Worldwide medical and scientific journal for animal health professionals

Issue number 2 Finances

Understanding the business (Part 1)

Published 30/04/2021

Written by Philippe Baralon , Antje Blättner , Pere Mercader and Mark Moran

Also available in Français , Deutsch and Español

Understanding the various factors involved that contribute to the income and expenditure of a veterinary clinic is key for long-term success. This chapter will give you the basics about the financial aspects of your work.

Understanding the business

Key points

To ensure that everyone knows the business strategy for a practice, its vision and mission statement should be clearly defined and openly shared with all staff.


It is important to define objectives for the practice for the coming year and choose the right KPIs (key performance indicators) to ensure a clinic develops and thrives.


Introduction

The fundamentals of running a business do not change whether that business is very small or an extremely large corporation. What changes is the formality of the processes that are involved. In a very small organisation such as a veterinary practice with a single owner and a few staff, the processes can exist in the mind of the owner and be communicated to the staff in an ad-hoc manner. Whereas, in a large company, the process of making decisions is more collective and the communication of information more complex, so the process has to be formalised to be effective.
 

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