July 03, 2024

The Truth About Vet Practice Costs: What You're Overlooking with Host, Eric Miller & Guest, Len Donato, DVM

46 minutes

Take control of your veterinary practice's profitability NOW!

In this eye-opening episode of the Financial Beast Podcast, your best financial friend forever, Eric Miller, dives deep with the extraordinary Dr. Len Donato, owner of Radnor Pet Hospital in Philadelphia, PA. Get ready to uncover the truth about vet practice costs and what you’re overlooking!

Dr. Donato shares his incredible journey of building a successful practice and reveals the secrets behind managing costs effectively. From the critical aspects of cost of goods sold (COGS) and staff wages to the importance of delivering top-notch medical care – this conversation is packed with actionable insights that can transform your practice.

Learn how to:

- Take back CONTROL of your expenses and maximize profitability.

- Implement efficient inventory management to minimize costs.

- Balance staff wages within a reasonable range of revenue.

- Leverage marketing strategies, including word-of-mouth and online tools, to attract more clients.

- Delegate effectively and listen to your clients to enhance service quality and satisfaction.

Are you tired of financial struggles?

Ready to become a Financial Beast and achieve financial freedom?

This episode is your blueprint to expanding your business and building personal wealth. Dr. Donato’s practical advice and relatable experience will empower you to make informed decisions and gain confidence as a practice owner.

#FinancialTraining #WealthBuildingCourse #FinancialAdvisor #PracticeOwner #FinancialFreedom #VeterinaryPractice #RecessionProofBusiness #EconologicsInstitute #FinancialBeast #VeterinarySuccess #PracticeAdvice #PracticeRevenue #PracticeSuccess #PracticeChallenges #OwnerTips

CHAPTERS:

00:00 - Intro

01:57 - What We're Going to Cover Today

03:29 - Original Vision for the Veterinary Practice

08:01 - Running the Practice Like a Business

11:02 - Taking Orders from Others

12:56 - Learning Veterinary Business Management

19:10 - Cost of Goods Sold (COGS)

24:10 - Controlling COGS for Profitability

31:51 - Managing Staff Wages

37:20 - Effective Veterinary Marketing

40:54 - Traits of a Successful Practice Owner

43:51 - Gaining Confidence as an Owner

45:15 - Learning from Difficult Situations

46:05 - Compensating Yourself as a Business Owner

46:34 - Wrapping Up

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If you would like a free consultation, please visit econologics.com or call us at 727-588-1540

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Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors.

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