Oct
10
2014

Updating your practice to accomodate growth

Wells Fargo Practice Finance

Expanding your practice with new equipment or exam rooms, or moving to a larger or better location, are typically key steps in building long-term success. But how do you know when it's time to expand your practice?

Most veterinarians would say when your facility is hampering both your potential production level and your ability to maximize efficiencies, it's time! In addition, there are several external factors that might influence the need to upgrade or expand your practice:

  • Increased competitiveness--Your old, worn exam rooms and equipment may be a testament to the hundreds of successful cases you've treated, but to your clients, they may be a reason to questions whether your services are as good as those offered down the street. A new, updated facility, or the renovation or expansion of an older building, may be just what's needed to retain clients, add value to the practice, and stay competitive.
  • Growing client base--If your area is expected to grow significantly in population over the next decade, you may want to consider an expansion or renovation in anticipation of the influx of new pet owners. Your local government or Chamber of Commerce can give you statistics on anticipated growth rates for your area.
  • Greater demand for services--Today's pet owners typically expect as many services from their veterinarians as they do from their own medical doctors. Expanding or rebuilding your facility so you can offer a broader array of services--educational seminars and specialized procedures, for instance--can help you meet this demand and secure your client base.

Important factors to consider before initiating an expansion or relocation are:

  • The cost to expand (including additional personnel and equipment costs), versus potential increased revenue from a larger clientele and range of services
  • The impact of moving to a new location on your existing clientele and staff
  • The increased savings from greater efficiencies achieved through workspace design, technology, and shared services

If you're thinking about upgrading, expanding, or relocating your practice, talk to us at Wells Fargo Practice Finance about our practice upgrade, expansion, and relocation financing packages. Our loans are tailored to meet your specific needs and budget, including maximizing cash flow during the upgrade process. Plus, as an AAHA member, you automatically qualify for preferred rates on competitive fixed-rate loans.

To learn more, call your Wells Fargo financing specialist at 866-4MY-PAWS (866-469-7297) or visit us at wellsfargo.com/veterinarians.

 

All financing is subject to credit approval.
© 2014 Wells Fargo Bank, N.A. All rights reserved. Wells Fargo Practice Finance is a division of Wells Fargo Bank, N.A.

 

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Privacy Statement | Contact Us