Welcome to EquiManagement’s new The Business of Practice podcast! A recent survey of equine veterinarians showed that business topics ranked just behind imaging/ultrasound (and was tied with lameness) as the most desired educational subjects. To help meet this need, EquiManagement is proud to launch The Business of Practice podcast that will focus on the fiscal, financial and human sides of equine veterinary practice topics.
We all know budgeting can be hard, whether it is for personal or business purposes. In this podcast, Dr. Grice is going to try and simplify the process while helping us understand how important it is to follow a budget in order for your practice to be profitable.
“Budgeting gets a bad rap, but budgeting is just a financial plan for the future so we don’t get any surprises,” said Grice. “It’s always good to know what the future looks like for you financially.”
Grice said, “It’s a simple process to make a budget. Start with a P&L (profit and loss statement). Then it’s money coming in and money going out and what’s left over.”