Two sell-out CPD events organised by Vetsure called on practice principals and managers to collaborate and innovate to find opportunities in the face of the challenges being experienced by the sector, including the recent review from the Competition and Markets Authority (CMA).
Titled “Building for the Future Through Solid Foundations”, the CPD events ran on 1 and 2 May 2024 to provide support for independent vet practices to work together to effect change and drive growth within the independent vet sector.
Delegates took part in collaborative workshops to explore solutions to current business challenges including the economic climate, pricing transparency, stock issues, staff shortages and growing client expectations. A strong focus was applied to working out how independent practices can collectively drive quality, meet the changing needs of their clients and demonstrate value.
In his talk on succession planning, Dr Ashley Gray, MRCVS, managing director of Vetsure, considered some of the challenges posed by the changing influence of corporate practices and the CMA review. He addressed the question of whether the opportunity to sell has passed and provided insights into how veterinary businesses can be shaped to make them fit for the future as independently owned, thriving enterprises.
“Now more than ever, owners are having to think about the future of their practice – how to ensure that their financial objectives are met and how the legacy of their independent practice can be protected through succession planning,” explains Ashley.
“The good news is that the market is vibrant for independent practice owners currently working within our network – and there is a new generation of entrepreneurial veterinary professionals who are all seeking the opportunity that becoming a shareholder can offer.”
Gary Stevenson, owner of new veterinary practice Animal A&E in Glasgow, found the event thoroughly insightful. “The event connected me with like-minded independent vet practices who were looking for ways to futureproof their business. I learned more about running a successful veterinary business, as well as some innovative solutions that would add value to my vet practice, plus some end goals for the business in years to come. I’m also looking forward to attending the Vetsure Think Tank event later this year.”
Vetsure are striving to support and champion independent veterinary practices in a challenging marketplace. Amy Perrett, Vetsure veterinary relationship manager for Scotland, introduced the event and commented: “As the Vetsure representative in Scotland it was a great opportunity to meet so many entrepreneurial leaders and it’s clear that the independent sector is growing from strength to strength.”
Ashley emphasises that the combination of some fresh thinking and the strengths of independent practices can translate into powerful opportunities: “It was fabulous to spend two days with delegates from practices across Scotland, listening to their challenges and helping them to start to think differently about the future of their business,” he said.
“We look forward to working with more and more independent Scottish practices to help them take advantage of the opportunities offered by a rapidly changing veterinary landscape.”
To learn more about upcoming events and how Vetsure can partner with your independent practice to help your business achieve its goals, visit their website.
