Purina Equine Veterinary Conference 2013

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John Chalk and I did a tag team presentation for the Purina Equine Veterinary Conference on October 11, 2013. John focused on the economic cycle we are in and how it will affect veterinary practices, while I focused on ways a business can keep their clients. In addition, I went over how veterinary businesses can use social media and other digital marketing tools to grow their business. Our two themes blended well as John went over the challenges in our industry while I discussed how to overcome these obstacles.
John is gaining recognition in the veterinary world for the objective and entertaining way he examines the economy and what vets can do to thrive in the current economic climate. You can check out what John and his partners by visiting his web site.
www.chalkcullum.com

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  • Purina Equine Veterinary Conference 2013

    1. 1. WELCOME OCTOBER 11, 2013
    2. 2. Who Said It? “The budget should be balanced, the Treasury should be refilled, the public debt should be reduced, the arrogance of officialdom should be tempered and controlled and the assistance to foreign lands should be curtailed lest (we) become bankrupt. People must again learn to work, instead of living on public assistance.” Cicero, 55 BC
    3. 3. Factors Effecting Economic Growth • Interest Rates • Taxes • Government Stimulus
    4. 4. Future of Interest Rates
    5. 5. What Happens before Interest Rates Increase? • Unemployment declines • Demand increases • Factory Utilization increases • Inflation increases • GDP grows
    6. 6. Future of Tax Rates • US Spending and US Debt • History of Tax Rates • Nickels and Dimes
    7. 7. History of US Surplus and Deficit
    8. 8. History of US Federal Debt
    9. 9. Nickels and Dimes • • • • • • Unearned Income Medicare Tax – 2.9% Hospital Income Tax – 0.9% Income Tax Rate – 39.6% Capital Gains and Dividend Tax Rate – 20% Exemption Phase Out – AGI Threshold Itemized Deduction Phase Out – AGI Threshold
    10. 10. Income Levels where you get “nickel and dimed” Single Married Filing Joint Income Tax Rate, Capital Gains and Dividend Tax Rates $400,000 $450,000 Exemption and Itemized Deductions Phase Outs $250,000 $300,000 Unearned Income Medicare Tax and Hospital Income Tax $200,000 $250,000
    11. 11. Future of Gift and Estate Tax Rates 2012 2013 Lifetime Gift Tax Exclusions $5.12M $5.25M Maximum Estate Tax Rate 35% 40% $13,000 $14,000 Annual Exclusion
    12. 12. Ok… So Now What?
    13. 13. Keeping & Growing Your Client Base Mike Pownall, DVM 2013 Purina Equine Veterinary Conference
    14. 14. Keeping Clients • • • • • • Excellent Customer Service Excellent Vet Skills Caring Vets Fair Pricing Latest Technology Etc OK….So Now What?
    15. 15. Customer Surveys • Are we as good as we think we are? • Overall impressions • Problem areas
    16. 16. Past Customer Surveys
    17. 17. Inconvenient Annoying <10% response rate
    18. 18. The Net Promoter Score
    19. 19. The NPS • Promoters (9-10) • Passives (7-8) • Detractors (0-6) Promoters – Detractors = NPS
    20. 20. The NPS • Promoters (9-10) 30% • Passives (7-8) 60% • Detractors (0-6) 10% Promoters – Detractors = NPS 30%(P) – 10%(D) = 20% NPS
    21. 21. Good Profit vs Bad Profit
    22. 22. The NPS • • • • 4 questions Surveymonkey.com Target clients Results shared McKee-Pownall Equine Services Customer Feedback Survey 1. How likely is it that you would recommend our company to a friend of colleague? 0 - Not at all likely 2. 1 2 3 4 5 - Neutral 6 7 8 9 10 - Extremely likely If you scored us above 8 on the above question, what is the primary reason for the score you gave us? 350 characters left. 3. If you scored us below 8 on the above question, what is the primary reason for the score you have us? If you would like to discuss your recent visit and how it impacted your score, please add your name and number. 350 characters left. 4. How long have you been a client of McKee-Pownall? 1 year or less 1 - 3 years 3 - 5 years 5 + years Finish
    23. 23. Results •Ave NPS score = 84% •Ave response rate = 33%
    24. 24. Challenges • Time • Repeating clients • No industry standard • Can’t relate to growth
    25. 25. What We Have Learned • Initiatives working • Good profits • Empowered staff
    26. 26. The Business Cycle • Typical Growth Pattern • Expected Growth Pattern
    27. 27. Typical Business Cycle Plateau Rates ↑ Value ↓ Inflation Plateau Rates ↑ Value ↑ Rates ↓ Value ↓ Rates ↑ Value ↑ Rates RatesRates ↔ Value ↑ Time
    28. 28. Expected Business Cycle Inflation Plateau Rates ↑ Value ↑ 2007 Rates ↓ Value ↓ 2009 Rates ↑ Value ↑ Rates Rates Rates ↔ Value ↑ 2013
    29. 29. So What Now? Historically Low Interest Rates + Higher Taxes + Slower Growth = Gain Market Share
    30. 30. How do I react? • Build value by return on equity • Gain market share – Acquisitions of existing practices – Expand geographic locations
    31. 31. Growing Your Client Base & Keep the Ones You Have
    32. 32. Gaining Clients • • • • • • Excellent Customer Service Excellent Vet Skills Caring Vets Fair Pricing Latest Technology New Services OK….So Now What?
    33. 33. Digital Marketing?
    34. 34. Strategy • What is our goal? • Who is our target? • How are we going to do it? • How do we know we are successful?
    35. 35. Strategy • Facebook is not strategy • Facebook is a tool. • Herd health is a strategy to minimize the spread of infectious agents • A vaccine is a tool
    36. 36. 4Es of Social Media • Educate • Entertain • Engage • Evangelists
    37. 37. Digital Marketing Universe Web Site Blog
    38. 38. We Want to be Found
    39. 39. Which Platforms?
    40. 40. Which Platforms?
    41. 41. eNewsletters
    42. 42. Mobile
    43. 43. The Social Media Plan Can We Measure It?
    44. 44. Example - Dentistry • Declining sales • Severe competition from lay dentists
    45. 45. Goals • Show value of vet dentistry • Increase sales 10%
    46. 46. How
    47. 47. Results 31%
    48. 48. The person doing Social Media at a vet practice is as important as the person who answers the phones June 2011 •6500 web page views •28,000 FB Impressions •3000 phone calls
    49. 49. Questions?
    50. 50. Mike Pownall
    51. 51. Lets Keep in Touch • • • • • www.veterinarybusinessmatters.com Linkedin.com/mikepownall Facebook.com/veterinarybusinessmatters Twitter.com/dvmbusiness mike@digitalpulse.ca John A. Chalk, Jr., CPA, JD, CFP® jachalk@chalkcullum.com 817 – 416 – 5970
    52. 52. Thank You

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