Power in Numbers
These five data points help us benchmark key aspects of our practice
What is Gross Revenue, Payroll, COGS, Rent, and Net Income?
EBITDA stands for this
What is earnings before interest, taxes, depreciation and amortization?
These are the key elements of The Golden Circle
What is why, how, and what?
These 4 key differences should be considered when choosing between starting up or buying an existing practice
What is time to profitability, culture, funding, and staffing?
This paragraph describes what your business will look and feel like in the future
What is a vision statement?
This report is a summary of practice financials for a specific period of time
What is a profit and loss statement?
This "treatment plan" can be used as a way to control COGS
What is a weekly budget?
Someone who is an optimist, futuristic and imagines possibilities is this type of leader
What is a Why Leader?
A business plan consists of an Executive Summary, Market Analysis, Marketing Strategy, Operations Plan, and what final component?
What is a Financial Plan?
This 10-words-or-less statement is memorable, inspiring, and can be used as your practice's tagline
What is a mission statement?
This tool allows owners to easily compare your practice’s business performance against industry benchmarks
What is the AAHA Chart of Accounts?
This key factor can determine the method used to set the cost of rent
What is owning the real estate?
Someone who is practical, realistic and focused on processes is this type of leader
What is a How Leader?
This government-backed loan offers flexibility, longer repayment terms, and 10% downpayment
What is an SBA loan?
Veterinary lenders believe this is the most reliable way to pay off student loan debt
What is practice ownership?
The average practice's COGS is 27% of their gross revenue. What is BHC's target?
What is 20-22%?
This "treatment plan" can be used as a tactic to combat high payroll
What is raising production?
Someone's "Why" is associated with this part of the brain that deals with feelings, behavior, and decision making
What is the limbic system?
On average, it takes new owners 12 months or longer to see profit. This is how long it takes when they have BHC on their team
What is 4-6 months?
Pricing Strategy, Sales Strategy, and Web Strategy are all part of this critical business plan component
What is a marketing strategy?
The national average for payroll is 48%. What is BHC's target?
What is 38-40% of gross income?
Production compensation, management compensation, ROI and Rent are all ways do this in a veterinary practice
What are ways to compensate practice owners?
The "Secret Sauce" of your Why is found in unity between these three areas
What is personal, professional, and practice?
As a practice owner, you drive these two primary components of the hospital
What is medicine and management?
This is the default rate for veterinary practice purchases
What is 0.24%?