Does it seem that no matter how hard you work, you just can't seem to get ahead?
Does it seem that no matter how hard you work, you just can't seem to get ahead?
Can you offer your family the same quality of life your family seemed to provide for you when you were a kid? Does it seem like forever since you and your significant other were able to take some time off, not associated with a meeting, to enjoy some time together?
Are you driving an older car? Are your kids going to the very best schools? How are you going to set aside enough to pay their college education?
How much time do you really have left to come up with the kind of real money you need to put aside for a decent retirement? Did you know that it takes $1 million in assets at retirement to fund a $60,000 lifestyle and about $1.6 million to provide $100,000 in income after retirement?
For most of you, a change is not an option. College tuition and retirement sneak up on you really fast!
What are the things you might want to change right now?
Work less; make more money. Stop feeling guilty about not being able to give your family the things they want and need ... that nagging thought, "Gee, I'm a veterinarian. I shouldn't have to say, 'We can't afford that.'" You can increase your income without adding any hours.
Make up for lost time! Be sure you have enough money put away to retire on. If you have a sick feeling in your stomach every time "retirement" is mentioned, you can and should fix that.
Stop your staff squabbles! Get rid of the tension. If you are stressed and unhappy just driving to work every morning, it is probably because you are expecting staff problems! Hey, you are not a management expert! It's not your fault. Nobody taught you how to manage your staff.
You know that too much of your daily problems are income oriented. Staff underpaid, drug bills ever increasing. I mean, we're not talking "Lifestyles of the Rich and Famous" here. We're talking about things your family needs, that you simply can't supply.
And that's with you working so many hours a week you're basically AWOL as a parent. You know kids grow up awfully fast — and the time you're missing with them is gone for good. You could wake up one morning (I know lots of veterinarians who have) and discover that your adorable little girl or enthusiastic son is now a grown-up stranger.
You already know how to keep that from happening — but it takes time — time doing stuff together that you both enjoy. Time you simply can't afford now because your practice may be consuming you as the main course.
When you retire you'll want to do all the fun things you've put off while you worked, right? See the world you missed and play a heck of a lot more. You won't be able to enjoy those things if you're worried about the serious money you'll need to stay as healthy and independent as possible when you're truly old. Have you acquired long-term care insurance yet? You really don't think that you are going to sell a practice for more than 60 percent of gross, do you?
Old age is not for wimps. It's hard! It's not for people who have run themselves out of money, either. Do you have any idea how much it can cost to keep someone who's frail or ill at home? Do you have any idea how bad the alternative — life in a nursing home — can be?
If all of that weren't bad enough, how about the problem of managing a dissatisfied, underpaid staff and keeping them from alienating your clients? Most often, they are good people, but their needs are not being met because you can't afford all the cafeteria benefits that a large corporation can provide.
Unless you have good business management skills (which, of course, you weren't taught in veterinary school) or a practice so successful you can shower them with money, staff can often seem like an even bigger hurdle than your most difficult clients.
Put all these problems together, and it's no wonder you drive to work with anxiety, stress and depression as your passengers.
It's gotta stop! Living like that is a recipe for disease, divorce and depression. Burnout is sneaking up on you!
There are only a few ways to turn any practice around, many of which you can do without a consultant.
Learn how to invoice effectively. Don't say fecal when you mean intestinal parasite screen. Don't say "dental," ever! It is an adjective that means nothing, particularly to clients!
Dr. Snyder, a well-known consultant, publishes Veterinary Productivity, a newsletter for practice productivity and is available for in-practice consultation. He can be reached at PO Box 189, Hebron, KY 41048-0189; (800) 292-7995; vetprod@bellsouth.net; Fax: (859) 534-5265.