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As we enter 2025, it’s the perfect time to set your veterinary practice on a path toward success. The new year brings fresh opportunities for growth, efficiency, and improved client care. By taking a proactive approach to your financial planning, investing in technology, enhancing client relationships, and focusing on staff development, you can ensure that your practice thrives in the year ahead. Here are some key strategies to help your practice start 2025 strong and set the stage for continued success throughout the year.

Reflect on 2024

Before diving into planning for 2025, it’s essential to reflect on 2024. Understanding what worked well and what needs improvement will give you a clearer roadmap for the future. Review your practice’s financial statements, patient care, and client feedback to get a comprehensive view of your performance. Some key areas to consider evaluating are:

• Revenue and Expenses
• Client Retention
• Staffing and Operations

Once you’ve identified the strengths and weaknesses, you can begin planning for the year ahead with a clearer sense of direction. Focus on setting goals based on your strengths and weaknesses from 2024.

One of the most effective ways to track your progress and ensure you’re moving toward your objectives is by setting clear, measurable targets.

Key Performance Indicators (KPIs)

Key Performance Indicators are critical tools for any veterinary practice aiming to achieve success in the year ahead. KPIs help you measure and monitor the effectiveness of your operations, financial health, and overall practice performance.

The Key Performance Indicators we like to look at are:

• Revenue: 8-10% growth year over year
• Cost of Goods Sold: 24-26% of revenue
• People Costs: 40-42% of revenue
• Rent: 5% or revenue

It’s important to remember that every veterinary practice is unique, and the specific challenges, opportunities, and resources available to each will differ. While KPIs provide a valuable benchmark for performance, it’s completely normal if your practice isn’t hitting every target right away. The key is to aim for these metrics as a guide to help you improve over time. With consistent effort, strategic adjustments, and a clear focus, you can work towards achieving these KPIs at a pace that aligns with your practice’s capabilities.

Pricing Structure

As you set the stage for a successful 2025, it’s also essential to consider whether adjusting your prices is necessary. The start of a new year provides a natural opportunity to review your pricing structure and adjust in response to rising operational costs, inflation, or changes in the services you offer.

Whether it’s the cost of medical supplies, staffing, or technology upgrades, these expenses often rise year over year. When considering a price increase, it’s important to balance the need for revenue growth with client satisfaction.

If you’re worried about potential pushback from clients, you can implement price increases gradually over time. Instead of applying a large price hike all at once, consider smaller, more frequent increases throughout the year. These price increases will help increase your revenue growth year over year.

Granite Peak is here to support you every step of the way, and together, we’ll make 2025 a year of opportunity, success, and achievements for your practice. Wishing you a year filled with growth and success!

Written by Katelyn Frontain