On this episode of The Vet Blast Podcast, Dr. Christman is joined by financial advisor Tom Seeko, who discusses potential threats to your clinic, how to manage cash flow, and other ways to amplify your clinic.
To fully maximize your veterinary practice, the first step is: knowing why you’re in business and understanding the value of your practice, according to cofounder of Florida Veterinary Advisors, Tom Seeko.
In his talk with Adam Christman, DVM, MBA, Seeko breaks down 4 key strategies to maximize your practice and build your net worth, and they are as follows:
1. Understand threats to your practice: One of the biggest threats to practice owners, says Seeko, is that most don’t know the value of their business. “It’s surprising how many times the [practice owners] we bump into have never had a real evaluation.”
2. Get control of practice cash flow: Cashflow is vital to your business, so make sure you’re not spending money on unnecessary things, have clean records, and know how much you are saving, Seeko tells Christman.
3. Understand how you’re spending money on employees. Be familiar with all employee salaries and make sure you have adequate staff. “A lot of practices don’t have enough staff to support the overall inflow of business that they’re getting,” says Seeko.
4. Have a solid exit plan. Many practice owners wait until they’re ready to leave a practice before creating their exit strategy. But according to Seeko, everyone should have an exit plan right when they get into business.