you normalised your figures before you take them as gospel?

1/ Make sure you have given yourself a wage to the amount that you would have to pay somebody else to do the job you do IN your business.

2/ Put back the depreciation that the accountant has taken out

3/ Ask yourself the question. Is your ROI (Return on Investment) higher than if your money is in the bank

Most of us took out a loan to start our business. If you would have just put it in a bank account and let it accumulate interest would you have been better off?
When I owned my business in England we didn’t start of with a good grasp on the figures we just went through the motions. We were not trained in business skills at all only in academic skills when I qualified from university.

To make sure you can see the wood through the trees you need to step back and observe. Make sure if your figures don’t look right that you know why that is.
If you don’t like any of this then make sure you get the right accountant on board.
In Australia this is definitely APL accounting. These are 2 vets that have added an accounting degree to their portfolio and are helping only vets around the country get a better grasp on their figures.
You can contact us direct for more information