A £20,000 pay rise in 12 seconds

A £20,000 pay rise in 12 seconds

Paul Green Content, practice owner's mindset

Did you see something I posted in the Vets Marketing Facebook group a few weeks back?

Here’s a screenshot of it:

It happened at my Vets Mastermind group. This is a recreation of the conversation:

Me: “How much less do you charge for a second consult?”

T: “It’s £10 less.”

Me: “Why do you charge less for a second consult? Why does everyone in veterinary do this? Your costs are no lower in real terms. Just because it might be a bit of a shorter appointment… the vet has still had to do years of study and sacrifice… you’ve still had to pay the considerable up front costs just to have the doors open. What stops you from scrapping the second consult fee?”

T: “The clients will notice.”

Me: “Most won’t. Maybe a tiny, tiny number will notice. And they will just accept it.”

T: “The vets will notice.”

Me: “Yes they will… so instead of scrapping the second consult on the PMS, leave it there… and raise the price to match the price of the first consult. How many second consults do you do every year?”

T: <quick mental arithmetic> “About 2,000”

Mr: <runs out of fingers and takes off socks to do difficult sum> “So by putting up the price of the second consult to match the price of the first consult, you’ll take £20,000 more revenue. And every penny of that will drop to the bottom line, as your costs of delivery are the same. So as the owner of the business, you just gave yourself a £20,000 pay rise.”

It took 12 seconds for him to log into his PMS and update the price.

That was a no brainer, wasn’t it? But do you know how many vets just would NOT put that price up? 

More than would, I’m sad to report.

This is why i do what i do, with a very small but beautiful group of practice owners. None of whom are in competition with each other, so collaborate to help each other’s practices thrive.

We have one vacancy in the group.

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