Download - Mwi presentation wed oct 24 2012
McGaunn &
How To Build A Growth Strategy For
Your Veterinary Hospital
Mark McGaunn, Managing MemberOctober 24, 2012
www.mcgaunnschwadron.com
© 2012 McGaunn & Schwadron, CPA’s, LLC
Company Overview
McGaunn & Schwadron, CPA’s, LLC (M&S)
M&S formed in 2009 by merging a veterinary CPA firm with a dental CPA firm
We provide value by advancing the financial health of veterinary practices and their owners through the successful phases of acquisition, growth, and transition
M&S works strategically with veterinary specific lenders, insurers, legal counsel and pension administrators to advance client concerns
© 2012 McGaunn & Schwadron, CPA’s, LLC
Our Mission
“Partner with veterinary practice owners to provide highly-personalized tax, financial planning, and growth solutions.”
Solutions to veterinary practice owner and manager’s simple and complex needs
Practice Start-up Consulting Acquisition Due Diligence & Consulting Tax Planning & Compliance QuickBooks & Accounting Solutions Practice Management Consulting Fee Only Financial Planning Investment Portfolio Management Retirement Plan Design and Management
© 2012 McGaunn & Schwadron, CPA’s, LLC
Mark McGaunn, CPA/PFS, CFP®CEO/Managing Member28 years experience
Alan M. Schwadron, CPADirector of Tax Services41 years experience
Your Growth Team
Former head of asset allocation strategies for Charles Schwab Investment Management; managed over $3 billion of assets
© 2012 McGaunn & Schwadron, CPA’s, LLC
Veterinary Practice Owner’s Growth Program
Growth Models
© 2012 McGaunn & Schwadron, CPA’s, LLC
Growth Philosophy
Growth can be managed using a disciplined approach supported by sophisticated technology
Managing costs and taxes is not as critical an aspect of growth as it is assumed to be
Understanding pet owner behavior under different care situations can enhance retention and referrals
Each pet is different and requires personalized solutions
Make growth a NORMAL part of practice culture, not a new initiative
© 2012 McGaunn & Schwadron, CPA’s, LLC
Veterinary Practice Owner’s Growth Program Process Overview
AdoptCEO
StandingDevelopStrategic
Growth Plan
Build PerfectSystem
ExternalPlan
Replicate positive findings, don’t try and fix negative findings if positive ones easily adopted Fmr Southwest CEO Howard Putnam
Right Pet Owners
Niche Practice
Focus! Comfort with
Tools Available Written
Procedures Staff Driven Dry/Live Run
Days
Internal Plan
Web/Blog Social media Vendor Alliance Media/Press Select Sponsors
Pet Owner Referrals
New Services Staff on 24/7 Right patient
© 2012 McGaunn & Schwadron, CPA’s, LLC
High Quality CEO (Chief Executive Optimist)
… positive vision, risk aware…
© 2012 McGaunn & Schwadron, CPA’s, LLC
High Quality CEO Material(HQCEO)
Objective:
Fix your business so it operates without you (almost on autopilot), to a point
Yield:
What creates true value for the practice? Who is our target audience? What do we do well? What do we do poorly? Are there trends we need to jump on? Rx? Tx? CR? DR?
Sustainability:
Is our competition about to crush us? Do we have a talented workforce? Can we handle growth or will we get burned out?
Delegation:
You are not tied to lower valued tasks, but work on those that either (a) generate revenue for the practice not possible to delegate and (b) frames the future for growth
Comfort Zone
Operate outside it.
© 2012 McGaunn & Schwadron, CPA’s, LLC
CEO Leadership/Management
DVM
CEO
• Day to Day Mgmt• Strategic Plan Dev• Service Line Grwth• Patient Care Mgmt• Quality Control• Capital Planning• Staffing
Practice Manager
DVM
• Clinical Outcomes• Pt Safety Measures• Pt Satisfaction KPIs• Operations KPIs• Financial KPIs
DVM
40-60% Fixed Duties 60-40% Performance Metrics
© 2012 McGaunn & Schwadron, CPA’s, LLC
Veterinary Practice Owner’s Growth Program The 3 Strategies-Pick 2
3 Growth Strategies
Internal Revenue Re-educate staff to
cross-sell services Re-engineer how
jobs done, deploy new technologies
Help current pet owners focus on distinguishing factors not price
Current A Owners Current B Owners
External Revenue
Web site remodel SEO package Facebook/Twitter Wellness Plans Rehab/Cold Laser Tracking Referrals Uniforms/Clothing Wrapped Vehicle Pet Ambulance Dog Park Sponsor Be Out There Vendors
Profit-Driven Cut all variable
expenses by 10% Memorize the
national KPI stats that make you depressed about your practice
© 2012 McGaunn & Schwadron, CPA’s, LLC
Did this help increase their growth?
