One of the purposes of your practice is to make a profit. If you were giving away your services for less than cost, or just breaking even, your business will likely fail. Whether or not your business is actually profitable depends on several factors including management, location, competition, demand, productivity, and so on. But one of the most important components is how you price your services, and adjusting when necessary.
If maintaining a profit is a challenge for you, there are several things you can do that will immediately add to the bottom line.
Pricing Your Products & Services
The great thing about owning your own practice is that you can price your services at whatever you see fit. This is also a downfall being there’s no sure-fire formula for you to follow that will guarantee success.
There are several factors you can consider when pricing, or repricing, your services: competitor’s pricing, customer’s perceived value, labor costs, and even overhead costs.
Products on the other hand can always be directly compared to other places they’re sold. Say you’re a DVM and sell collars and leashes in your office, a customer will likely be price conscious and won’t purchase them from you if they think they can find it cheaper elsewhere. This can be helpful for creating a strict pricing structure, but you ultimately have a cap for how much money you can make from your products.
Pricing your products and services can make or break your practice. You should be putting time and energy into examining your financial statements so you can understand what products and services are succeeding or falling short.
Instant Profit Generator Strategy
There is a single strategy you can use that will turn your practice around and bring in more profit than ever. This strategy is centered around the idea that your prices need to be competitive enough to get customers in the door, but once you establish trust with them, and sell them on you and your team, they will be willing to pay extra.
You want to start off by downloading a sheet with all your transactions, both products and services. From here you will organize your sheet by volume, and really focus on what products and services are your top sellers. The next step of the strategy is what you will learn in our practice owner focus group.
When you sign up with UPbook - DVMElite, they will immediately implement the Instant Profit Generator Strategy for you, increasing your revenue anywhere from $10,000-$80,000. Your new found profit alone will cover the cost of the service, along with either reinvesting it back into your practice, or taking it off the table.
You’ve worked hard to be in business. You deserve to make a good profit. Know the complete strategy by participating in this fully-compensated focus group.
What If I Don’t Have Time To Grow My Practice?