Entries with the topic Optimize Inventory and Suppliers.
Track your 40/20 closely
Oct 12, 2016 by Edward L. Blach, DVM, MS, MBA
Your 40/20 refers to that portion of revenue that goes to pay for Labor and Cost of Professional Services (COPS - inventory, lab, radiology, and other related services). Labor should... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Implement the 40/20 rule to improve profitability
Oct 5, 2016 by Edward L. Blach, DVM, MS, MBA
Profitability is greatly impacted by two major expense categories, Labor and Cost of Professional Services (COPS, comprised of inventory, lab expenses, radiology, and other related services). Together, these categories... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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The “40/20” Rule
Sep 28, 2016 by Edward L. Blach, DVM, MS, MBA
As we’ve discussed many times, inventory and related services such as lab and radiology represents an expense category called Cost of Professional Services (COPS) or Direct Costs. ... [ Continue Reading ]
Topics: Featured 3 ,Management ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Inventory: anchor or engine for your practice?
Sep 21, 2016 by Edward L. Blach, DVM, MS, MBA
Inventory is the second highest cost area of most practices. If it's managed well, it is can be an engine for your practice by helping you to practice... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Who do you ask?
Sep 14, 2016 by Edward L. Blach, DVM, MS, MBA
Every day in practice and in business, questions arise. Who do you ask? Where do you go for answers? On many veterinary issues, you probably turn to colleagues... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Your suppliers are your best friends in business
Sep 7, 2016 by Edward L. Blach, DVM, MS, MBA
Your suppliers are your best friends in business. They provide you the resources to provide the services needed by your clients. What they provide you accounts for about 20%... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Protect your practice from embezzlement
Aug 30, 2016 by Edward L. Blach, DVM, MS, MBA
At a recent meeting, I was asked to discuss key performance indicators and their use to grow practice profitability and value. As discussed here many times, it is well-known... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
Is the lowest price the best deal?
Aug 24, 2016 by Edward L. Blach, DVM, MS, MBA
Healthy practices are good at managing inventory and related services. They develop strong relationships with supplier partners that commit loyalty to specific companies in exchange for optimal pricing on... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Veterinarians should ‘partner’ with suppliers
Aug 17, 2016 by Edward L. Blach, DVM, MS, MBA
Your suppliers should be partners. Just like your business, your suppliers have to manage costs such as labor and inventory, so anything you can do to help them... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Should you secure the equivalent of 25% of your annual revenue?
Aug 10, 2016 by Edward L. Blach, DVM, MS, MBA
Seventy percent (70%) of veterinary practices have not locked their pharmacy. This means that approximately 25% of their annual revenue (equivalence) is un-secured. When advised to lock their pharmacy,... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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