Management question

Re: Management question

Bob Russell — Sat, 16 Oct 2010 12:19:37 GMT

Have you considered asking your boss(es) the question. They may find it challenging as well, get a good non-clinical two or more way discussion that may benefit them and you.

I know not helpful in answering the question but may help your practice! I don't have any assistants but if I did I would be pleased as punch to be asked!!!

Re: Management question

Stuart Jackson — Fri, 15 Oct 2010 23:08:34 GMT

['In your experience, what are the key issues relevant to business and financial planning? How do these compare with published advice on the subject, and if they differ, why is this the case?'}

I am not sure which provider is asking the question (I suspect it's the RVC). The most important part of the question is "In your experience..". The provider has forgotten the premise of the Cert - it's for "experienced practitioners!"

This has come up before. You can only answer the question according to your own experience, and, less so, the use of your research of the published data, for the bulk of your answer. There are plenty of web sites eg veterinary business briefing; platinum practice, which could help. Also, ask your employer some pertinent questions! If you include some aspects of the way your employing practice deals (or not!) with financial planning then your answer will have more "clout" (include positive and negative aspects).

Let me know if I can be of more help.

Stuart (CertAVP(VetGP))

Re: Management question

karen mcgoey — Mon, 11 Oct 2010 21:55:18 GMT

Thanks for the help! I really didn't know where to even start with the essay but now that I have a some key issues to research and develop further I think the essay will hopefully be a bit more straight forward!

And yes I think maybe some human resource courses would be very helpful!

Re: Management question

Mark Hedberg — Mon, 11 Oct 2010 19:28:36 GMT

The absolute key issues for business and financial planning are as follows:

- Time management. There are 24 hours in a day; how efficiently you use them is important. Delegating is important. Trying to do everything yourself means that nothing will get done if you're unavailable. Follow schedules for your practice. Yes, reality will usually laugh at you, but at least try to stay on a schedule.

- Cash flow management. This is the big daddy that everyone thinks of. Credit cards are the only credit you should allow. We're all vets here, but I'm sure we'd all prefer a paycheck instead of a hug at the end of the week. More money needs to come in than go out.

- Staff management. Turnover is expensive. Try to hire the best staff possible. Don't just hire them and forget about them. Training is just as important to reception staff as CPD is to vets. Constant faces are very important; a new receptionist every 6 months can be disconcerting to the clients. Staff needs about 6 months to really slot into maximum efficiency.

Take a few courses in human resources, you'll be glad you did.

Central to this is keeping easily accessible, organized, and detailed records of everything.

Yes, an essay needs to be longer than this, if you want more details I'm happy to oblige, but these three legs are what hold the stool of practice upright. :)

Re: Management question

Alex Allen — Wed, 06 Oct 2010 18:06:39 GMT

As commented previously this is a very general question.....!!?

VPMA - another organisation that might help with the general areas to be mentioned in the answer. Maggie Shilcock published a book a few yrs ago on Veterinary management - maybe get a copy from one of the veterinary libraries.

With any business plan there must be clear objectives and goals and this will help focus the plan. The strategy used will depend on the practice - large, equine, small or mixed; referral cases; stand alone or branches, massive corporate groups or sole charge etc etc. A structured timescale with clear achievable targets is fundamental and will help create a functional practice. Marketing plan?? Is there one? Differentiate yourself from the competition or beat them at their own game.

Having worked on both clinical and industrial sides of the profession I have witnessed well managed practices growing year on year excelling in both profit and clinical excellence. Of course there are poorly managed practices that struggle and with some simple business advice can start to make a turn around. The stress of running a practice now is astronomical and if you're not careful will destroy any morale leading to poor clinical decisions and ruining your quality of life. The "James Herriott style" of practice is practically extinct and modern pressures of running a business can easily overwhelm the practice. Manage them properly and the fun of being a vet can continue to thrive.

A common problem with the veterinary industry is that it is very unique but at the same time diverse. Business models obtained off the internet or standard texts cannot be applied directly to veterinary situations without some modification. Possible complications to any plan unique to veterinary business could include:

Changes in drug / employment legislation may not be forseen and this may add in extra complications/ costs over a 5 year plan - eg Vet Med Regs and RCVS tier system; Staff may move on leaving your referral service deficient; A cheap vaccine clinic opens 1 mile away taking a significant % of your clients; the profession is rapidly become dominated by females so employment laws need to be understood - see other threads on pregnancy rights etc

Given the lack of business management taught at college this is why it is included in the AVP Cert and why many specialised companies exist supporting vet practices with their business operations - eg Onswitch. Even accountants can provide valuable business advice...

Another example of the evolution of the industry is the expansion of buying groups. Commonly found in several other industries they have taken off +++ allowing for smaller practices to become competitive again - this may mean those new funky drugs can be offered to the clients without the inhibitive price. Even stable medicines such as vaccines can be discounted to an attractive price allowing price to be excluded from your clients objections.

It may not be exactly why you became a vet but business knowledge and skills will improve your veterinary medicine and keep those ambitions alive.

Good luck with the essay!

Re: Management question

Vikki Halliday LLB — Wed, 06 Oct 2010 17:23:24 GMT

Because they are assuming that that is either your aim, or have developed as a professional enough to be concerned about these issues alongside the bread and butter vet stuff.!

Re: Management question

karen mcgoey — Wed, 06 Oct 2010 17:08:07 GMT

Thanks.... that's my problem with the question. There's just so much general information on business and financial planning out there that I need someone to help picking out the 'key issues' so that I can research from there!

Why do they assume that a vet studying for a certificate should be involved in managerial issues like financial planning? I am an assistant vet and have no experience with these issues ... and hope not to have any experience with them for a long time if ever!

Re: Management question

Vikki Halliday LLB — Wed, 06 Oct 2010 16:51:02 GMT

[quote user="karen mcgoey"]

'In your experience, what are the key issues relevant to business and financial planning? How do these compare with published advice on the subject, and if they differ, why is this the case?'

[/quote]

That's a pretty broad question! There are many issues, and the key issues for one practice and management team at your practice may not be the same as another practice. I would say in terms of published advice, the advice is just as broad. You cannot compare advice given in one circumstance with that required in another. However there are business models which are adaptable, marketing strategies which are adaptable, and financial planning which can be flexible to the local circumstance.

I wish you luck with this question, and am not now looking forward to the A module of a Cert AVP as much as I did before!

Re: Management question

karen mcgoey — Wed, 06 Oct 2010 15:59:45 GMT

Hi Jonathan,

Thanks, have just sent them an email to see if they can offer any advice.

Re: Management question

J G Wray — Wed, 06 Oct 2010 15:37:00 GMT

Dear Ms McGoey,

Have you asked SPVS for help?

JGW