Avoid Hardships In Your Equine Practice With The Help Of A Business Coach

It takes an incredible amount of passion to become an equine veterinarian. The journey through equine veterinary medicine is long and arduous. Despite the incredible passion that equine vets have for their practice, many are struggling to keep their practice afloat. If this sounds like you, you are not alone. Across the industry, there are many equine veterinary practices that are facing similar hardships.

The American Association of Equine Practitioners (AAEP) recently reported that “approximately 1.3% of new veterinary graduates enter equine practice directly each year,” and that within only five years, “50% of all these veterinarians leave for small animal practice or quit veterinary medicine altogether.” As startling as this statistic is on its own, it is only one of the many challenges facing the industry.

The good news is you’re not alone, as your equine veterinary practice is not so different from other entrepreneurial enterprises, and you don’t have to navigate your industry’s hardships without support. If other industries have found massive amounts of success through business coaching services, so can your practice.

The Impact Of Business Coaching

Approximately half of AAEP membership is made up of one- and two-doctor practices. Although many people might not realize it, these practices are no different from other types of small businesses. Unlike other vets who work for larger companies, equine vets are often their own small business owners. Across all industry verticals, there are inherent challenges to running a successful business, and it is becoming increasingly common for executives at large companies and small business owners alike to seek out the guidance of a business coach.

Executive business coaching is a process where business owners work with a professional coach one-on-one to develop their business skills and knowledge. Generally speaking, the coach helps owners identify areas of improvement, set goals, and create action plans to reach those goals. The coach also provides ongoing accountability, support, and encouragement throughout the process. As a result of executive coaching, small business owners often see improvements in areas like communication, leadership, and team-building, as well as increased motivation and productivity.

How Can Business Coaching Help You & Your Equine Practice?

Now that you have a general idea of what a business coach is and a high-level view of how executive business coaching can help, it is time to break down how coaching for small business owners can help you and your equine practice specifically. As an equine practice owner, no doubt you’ve heard that AAEP has created a commission to identify and address the hardships faced across the industry. Some of the big pain points that they have identified are staffing shortages, high burnout rates, and profitability.

These issues are nothing new to an experienced small business coach, and an effective coach will have proven success taking these challenges head-on. Here are just a few of the ways that a business coach can help you face these challenges today.

• Staffing– Recruiting and hiring the right people is arguably one of the most important things you can do to support the long-term success of your enterprise. An experienced coach will be able to create an employee acquisition plan that works for your company. There is no one size fits all approach to hiring, but, by bringing in a business coach, you can draw upon their wealth of hiring experience to help you generate leads, reduce staff-related issues, and find qualified candidates that are a perfect cultural match for your business.
• Burnout– The primary reasons are burnout due to the personal demands of the profession and personal struggle due to the lower starting salaries for equine practice when compared to companion animal practice. Quality business coaches have first-hand experience working with top-ranking executives and providing them with the tools and knowledge they need to better manage their time and priorities.
• Profitability– At the end of the day, it all comes down to managing your business’ bottom line. Whether it is managing ancillary income, being more efficient with accounts receivables, or maximizing membership benefits, a business coach will provide strategies to help improve your business’s bottom line.

A Business Coach For You

As passionate equine veterinarians, it can be overwhelming to navigate the hardships facing the industry. Most equine vets are caregivers first and business owners second, so don’t let business-related issues ruin your passion for doing what you love; providing exceptional care for animals. An experienced business coach like Ken Kilday is a perfect way to help you, your staff, and your practice find success through adversity.

As a former Fortune 500 executive, Ken has an immense amount of experience in multiple facets of running a business. He has an extensive financial background that uniquely positions him to serve his clients’ best interests. If you are ready to overcome the hardships that your equine practice faces, contact Ken Kilday today to learn more about his small business coaching services!