YouTube, blogs, Facebook, Twitter, etc... it is an ever changing world, social media has exploded. As veterinarians we tackle new issues every day in the areas of treatments and diagnostic procedures. In the world of business it's been a challenge keeping current and ahead of the curve in managing operations, developing growth, designing exit strategies, and marketing our services to current and potential customers.
This blog, on the Equine Business Management Strategies web site, is new forum to share thoughts, issues, and ideas facing the equine veterinary marketplace. I welcome your comments and conversation in this "new" online business community. Engage, enjoy, and share the best practices and challenges facing the equine veterinarian today.
...lots of questions, lots of opinions, and often no real accountability for the decision makers that influence the outcomes of the US Economy. How frequently are the economists accurate in their predictions what effect does their influence have on our government actions and consumer buying behavior?
Recently, new unemployment numbers for the month of March show promise that maybe we are turning the corner of an economic recovery. Let's look at the numbers:
1. National unemployment is holding at 9.7%, below the dreaded 10% mark
2. 162,000 new jobs were created in March.
This sounds good, and is an improvement since the beginning of this recession, yet think about this; the average unemployed person is out of work for an average of 31 weeks, an all time historic high, and of this new job creation 48,000 are part-time government census workers. To stay even (keep pace) with population growth and immigration, the economy must create a monthly average of 100, 000 jobs. So, in essence we have a net gain of approximately 14,000 jobs....not too comforting for the 15 million Americans actively searching for a job. The question we all ask, "How does this affect my practice and spending behavior of my clients." Is veterinary medicine truly "recession proof" as previously thought? I would say "No."
In 2012 we all need to continue to trim costs, invest in areas that generate more revenue, and invest time and energy to improve processes and efficiencies in practice operations. We talk about the three big expenses, Labor, COGs, and Insurance costs, yet are there areas of cost reductions in small wins in less obvious areas in G&A expenses to further investigate. The area of infrastructure/process improvement may be the most important activity for all equine practitioners to consider - how to improve efficiencies, how to use technology, and how to develop systems to improve standards of care and profitability.
I look forward to your feedback and discussion on the economy and ideas to improve practice operations...let's share these thoughts to improve our industry...get involved in this blog and a new community of equine business management forum.
Every 10-14 days I will post a new stream of thoughts to ponder, reflect upon, and hopefully stimulate new ideas and changes in your equine veterinary business....the adventure begins.
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