Latest News January 2021

http://www.aplaccountants.com.au

Happy New Year!

Hope you had a great festive season and are ready for the new year! Wishing you a happy, healthy and prosperous new year that isn’t too stressful.

What is the true lifetime value of your clients? Further data shows some interesting results!

There has been a lot of talk of ‘average lifetime value’ of a client in a veterinary clinic, but we have never seen any proof of this figure. Historically it has been reported based on  – patient lives on average for 10 years, and average client spend is $900 so the average value of a client is $9,000. This sounds quite reasonable as pets do survive around 10 years on average and an average client does spend $900.

Does that mean if you spend $9,000 to gain a client you will break even? Absolutely not – remember you only gain the profit of 10-20% of that value, so $900-1,800 in profit. If you spend $900 to gain a client you may just be breaking even, in other words making no money.

BUT, the second factor that hasn’t been considered – does a client last 10 years at one veterinary clinic? Unfortunately not, we have data that shows a client only lasts on average for FOUR years at one veterinary clinic!

We have started monitoring average lifetime client value and profit based on this additional data and the results are interesting, as are the variances between different veterinary clinics. If you are using profitdiagnostix (www.profitdiagnostix.com) then we have added these values to your KPIs.

Join us on Wednesday 13 January midday (Qld) to get more information and ask questions. We will be holding a web masterclass on this new and exciting KPI.

Register here https://us02web.zoom.us/webinar/register/WN_UA-vJ76ZQEe-IGSkhhfqPQ

APL Clients Only Group Discussion

Due to popular request we will be holding an online discussion group on Wednesday 27 January (midday Qld). This is for those of you who usually attend our annual workshops, quite a few of you requested a catch up. It will be held in small online groups where you can discuss anything related to your veterinary business in a small group of colleagues – how do you charge for something, how do you deal with a team issue, how do you improve dental uptake in your team, how have others improved consulting technique after listening to Alison Lambert, the list is endless. So if you’d like to be part of a group please email admin@aplaccountants.com.au for your meeting link.

Dog Tales – even computers can learn

What It’s always amazed us how quickly we dogs can learn to do tricks. Even the eldest in our pack ‘Lucky 3 Legs’ who is now over 10 years old and never had an education is doing surprisingly well with his ‘sit’, ‘down’ and ‘stay’. We were so amazed by this we decided to see if we could teach Profitdiagnostix software a trick or two – we thought it should be easier to do this than to teach a 3 legged dog to behave.

Well actually it was a bit harder than we thought, but those of you using Profitdiagnostix and attending our client workshops will be glad to know that we have taught Profitdiagnostix a pretty nice trick.

You may remember those parts of our workshop where you got a headache trying to work out your targets for your strategies. For example, how many x-rays should my practice be doing to be average, or if my x-rays are above average, how high can I go before I become a ‘top performer’? A lot of grey matter was wasted making these decisions so now we are hoping Profitdiagnostix will do it for you automatically with a new artificial intelligence trick. This will hopefully save you getting that workshop migraine from thinking too hard, but also makes us worry, will artificial intelligence take over the purpose of dogs? 

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