Whether you care for cats or cattle, you know that the vet industry is changing. Large animal practices are concerned about a looming skills shortage as young vets opt to work with smaller animals. Meanwhile, small animal practices are benefitting from the increased disposable income of pet owners and the popularity of pet insurance.
Vets themselves are changing too, undergoing further training to develop a specialist niche or exploring flexible working options. Many are happy to remain in salaried positions, meaning that vets who do want to run their own practice can rely on capable staff to help build their business.
Practice health check
RSM’s specialist vet industry advisers conduct practice health checks. This expert analysis of your financial data shows what’s working well and where you could generate more income, increase efficiency or reduce costs to maximise your profits. We can help you with tax planning throughout the year and advise on insurance, legal arrangements and other matters that affect your practice.
Growth and innovation to increase profits
Demand for vet services is growing as high-income earners spend more on their fur babies. Rates of pet insurance are rising, motivating pet owners to extract value from their premiums by visiting the vet and claiming for consultation costs. But there’s more competition between practices so how can your practice attract and retain customers?
RSM can advise on going digital for customer convenience and practice efficiency. Customers enjoy the convenience of booking online while the right practice management system provides timely information to guide your business decisions.
Add-on services can boost your appeal but will pet grooming, a hydrobath or a puppy training school attract the most customers? RSM’s cost-benefit analyses can help you decide which add-on services will build your practice.
Do you have a succession plan for your vet practice?
Research undertaken by RSM in 2015 revealed that 66% of Australian business owners surveyed did not have a formal succession plan in place, leaving their businesses vulnerable if they were to die unexpectedly.
RSM can help you develop a succession plan now that will ensure you’re in a good position to sell when you want to, even if that’s many years down the track. RSM’s team of accountants and lawyers can work with you to protect the asset you’ve built up and ensure your future plans unfold smoothly.
A succession plan should reflect your values. Maybe you plan to sell your vet practice to a corporate player, but you still need to put the work in to get a good price. Maybe you’d rather keep your practice in independent hands, in which case we need to work with you to enable a potential successor to buy into the business at the right time.
Business-savvy vet practice owners have much to gain in the current economic climate. RSM’s specialist expertise can help your vet practice thrive, now and into the future.