No images? Click here WHY VETS WILL SURVIVE BETTER THAN MOST About 31 years ago an experienced vet came to me to get advice about purchasing a small animal clinic. He had previously been in an unsuccessful partnership and was starting afresh in an established Melbourne working class suburb. This was a couple of years before then Treasurer Paul Keating’s “Recession We Had To Have” devastated a vast range of businesses, house prices plummeted, business parks were full of vacant premises for sale or for lease and the Federal Treasury represented on the Reserve Bank Board had persuaded it to push interest rates up to unprecedented levels in its fight against inflation. It lowered inflation but at the expense of business devastation. However, my clients practice literally boomed and a host of other small animal practices were thriving. He asked me cheekily “where is the recession everybody is talking about”? I looked more closely across the board and a variety of veterinary practices were bucking the failing small business trend. There had to be a reason. Despite tough times a huge number of people were prepared to give their pets a very high priority in the spending of limited family resources. Today there are many practices travelling well financially and based on the experience of vets during “The Recession We Had To Have” I’d place veterinary practices high up the small business survival list; particularly well run established privately owned practices who have strong relationships with their clients. The strength of client relationships over a long period is the key success factor when competing with corporately owned practices which visibly have a host of staffing difficulties. In passing, I note that a veterinarian indicated to me that a veterinary corporate was trying poach veterinary staff from practices which referred patients to its emergency centres. Somehow, I suspect that the practices concerned will be changing the recommended emergency centre on their after-hours telephone message! Best wishes to all veterinarians, GRAHAM MIDDLETON The Synstrat Group are Australia's most experienced Veterinary practice business advisers, accountants, practice valuers and licensed financial advisers. The information contained herein is of a general nature and no specific action should be taken without individual advice. Speak with Synstrat staff as appropriate. Synstrat Management Pty Ltd P. 03 9843 7777 ABN 57 006 295 325 If you are not the intended recipient of this communication please delete and destroy all copies of this message and telephone Synstrat on +61 3 9843 7777 immediately. If you are the intended recipient of this communication you should not copy, disclose or distribute this communication without the authority of Synstrat. Any views expressed in this communication are those of the individual sender, except wh ere the sender specifically states them to be the views of Synstrat. If you do not wish to receive this email in future, please reply to the sender requesting termination of service. |