Draft Programme – subject to change
2019 Financial SWOT Analysis
Alan Robinson, Vet Dynamics
Drops in shareholder value and reported closures are putting the profession on edge, but what are the real threats and opportunities facing your vet practice? Have you considered your financial strengths and weaknesses? What external and internal factors will influence your financial decisions this year? In this session, Alan, will direct delegates to produce their own financial SWOT, discussing economic change, working capital, staffing, changes in breeding laws, technology, competitors, succession planning and considerations much closer to home.
EBITDA: How to quick fix and plan for the long term
In a period of mergers and takeovers, EBITDA has become a staple measurement of profitability potential, providing guidance on reinvestment capability or shareholder return. However, do you understand what it is and Is it relevant if you aren’t selling? Can you realistically benchmark and quick fix your EBITDA, increasing turnover and dropping costs? In this session, a veterinary accountant will highlight actions for veterinary practice owners and managers to explore to make both short term gains and improve their medium to long term profitability strategy.
We can’t charge more than the practice next door! Pricing for Profit
Alan Robinson, Vet Dynamics
How do you decide your pricing structure? Are your prices still being driven by the practice next door? If so, you need to step out of this mindset. What are your full costs, can you operate below break-even and where do you need to concentrate your pricing effort? Alan will explain the process of full costing within practice and how it can be used to assess efficiency and performance, rethinking role allocation, and highlighting ways of improving your margin without increasing your price. Client and team pricing perception, buy-in and charging audits complete the cycle of pricing for profit.
Setting yearly and monthly budgets converts your strategic plans into actionable targets; ensuring co-ordination of teams, clarity of role and measurable performance. But where do you start? An accountant will explain how to interpret your year end and monthly management accounts to identify trends, allowing sensible projections for cash, trade payables, trade receivables and sales, directing decisions for ongoing investment.
How do you know it’s worked? Intelligent use of KPIs
Tracey Morley-Jewkes, Willows Referral Service & Veterinary Centre
Key Performance Indicators: we’ve been doing this for years! But have you been making the most of the information you have to hand? What are the top ten opportunities facing veterinary practices and which KPIs should you use to help you understand and improve financial outcomes? Can we really make money from KPIs and how much time and effort will it take to generate an efficient return?
Could employing a stock control administrator save you money?
Anita Bates, VetShare / MiVetClub
Stock control is one of the biggest influences on both cash flow and profitability within vet practice. In this session, Anita will demonstrate the savings to be made by taking control of your stock. Whether it’s using one wholesaler or several suppliers; just in time procurement; improved pharmacy management; or auditing of pricing and charging, Anita will consider the appropriate level of investment for your practice size and risk of loss, providing top tips for getting the most from a stock control administrator.
Keeping Innovation Lean
Dr Guen Bradbury & Dr Greg Dickens, Innovia Technology
Twenty years ago, endoscopic bitch spays were considered cutting edge, yet many practices now offer these as routine. Keeping up with innovation can be expensive, but falling behind can cost you more. So how do you keep ahead of the curve, decide which innovation to adopt, when to launch and how to keep control of costs, time involvement and complexity? Guen and Greg will discuss current opportunities and engage delegates in an exercise to help decide how and when to embrace innovation within veterinary practice. They will highlight the potential pitfalls and demonstrate how to avoid them by remaining Lean in approach, shaking up your business, and your bottom line, for the better.
Making Vet2Vet telemedicine profitable for your practice. Can you afford not to consider it?
Nuala Summerfield and Rafe Garvin, Virtual Vet Specialists
The most successful and sustainable businesses focus on adding value. So can Vet2Vet telemedicine potentially transform your practice value-chain in profitable ways? Nuala and Rafe will use real-life practice case-studies to demonstrate the strategic and financial aspects of introducing Vet2Vet telemedicine, to create a competitive advantage and to future proof your practice. They will also cover what is and isn’t currently possible from a technological, industry and regulatory standpoint.
Full-time v Part-time employees: A costly headache or an opportunity?
Lynne Gaskarth, Drove Vets
Research in other industries proposes the 4-day week generates improved business productivity. With an ever-increasing demand for part-time work in the profession, can practices remain profitable? What are the relative costs of the part-time worker? Which part-time options could generate the greatest return and is there a knock-on effect on the productivity of the full-time employee? Lynne brings her experience of part-time work options in practice and will present evidence for the financial impact of flexible working.