Vet-Advantage asked industry stakeholders to provide insights on the best economic indicators to monitor, as well as best practices veterinary clinics can implement to weather any economic uncertainty.
Forget textbook economics. . . everything is being rewritten these days.” – Matthew Salois, PhD
Source: Vet Advantage, October 2022. Link. “Maintaining liquidity is mission critical to every veterinary practice. . . <they> should make sure their big expense items are in-line: total labor should be 40-45 percent of gross income, and cost of goods sold 22-24 percent.” – Fritz Wood, CPA, CFP
INSIGHTS: Salois’ comments on relationships being key is spot on and always has been.
Veterinary medicine is very much a relationship-driven business. It’s going to be important to build, nurture and leverage those relationships in a way that works for both sides.” – Matthew Salois, PhD