A veterinary practice is defined as a business for the profitable delivery of veterinary medicine. But a successful practice will not only come from the delivery of effective services; the reality is that veterinary practices, particularly those providing small animal health care, are in an extremely competitive environment whereby the veterinarian must not only be a successful animal health care provider but also a skilled manager and entrepreneur. In this business plan there is all the information you need to run a successful veterinary practice.
Veterinary Practice Business Plan
A veterinary practice business offers veterinary services to pets and farm animals. These services include the examination and treatment of medical conditions related to the animal as well as dispensing pharmaceutical products and pet care services. It also performs surgeries on animals, including neutering and spaying, as well as other surgical procedures. The business will also recognize revenues from the sale of appliances or medicine used to treat veterinary medical issues. This section of the business plan will further describe the services offered by the veterinary practice.
This industry is one that includes establishments of licensed veterinary practitioners who do not only provide medical care but also dental and surgical treatments for pets or animals. The veterinary practice also includes establishments such as laboratories that provide diagnostic testing services for the establishments of veterinary practitioners. The market research given in this section will give you the strategies to position the business within the marketplace by aiming at fulfilling your customer’s need much better than your competition.
The veterinary practice operations plan describes how standard medical practices and go-to clinic services are designed and delivered to customers. For doing so, this section explains how to create an enabling environment and hire competent employees that understand the industry, love pets and are aligned to the company’s vision. The operations plan will guide you in getting the business structure right to serve your customers as they deserve.
This section brings a solid marketing plan that clearly shows the approach to get into the marketplace and acquire customers. It also presents what competitors are doing and how their strategies are lacking or how they can be improved. When it comes to taking care of their pets, people go all the way, which is why owning and running a veterinary practice business doesn’t just involve taking care of pets but also developing trust among clients.
To be sure that we are aiming at our target market, the business plan presents a market survey that truly determines who the potential target markets are, how to understand their needs and what they expect from your practice. This section presents the results of the survey and a description to provide veterinary services to the following groups of people: household pet owners, farm animals, celebrities who own pets, trainers and other industry professionals.
This part of the business plan outlines the strategies the veterinary practice will adopt and explains each of them in order to attract clients to your business. Some of the strategies presented are: placing ads in local newspapers, magazines and radio or community TV stations; distributing flyers in nearby highly-trafficked locations; using direct word of mouth marketing; launching an interactive website; using social media platforms such as Facebook, Twitter and Instagram to market the practice services and asking loyal customers to refer you by offering incentives in return, among others.
The veterinary practice business plan aims to increase your capacity to generate revenues and maximize your profits. This section offers different financial projections that include major sources of revenues and expenses of the business displayed through key reports such as the balance sheet and the profit and loss statement.
In this section of the business plan you will find the categories from which your veterinary practice will generate its revenues including internal medicine and surgery, reproductive services, general examination, orthopedics, dental care, geriatric care and pet grooming and training.
The veterinary practice business plan presents the major expenses of the business and the tactics to keep them in line, in order to maintain the profitability of the company. These include rent, utilities, plague control expenses and wages for your grooming and medical assistants.