12:00pm
Equine Debit Management & Credit/cashflow
Liz Somerville, VMG and Loch Leven Equine

Liz is the Managing Director and one of the founding partners at Loch Leven Equine Practice, which was set up in 2005. The practice has grown from a one vet ambulatory practice to a thriving team of 17 people, working from a purpose-built clinic with full surgical facilities.

In 2018 Liz completed her Post Graduate Certificate in Veterinary Business Management with Liverpool University and is currently completing a Diploma in Personal Performance Coaching with The Coaching Academy. Liz is also a Director for the VMG. Liz is passionate about all aspects of practice management in the veterinary industry, and she is particularly interested in the wellbeing of the whole practice team and creating a culture where the team can thrive in their individual roles.

Session Synopses

Cash is King is it not? So why then do we manage debt so badly in equine practice? Is it our client base, maybe they expect to be able to run up bills and not pay for several months or worse still move to another practice when they have an emergency at 2am. Or maybe we have trained them through years of offering free credit that this is ok? The impact of poor debt management is huge, it impacts your business’ ability to pay bills and invest in your team, stifles growth and causes many sleepless nights for practice owners. Loch Leven Equine Practice had a good debt management strategy before COVID with weekly invoicing, 14 days credit, a prompt payment discount for payment on the day and payment at the time for new clients. However on 23rd March 2020 everything changed. Liz Somerville is going to share her experience of how she used COVID to make the jump from offering credit to clients to asking for payment on the day and the many positives that have come from it.

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