Part 1 of putting together your entrepreneurial success team [go.navc.com/success-team-TVB] focused on many of the business professionals who should accompany you on your path to practice ownership. These foundational resources include coaches, mentors and consultants; demographic experts; attorneys; a business broker or veterinary transactional specialist; an accountant; an architect, contractor, space planner and/or interior designer; and a knowledgeable banker.
As you get closer to closing the deal, additional support might include:
- Firms to help with branding, image and marketing
- Brokers for business and professional liability insurance
- Health insurance brokers
- A payroll company
- IT specialists
- A financial planner
Let’s explore each of them.
Branding, Image and Marketing Firms
A specialized marketing firm is crucial for establishing and growing your veterinary practice’s presence. One or more companies will work to define your unique brand identity, including the practice name, logo and visual aesthetic, ensuring it resonates with your target clientele. The firm will craft compelling messaging to communicate your value proposition and veterinary philosophy. Its services extend to developing and executing marketing strategies, including building a professional, mobile-friendly website, managing your social media, optimizing for local search engine visibility and implementing targeted advertising campaigns. This partner ensures you attract new clients, retain existing ones and build a positive community reputation.
Veterinary-specific marketing firms understand the emotional connection that pet owners have with their animals and how to leverage it in branding and messaging. They know the best ways to reach area pet owners — perhaps through local pet groups, community events and targeted online ads — and they understand the specific services to highlight, such as Fear Free certification, advanced diagnostics or wellness plans. They are adept at creating content that educates and reassures pet owners, building trust and loyalty. The firm’s specialized knowledge means more effective campaigns, a better return on investment and a brand image that resonates with your target demographic, directly translating to client acquisition and retention.
Insurance Brokers
An experienced insurance broker specializing in commercial and professional policies for health care businesses is vital in mitigating financial risks. These experts will thoroughly assess your practice to identify potential liabilities, ranging from malpractice claims and property damage to employee injuries and data breaches. They then secure appropriate coverage, including professional liability (malpractice) insurance, general liability, property insurance, workers’ compensation insurance (mandatory in some states), and cyber liability insurance (client data protection). They also advise on employment practices liability insurance to cover claims of discrimination or wrongful termination.
A general insurance broker might offer standard business policies, but a veterinary-specific broker understands additional risks, such as the need for animal bailee coverage, insurance for specialized equipment and compliance with controlled drug regulations.
Health Insurance Brokers
Health insurance is usually at the top of a team member’s wish list, but the fringe benefit can confuse small business owners. The complexities underscore the invaluable role of a health insurance broker.
Unlike a single insurance carrier with limited options, a broker operates independently, canvassing the market to compare plans from multiple providers. A skilled broker acts as an advocate, working on your behalf to negotiate favorable terms and identify cost-saving opportunities. This person secures a package that genuinely meets your employees’ needs within your budget.
Payroll Service Providers
Payroll taxes? A W2 or 1099? Five eight-hour days or four 10-hour days? Quarterly or annual tax filings?
One of my mantras is this: Do what you do best and outsource the rest. Managing payroll and its associated taxes can be a monumental task for a practice owner, which is why hiring a payroll company will be one of your best decisions.
Payroll companies handle the intricate calculations of wages, overtime, fringe benefit deductions, and, most importantly, the ever-changing federal, state and local payroll taxes. Doing it on your own can lead to hefty fines, penalties and legal issues if you miscalculate or miss a deadline.
Beyond tax compliance, these services also streamline the payroll process — from accurate timekeeping to direct deposit of paychecks to generating W-2s.
Furthermore, many payroll providers maintain employee self-service portals, allowing team members to access their pay stubs, update personal information and manage fringe benefits.
IT Specialists
In today’s digitally driven world, a reliable IT specialist or managed IT service provider (MSP) is critical for a veterinary practice. These professionals are responsible for designing, implementing and maintaining your technology infrastructure, including your practice management software, computer networks, servers and cloud-based systems. They ensure a seamless operation, robust cybersecurity measures, secure data backup and technical troubleshooting. Their expertise minimizes downtime, ensures compliance with data privacy regulations and allows your team to focus on patient care without technological disruptions.
Veterinary-specific IT specialists are familiar with the software and hardware commonly used in clinics. They understand the critical nature of seamless integration of diagnostic equipment, practice management systems and client communication platforms. They also appreciate data security in patient records and compliance with DEA recordkeeping requirements.
Financial Planner
A personal financial planner bridges the gap between your practice’s success and your personal financial well-being. Unlike an accountant, who focuses on historical data and taxes, a financial planner looks at your future. These professionals assist with retirement planning, investment management, debt-reduction strategies and personal insurance needs. Their guidance ensures that your significant investment of time and capital translates into achieving your personal financial goals and long-term security.
A financial planner specializing in veterinarians understands a DVM’s entrepreneurial journey, from significant student loan debt to varied income patterns in practice ownership. They provide advice about integrating practice profitability with personal wealth accumulation. They also recognize the importance of succession planning within a veterinary context.
Don’t Go It Alone
For an entrepreneur, building a dream business in isolation can be a recipe for stagnation. Surrounding oneself with experts provides access to diverse perspectives and specialized knowledge. This collective intelligence helps to identify blind spots, mitigate risks and make more-informed decisions.
Moreover, a strong network of business professionals fosters accountability, provides mentorship and opens the door to new opportunities for growth and success.
You are not alone on your journey. As the captain of the ship, you need the veterinary version of engineers, navigators and maintenance specialists. Be a visionary and a leader. And surround yourself with a team that will help you attain your dreams.
ANCIENT WAGES
According to the HR and payroll services company Primepoint, “The earliest known payroll record dates all the way back to somewhere between 3100 and 3000 B.C., when a clay tablet was inscribed with records detailing the amount of beer paid to workers as their rations.”