© 2012 McGaunn & Schwadron, CPA’s, LLC
Wellness Plans
© 2012 McGaunn & Schwadron, CPA’s, LLC
Veterinary Practice Owner’s Growth Program Wellness Plans
Should you believe the press?
Positives Can cover animals from birth
to senior ages Allows for add-on services
such as microchip, spay/neuter, dental prophylaxis, other screening tools
Assumptions for individual practice pricing, discounts, included & excluded service factored in
Negatives
Must sell new TX modality Concerns about pts. leaving
after getting “free” service Pet owners frustrated
comparing your plan to others (similar to pet insurance frustration)
Need credit card and email typically (3rd party may allow)
DVM Production concerns
© 2012 McGaunn & Schwadron, CPA’s, LLC
Web & Social Media…a disciplined strategy…
© 2012 McGaunn & Schwadron, CPA’s, LLC
SEO Realities
Search engine optimization (SEO)
Process of improving the visibility of a website or a web page in a search engine's "natural" or un-paid ("organic" or "algorithmic") search
Keyword Search Competitive Analysis Site Optimization Keywords/Titles Link Building Videos
© 2012 McGaunn & Schwadron, CPA’s, LLC
Social Media (all media actually) Process
The whys and wherefores
You don’t know who it hits until they respond Objectives? Target Audience? What is the competition doing? What are you going to say? Who through? Daily Plan? Weekly Plan? No Plan? Measure regularly
© 2012 McGaunn & Schwadron, CPA’s, LLC
Marketing Realities
Sample Marketing Focus
Facebook Marketing Twitter Marketing LinkedIn Marketing Youtube Marketing Email Blasts Google Trends site Link Building Blog Writing (informational) Press Release Writing (maybe)
© 2012 McGaunn & Schwadron, CPA’s, LLC
Vet client’s practice out there on FaceBook
© 2012 McGaunn & Schwadron, CPA’s, LLC
Our Results
Before SEO on Google “veterinary CPA” – 3rd page After SEO optimization now # 2 - # 3
Before SEO on Google “dental CPA New England” # 4 After SEO optimization now # 2
Before SEO on Google “veterinary financial planning” -2nd page
After SEO optimization now # 2
© 2012 McGaunn & Schwadron, CPA’s, LLC
New Service/Equipment…should you?…
© 2012 McGaunn & Schwadron, CPA’s, LLC
Class IV 4 Laser w/o Hydrotherapy Expenditure
8 Surgeries/wk2 Dental Cleanings/wk12 Ortho/Derm Cases/wkCharge $10/Tx, $14,280 2013 net cash after lease pmtCharge $15/Tx, $23,262 2013 net cash after lease pmt
Possible?
© 2012 McGaunn & Schwadron, CPA’s, LLC
Hydrotherarpy PracticeWebsite Notables
“A five minute swim in the hydrotherapy pool is the equivalence of a five mile run.” Yeah, right.
What if your Golden Retriever is afraid of the water??? Why do many practices have a $35/$350 price for “fun
swims”????
© 2012 McGaunn & Schwadron, CPA’s, LLC
Thank You!谢谢 Merci
Danke SchonGrazie
ありがとう 당신을 감사하십시오
Obrigado Gracias
© 2012 McGaunn & Schwadron, CPA’s, LLC
Contact Information
Mark J. McGaunn, CPA/PFS, CFP®Managing Member
McGaunn & Schwadron, CPA’s, LLC75 2nd, Avenue, Suite 425Needham Heights, MA 02494-2897
main (781) 489-6651direct (781) 348-9227e-fax (781) 479-5985e-mail [email protected]: www.mcgaunnschwadron.com.com