In episode 17 of The Vet'ed Podcast, titled "Finishing the Year Strong" - Hosts Steven Hermann and Kale Flaspohler discuss key steps for veterinary practices to successfully close out the year. They focus on financial management, emphasizing the importance of reviewing profit and loss statements, ensuring sales tax exemptions are up to date, and avoiding unnecessary purchases solely for tax deductions.
The hosts also stress the importance of proactive tax planning, advising practices to work with their accountants ahead of the year’s end to minimize tax liabilities. They address the difficult but necessary task of evaluating team performance, suggesting that practice owners may need to make tough decisions about underperforming employees.
Steven and Kale also touch on the significance of time management and planning during the final quarter of the year. They caution listeners not to underestimate how quickly time can pass during the busy holiday season, noting that between Thanksgiving and year-end festivities, there is often less time to address critical tasks than expected. They emphasize that many practices are caught off guard, thinking they have ample time to make adjustments, only to find that November and December are not as productive as hoped. By encouraging veterinarians and practice owners to start these conversations and actions now—whether it’s securing new equipment, reviewing tax strategies, or making staffing decisions—the hosts advocate for a proactive approach that ensures the year ends on a solid foundation and that plans for the upcoming year are well in motion.
Overall, the episode encourages reflection on the practice’s financial health, operations, and team dynamics to ensure a strong year-end and prepare for the upcoming year.
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