Module 4: Business and Practice Management

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This session will use data and insights from the RCVS Surveys of the Professions 2024, the IES workforce modelling report and wider employment insights from outside of the veterinary sphere. The data will be used as a foundation for a discussion on building workplaces that promote retention as well as recruitment. With a focus on the challenges facing vets in different age groups and career stages, it is a chance to cast a data-driven light on potential developments in the veterinary workplace. Understanding the needs and concerns of the workforce at different life and career stages can help build a veterinary workplace that fits the needs of the workforce in a positive setting for all, including the animals and their owners.

 Suzanne Headington is a partner at the business advisers and accountants, Hazlewoods, and in this article Suzanne offers advice on how to start the process of setting up your own vet practice.

Finances are fundamentally important to every practice, no matter how large or small. Profit is essential for the survival of the business. This chapter covers the basics of practice finance; trading structures; practice financial software; financial information available to practices; working capital management and practice funding; payroll; improving practice profitability and efficiency; practice investment decisions, and the use of external accountants.