News from Veterinary Business Advisors, Inc

August 2012

Phone (908) 782-4426 - [email protected]

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Where's the Value? Basics of Practice Valuation

Practice valuations are a tool by which veterinary practice appraisers take historical financial data about the business and convert it into an image by which others can look at the practice and arrive at a value. Because most of the value in a veterinary practice is in its "goodwill", an intangible asset, such valuations are difficult to perform and require the expertise of an appraiser with experience in evaluating veterinary businesses.

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High Turnover Rate? Exit Interviews Can Help!

Nothing is forever. Employees rarely stay with the same company for their entire careers. In the United States, the average person changes jobs every 3 years. Turnover is expensive for a veterinary practice, as it costs more than twice as much to recruit and train a new employee as it costs to retain an existing employee. Given the climate of relatively high job turnover and the associated costs, it pays to retain good employees. One way to accomplish this is through exit interviews.

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In This Issue

VBA Poll

Practice Valuation

Exit Interviews

Tips for Time Management

VBA's Tips for Time Management!

Ever come to the end of the day and wonder where the time went? Here are some tips to help you manage your time instead of your time managing you!

Plan your week in advance. Scheduling can keep the projects from getting lost in the shuffle.
Identify times of day you are most productive and have the most energy. Schedule your biggest projects during those times.
Factor in additional time for interruptions.
Do not work on a project for longer than 90 minutes at a time. You lose focus and become less productive. In essence wasting time.
Schedule time to read and respond to emails as well as voicemail. High volumes of emails and phone calls can be very distracting. They take away from the project you have scheduled for that time slot.
Delegate projects you can delegate. Teaching co-workers how to complete projects can save time in the long run.
Open door policies mean anyone can interrupt you at any time. Schedule open door times for people to come in and discuss their matters.
Use technology to reduce administrative time. Microsoft office has multiple programs to streamline projects. Ie. Microsoft excel has shortcut features to add/subtract and create reports.

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