Finance

Take five minutes to quiz your budget acumen

Five years ago Dr. Neil Shaw and his 14 associates worked from a 1,500-square-foot facility. They had so little exam space they were forced to consult with clients over a picnic table or across the seat of a client's car. Dr. Shaw knew he needed more room, so he built an 11,575-square-foot facility to house 75 staff members in 1999-a facility that won a 2000 Merit Award from Veterinary Economics.

If you think it takes $50,000 to update your facility, think again. We've got project ideas for limited budgets, from free to $6,000. Just check out this list:

Port Richey, Fla.-Dr. Bob Hase trusted he was current with his taxes, certain he paid on time, every time for purchases in his clinic.

Qualified plans simple to administer; offer benefits to employees, owners

Gift lists are the hallmark of the holiday season and the well-organized mind. Shopping duties, generally anticipated as a fun activity, tend to quickly be completed as compared to other lists that occur at year-end. Issues of business management are procrastinated to a much greater extent.

Twenty-four percent of Well-Managed Practices offer separate canine and feline seating areas. How separate do the areas need to be to make the distinction effective, and how could you add this feature to a facility economically?

Your choice to work in the beauty of the countryside or on the teeming street corner in view of all passersby may influence your state of mind-but it also affects your pay. The Brakke Management and Behavior Study, released in 1999, shows that practitioners who choose to live in rural settings generally earn less than their urban counterparts. For example, practice owners who work in communities of 2,500 people or fewer earn 21 percent less than owners who live in larger communities.

The expense of using a portion of your home "exclusively" for business purposes is, as everyone knows, tax deductible. Changes to the tax laws that became effective in 1999, significantly increased the number of veterinarians who were eligible to deduct home office expenses.

Tax return extension is almost always the most advisable course of action for those with more complex tax issues.

President George W. Bush signed a long-sought-after economic stimulus package March 9.

Providing estimates on veterinary procedures can often tip the scales on acceptance or anger about fees.

President George W. Bush signed a long-sought-after economic stimulus package March 9. The "Job Creation and Worker Assistance Act of 2002" (H.R. 3090) is a combination of business economic stimulus provisions, relief provisions for lower Manhattan businesses affected by the 9/11 terrorist attacks, a 13-week extension of unemployment benefits, extensions for expired or soon-to-expire tax breaks and technical corrections.

Las Vegas-A syndicated pet columnist says more and more pet owners are complaining about veterinary fees, whereas veterinarians and management experts dismiss the argument but say it signals the importance of improved communications in practice.

“Practice owners want to put their best foot forward, which makes the hospital foyer, reception area, and waiting area the most popular for remodel projects,” says Dan Chapel, AIA, NCARB, owner of Chapel and Associates Architecture in Little Rock, Ark., and a Veterinary Economics Editorial Advisory Board member. “Luckily, those areas are the easiest projects to tackle.”

Q. I've worked as an associate at an equine clinic for several years. Now I'm ready to start my own mobile practice, but I signed a noncompete agreement with the clinic I currently work for. Can I still practice in this area, or do I need to move to another location? What other legal issues do I need to consider?

As the world's largest economy faces recession and veterinarians brace for lags in client spending, cutting back on employee training might seem like a sure way to save a buck.

Ah, it is yet another New Year that brings joy to those who are preparing for the end of the current economic slowdown. (Yes, we can believe that the economy will rebound.)

I left the exam room for just a few minutes to get a shot of penicillin for her dog. By the time I got back, Mrs. Quibble was hopping mad.

Q. I've owned a small animal practice in a suburb for nearly a year, and business is fair. There's one big problem, though: No one can find my practice. It's not on a main thoroughfare or a corner lot, so we don't attract many new clients--if any--from drive-by traffic. Even my established clients complain the hospital's too far off the beaten path. Are we sunk in this location? Is there anything we can do to try and make it work?

I know I must meet Occupational Safety and Health Agency (OSHA) requirements when building my new veterinary practice, but how much will these standards affect my design plans?

If you're thinking of relocating your hospital, your current clients can "point" you in the right direction. Post an area map on corkboard in your reception area and invite clients to mark their neighborhood with a pushpin, says Dr. Sue Summers, an associate in Midwest City, Okla.

IRS takes special interest in corporate loans to shareholders

Q. I'm considering building my own clinic. What should I ask when hiring an architect? A. Hiring the right architect is one of the most important decisions you'll make during the building process, say Sal Longo Jr. and Michael Crosby, co-owners of Crosby Longo Architecture studio in New Orleans, La., and designers of the 2000 Hospital of the Year.

The expense of using a portion of your home "exclusively" for business purposes is, as everyone knows, tax deductible.

Is your practice crying out for a new look? And is your budget screaming, "No!"? Well, help is here. Our team of design experts, all members of the Veterinary Economics Editorial Advisory Board, knows you probably can't afford a complete hospital overhaul. But you can give your practice a makeover--just take it one room at a time. These eight tips will help you get started:

If your reception area seems dull, new light fixtures can provide a low-cost solution. Although most veterinary hospital waiting areas have plenty of light, the quality is often poor.

Q. I lease space in a strip mall that imposes strict regulations on signage. For instance, my sign must sit flush against the building and not stick up above the roof, I have to use muted colors, and it must say "Veterinary Hospital" instead of my clinic name. Without a distinct building and sign, how can I make my presence known?