Benchmarking: Strategize for Practice Success

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Benchmarking-benefitsPerhaps you hear stories of thriving veterinary practices, and you wonder how they achieved so much. Maybe you personally know someone who has the practice of your dreams. Benchmarking is an invaluable tool that can help you compare your practice’s results to that of competitors in your industry.  This will allow us to focus on implementing techniques that can bring your business into higher profitability. At Reliance Consulting, LLC, we specialize in benchmarking services for veterinarians and other small business owners. We will establish an ongoing relationship with you to help you create and meet your goals. Contact our firm to learn more about benchmarking and how it can help you.

What Is Benchmarking?

In simple terms, benchmarking simply means comparing your practice to similar businesses and establishing goals for your practice based on “best-in-class” organizations. The technique involves several basic steps.

  1. Decide on key aspects of your practice that you want to improve. For benchmarking to be successful, you must have a quantifiable way to measure achievement in this area. A simple example would be improving the number of clients who utilize boarding services.
  2. Identify other practices that you would like to emulate in this area. Many times, you can find public data that you can use as you benchmark your practice. In other cases, industry groups or data firms can be invaluable in obtaining comparative data.
  3. Gather internal data on your practice and determine your current performance “gap” compared to “best-in-class” or industry standards. Are you collecting the information needed and is it in a useful format?
  4. Communicate benchmark findings to stakeholders and gain acceptance in closing the “gaps.” Is the staff aware of “best-in-class” performance? Are the invested in the future of the practice?
  5. Establish goals and develop action plans to improve performance against the benchmarks.
  6. Implement specific actions, monitor progress against benchmark goals.

The Importance of Benchmarking

A sports coach would study the plays of winning teams. In the same way, a veterinarian should evaluate top practices to advance his or her own clinic. Veterinary medicine is a highly competitive field. You must be proactive about building your business, improving client satisfaction, and boosting profitability. Benchmarking allows you to identify opportunities for improvement quickly. It will also engage your team, motivating them to contribute to the growth of your practice.

Reliance Consulting, LLC Can Help You Benchmark Your Practice

Benchmarking is a relatively straightforward process. However, you will enjoy the greatest benefits when you work with experienced professionals. At Reliance Consulting, LLC, we have helped numerous clients benchmark their small businesses and meet their long-term goals. Our firm is unique because we offer services specifically tailored for veterinarians. We are familiar with this industry and strategies that have worked for other practice owners. In addition, we offer comprehensive services. After helping you benchmark your clinic and adopt new tactics, we will provide ongoing guidance. In this way, we can help you monitor your progress and create new policies, if needed.

Contact Us Today for a Consultation

If you are ready help your practice reach its full potential, contact Reliance Consulting, LLC. With our benchmarking services, we will help you set, meet, and even exceed your goals. Located in Tampa, we serve veterinarians from the surrounding areas including St. Petersburg, Clearwater, Sarasota, Pasco, Lakeland, and communities around Tampa Bay.

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