Business Success for FarriersPresentation Transcript
Farrier Business SuccessorIf Vets Can Do it Why Can’t We? Mike Pownall, DVM McKee Pownall Equine Services email@example.com www.slideshare.net/mpownall
Who’s Making Money Today?
Who Wishes They Were?
Farrier/Vets or Vets/Farrier More in common that you think Solo Bill clients Work hurt Retire & close up shop
What Do We Do?
Job vs. Business Job = An activity that earns money but does not create a residual value. Business = An activity that earns money ANDcreates a residual value
Components of a Succesful Business Goodwill Employ Great Farriers Excellent Business Processes Ability to Grow the Business
Goodwill Reputation associated with business
Employ Great Farriers Can’t have a business if nobody works for it. Potential partner or purchaser.
Business Processes AR Inventory
AR Collection at time of service
Business Growth Marketing your business Creating a brand Social media
What Makes You Special?
What Happens When You’re Special? Value = Loyalty= Less Price Sensitivity
If you reduce your prices… you have to sell MORE to maintain your margin
Good, Cheap & Fast You can be 2 but not all 3 Good and fast not cheap Cheap and fast not good Good and cheap not fast
Giving Value Marketing Branding
What the #*^%*@ is Marketing? Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Wikepedia.com
The Farrier Business? How are we going to give value?
Marketing Competition Customer Customer Customer
Marketing Strategy Identify our challenges Create a plan How we will do it How will we measure it
Bargaining Power of Clients The internet Relative abundance of farriers Health of the local economy Non-traditional competition Price sensitivity Different breeds or disciplines
Threat of New Entrants New farriers in an area The internet Non-traditional hoof practitioners
Bargaining Power of Suppliers Increased costs from suppliers Decreased competition
Threat of Substitute Product Non farrier practitioners Internet
Competitive Rivalry New farriers Price cutting by other farriers
Who is Your Client?
Are You Missing Clients Market Segmentation Clients Breeds
What Does Your Client Want? Million $ Question
What do you offer?
What Does Your Client Think of You? Surveys? www.surveymonkey.com
Keeping Your Clients Branding
What is Branding What you stand for What you want to be know for Promise of Quality Service Performance Customer Experience
Why the Brand is so Important Develops a businesses identity Creates processes to deliver Springboard for change Clarity in an organization
5 Steps to a Brand Based on values, vision and mission Driven by leadership. Develop with communication Make it fun Encourage change
Mission, Vision & Values
Mission Statement Concise statement of business strategy from a clients POV What do we do? How do we do it? Who do we do it for? Not-differentiating
Vision Statement What you want the practice to be .
“The nature of our motivation determines the character of our work” Dalai Lama Differentiating
Your Staff is Key? We shoe horses We deliver the brand Happy employees = happy clients
Other Impacts To Your Business Earn a living while not shoeing Something to sell
Does it Work? Less HR headaches More fun at work Business growth Decreased costs Loyal clients Fired clients!!