Whether you’re an accomplished vet or just starting on your own, you’ll want to know what your veterinary practice is worth. A time might come when you consider selling. In this scenario, you’ll want to know how to increase the appraisal of your veterinary clinic before moving forward with a sale. Here are a few steps you can take to make sure you’re increasing the value of your clinic.
Expand Services
Your clinic might offer preventative care and testing for common house pets like cats and dogs. But is it possible to provide additional services? Expanding beyond primary pet care can help increase the value of your clinic. Consider offering grooming and training services to pet owners if you don’t already. In addition, you might take on more exotic animals if you can reasonably accommodate their needs.
Improve Reputation
Your reputation plays a role in the value of your clinic. Delivering quality services to pet owners can drive an increase in business and increase profitability; happy customers turn into repeat customers. Try to address any negative reviews by reaching out to dissatisfied customers and remedying the situation when possible.
Update Clinic Equipment and Inventory
Investing in new medical equipment is another great way to increase the appraisal for your veterinary clinic. Take inventory of equipment that you might want to replace with a new model. Don’t continue to use broken equipment or put money into an outdated machine. For example, you might decide that it’s time to purchase a new vet x-ray machine rather than spending resources on repairs. You’ll also want to take inventory of medications and other necessities to ensure you are always fully stocked.
Hire Qualified Staff
Hire and train the best staff you can afford, including nurses and office management. A well-run vet clinic will increase in value. If you decide to take on more exotic animals, bring in staff that has experience handling those animals.
If you’re thinking about having your veterinary clinic appraised, take these steps toward increasing the value as much as possible.
