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John Sheridan BVetMed CVPM DMS MRCVSWhat are you wearing today - clinical scrubs or business suit?

http://veterinarybusiness.orgHow to balance your role as investor, business director, leader, manager and clinician to achieve your personal, professional and commercial objectiveshttp://veterinarybusiness.orgWhich hat are you wearing today?Your business hat?

Your clinical hat?

Be aware of the difference but never confuse the two!http://veterinarybusiness.orgAre these some of your personal objectives?Happy working environmentCareer development opportunitiesInvolvement, recognition and rewardBetter work-lifestyle balanceA bigger personal income

HealthyPatientshttp://veterinarybusiness.orgAre these some of your business objectives?High standards of clinical careLoyal clients who seek, accept and pay for your adviceHealthy patientsEnthusiastic and motivated staffMarket shareGrowth, Profit and a healthy ROI

http://veterinarybusiness.orgAll good, sound aspirations which are in your graspbutevery one of them (clinical and business) will depend on the ability of your veterinary practice to operate effectively, efficiently and economically as a business,deliver high quality professional veterinary services in a demanding marketplace andgenerate a healthy profit http://veterinarybusiness.orgYour career as a veterinarian:Do you own a veterinary practice now?why did you choose to be your own boss?Are you planning to own a veterinary practice at some stage in your career?why do you want to be your own boss?

http://veterinarybusiness.orgHere are some possible reasons

why should I work as hard as I do simply to create profits for my boss? If I owned my own practice, I could enjoy my salary and keep all the profitsI have been in practice for some years I can see so much wrong in the practice(s) where Ive worked and I have this vision of a better way for clients, patients and staff and what it will be like when I own my own practiceIm a good clinician I enjoy my career but I want to have more clinical independence, some choice over the cases I see and the direction my professional career will takeIm an experienced clinician but Im becoming more interested in the business of practice and see veterinary practice potentially as a great investment

http://veterinarybusiness.orgAll good reasons and all suggest that:you are an experienced veterinary clinicianyou are a mix of:clinicianmanagerentrepreneuryou do have the necessary skills and expertiseand so you believe that you are eminently qualified to run a business that provides veterinary serviceshttp://veterinarybusiness.orgHeres the first bit of bad newsfrom the E Myth Revisited Michael Gerberwhy most small businesses dont work and what to do about itthe fatal assumption that if you understand the technical work of a business, you understand a business that delivers that technical workhttp://veterinarybusiness.orgThroughout may career, Ive always believed that success in veterinary practice depends absolutely on the people

And yet, one of the lessons independent practice have learned from the development of the corporate groups is the importance of business systems and procedures.

Take a look at this short clip from Michael Gerber, author of The E.Myth Revisited

http://veterinarybusiness.org

http://veterinarybusiness.orgBut theres plenty of good news too:pressure of leadership/ownership balanced by pleasure of self determinationfinancial rewards source of income from salary as a clinician, ROI on property plus ROI on the value of the business (tangible and intangible assets)building the value of long term assets (linked with profitability)ability to choose own work/lifestyle balanceability to select own team members with the required skillspride in building a respected professional business which meets the needs of its clients, patients, staff and investors

http://veterinarybusiness.orgHowever in the real world:Life is great as a boss when things go right but it can be very lonely when things go wrong.Not easy to separate business, professional and personal lifesome practices very successful financially but many others struggle with low profit margins (some negative and many significantly less than 10% after all costs)

http://veterinarybusiness.orgAnd to be realistic:if profit levels are poor, practice value poor with impact on retirement planspractice owners traditionally seem to work harder and longer than employees with pressure of growing statutory and professional regulation danger of burn outRemember the boss gets paid lastmanagement surveys indicate that HR problems are the single biggest headache for practice owners/managers

http://veterinarybusiness.orgIf youre not sure about the way ahead for your career in practice -

Ask yourself the Monday Morning QuestionImagine yourself five years from now.Its a Monday morning, youve just woken up and contemplating the working week ahead of you.Youre not on holiday, youre not retired - but so excited and enthusiastic about the tasks that await you, that you cant wait to get out of bed and get on with your day.The Monday morning question is exactly how do you want to be spending your time in that working week?

http://veterinarybusiness.orgIs practice ownership the appropriate career option for you?Growth of corporate investment in practice in the UK and Scandinavia offers wide choice of career options in addition to traditional sole trader, partnership, LLP, employer or employee roles

Some of the career optionsFull or part-time clinicianOOH trauma specialist or referral clinicianClinical director role in corporate group (part clinical, part management) career development opportunitiesPractice or hospital director full time management role - career development opportunitiesPartner in large corporate partnership (part clinical, part management)Joint partnership ownershipPotential for corporate investment in livestock practices

http://veterinarybusiness.orgIf you own the practice here are some strategic career optionsOwn the practice, remain a FT lead clinician, develop business leadership skills as a director, employ one or more individuals to manage the business under your direction

Delegate some/all clinical responsibilities, concentrate on business leadership and non-executive director role, appoint an executive general manager to run the business on your behalf perhaps on a share of the equity basis, enjoy much more leisure

Retain some involvement as a clinician, retain active involvement in the day-to-day business of the practice, strengthen role as leader and managing director, establish and implement operational policies, management accounts and data retrieval for decision making.

http://veterinarybusiness.orgStill not sure then look in the mirrorThe person you see may be the only obstacle getting in the way of the success you deserveBut thats the person who has the ability to do everything that needs doing to make sure that you achieve everything you want to achieve in your career in veterinary practiceAnd that person is just waiting for you to say yes to turn your vision for your veterinary career, into reality

http://veterinarybusiness.orgJohn Sheridan BVetMed CVPM DMS MRCVS

Thank youhttp://veterinarybusiness.org