Getting Out of a Slump with Veterinary Financing

If you have noticed that revenues aren’t on track with what you were seeing at this time last year, it’s time to consider a few things about your veterinary practice. • Perhaps your competitors have become more visible than you? If that’s the case, you need to consider getting your name out there in social media. It’s a free method that businesses in many industries have utilized to get more brand recognition out to potential clients. • Businesses learned during the recession how important it is to keep your current clients happy so they stay around longer. Offering clients incentives is one way to help boost loyalty. For instance, offer your clients a break on their next checkup for every new referral they bring to you. This has a snowball effect that will really help keep you busy day in and day out. • Another way to help build loyalty is to find out where you’re falling short. To get to the bottom of how you’re doing, survey your clients and ask them how where they would like to see improvements. You can also ask them what you’re doing right to make sure you keep up your good habits. • You can advertise specials to gain more footing in your community, but nothing gets people in your door like promotional events with free food and drinks. Throw a party the next time you offer a break in your pricing. • You are an expert in your field. Lend that expertise to local media for news stories involving your industry. This is, essentially, free advertising because it gets your name out there in a credible fashion and it doesn’t cost you anything. • Volunteer at local non-profit organizations. This will put you in touch with members of the community who will see that you have an interest in making it a better place to live. You can also create the same effect by volunteering to serve on social service boards, education boards or committees designed to better the community. This type of volunteerism also boosts your stock and leads to more business. • Finally, some of your potential clients aren’t coming to you because they can’t afford your services. If you give them an option in how they pay you, you’ll see more business. For instance, if you partner with a third-party financing group for veterinary financing, you can give your clients a means to pay you immediately while they pay back the financing company in installments. When choosing a veterinary financing company, go with a non-traditional lender. They will be more apt to approve financing for just about all of your clients, even the ones with less than perfect credit. Veterinary financing companies like UGA are able to offer programs with flexible terms, which will increase the loyalty to your practice.