Finance

Finance

Finance

Advice and resources around the costs of running a practice, payment plans and talking money with clients.

Subscription models: a paradigm shift in pet health care

Pet owners traditionally sought veterinary services on a pay-per-visit basis, often delaying essential care due to financial concerns. However, the subscription model has the potential to revolutionise pet health care by offering a more accessible, comprehensive, and cost-effective approach…

30 mins
Reporting changes: it’s time to heed the taxman’s warning

Tax changes that came into force earlier this year could have a big impact on many businesses, including veterinary practices. And those impacts will be even greater for those who have not noted the warnings from HMRC…

20 mins
Cost of living bonuses

Should employers consider giving staff cost of living bonuses? If so, should they be a one-off or a pay rise? And what about offering hardship loans? Beyond these three options are questions over risks of discrimination and poor optics if employees feel embarrassed through genuine efforts to help staff, as Toyah Marshall, principal employment law advisor and solicitor at WorkNest, discusses…

19 mins
Covering all the bases – talking about insurance

Many people are searching for places to make savings as the cost of living crisis bites deeper. For pet owners, one monthly expense under scrutiny could well be their pet insurance premiums…

26 mins
Finding finance that fits: funding key investments

New equipment, additional consulting rooms and general refitting are all hallmarks of a practice looking to progress. But such advancements come at a cost, which leads to a natural question: what is the best way of financing these investments?

26 mins
Find power in numbers: choosing a buying group

Finding a buying group is an important decision for anyone setting up on their own practice or thinking about doing so. In this article, Ross Kelly shares his views and explains how collective purchasing power can benefit your business…

23 mins
Are you playing Russian roulette with insurance?

The reputation of the insurance industry is one of odds stacked against the insured through contract terms. It’s hardly surprising, then, that some might be tempted to cut corners when seeking cover…

24 mins
Profit vs purpose: how can we do both?

The veterinary sector continues to face numerous challenges, including vet shortages, price inflation and falling practitioner well-being, to name but a few. Against this backdrop, Ernie Ward asks how vets can continue to work effectively, and balance the necessary demands of making a profit and serving a purpose…

23 mins
Minimum wage: bosses run risk of legal action by short-changing staff

With minimum wage rates not long increased, Adam Bernstein reminds employers they have an obligation to pay their staff the right amount – or risk damaging and costly repercussions.

16 mins
Big 6: Finance and regulation

Finance and regulation is the fourth part in our series exploring six core dynamics shaping the veterinary profession today and in the future.

6 mins
A capital idea – how to find finance that fits

Capital equipment, by its very nature, is expensive and few have the spare cash to pay for it upfront. Even if cash were on hand, it may not make sense to use it to pay for large pieces of equipment when working capital is central to survival…

24 mins
Credit scoring – staying the right side of the line

We know the process of getting credit as individuals, but not everyone appreciates that the same applies to the business world, too. If a practice wants the best terms, it needs to keep on the right side of the agencies and maintain a good credit score…

22 mins
Securing the future: finding finance that fits

Liza Minelli couldn’t have summed it up better when she sang that money makes the world go round in the 1972 film Cabaret. It’s true, despite what we all want to believe. In a commercial context, this means thinking about how a practice funds its setup or expansion, how it acquires equipment and how it funds its day-to-day expenses...

25 mins
The importance of cash flow management

It is always vital to prepare and track realistic cash flow forecasts – especially in the current climate. Concrete cash protection procedures are also key for your practice to thrive, rather than just survive…

22 mins
Lockdown Lowdown: should I stay or should I go?

It has long been said that the veterinary profession is recession proof, but the question now is: will it prove to be pandemic proof too?

VAT: value added tactics to boost your bottom line

Coronavirus has changed the world – and it has also changed what clients expect from their veterinary practice. Change is often a scary thing, but with a planned and pragmatic approach, your practice can survive and even thrive in a post-COVID world...

26 mins
Bounce Back Loans: what you need to know

Bounce Back Loans (BBL) could be a relatively low-risk financial lifeline for practices hit by the coronavirus pandemic. With no fixed interest and no repayments for the first year, a BBL could make all the difference for some businesses, but think fast as they won't be about for long...

24 mins
R&D tax credits – why are vets missing out on innovation...

Figures published by HMRC have shown vets are missing out on millions of pounds in research and development (R&D) tax credits. Cheryl Teoh – senior R&D technical consultant at innovation funding consultancy Leyton UK – looks at the scheme, what can be claimed for and why vets aren’t claiming for what they are owed.

20 mins
Fix the leaks in your bucket for a profitable and productive practice

Veterinary practice is a reactive business. As a result, life in practice can be chaotic, stressful and expensive, with many vets working far too hard for far too little return...

19 mins
Charging for VN consults: will owners pay for services?

Helen Tottey sought to find a solution to this conundrum by comparing RVNs’ views with those of the public.

20 mins