Return on Investment from a Colourful CPD Day

What is the return on investment from this training?

Understandably, practices are hesitant to invest such a large sum of money into training when the return on that investment is not immediate or obvious. Consider the following…

The £2,500+vat investment covers all 4 roles:

Vets

  • Increased focus on the proactive clinical option when managing cases
  • Improved ability to make recommendations leading to increased client compliance
  • Better charging habits resulting in less financial haemorrhage
  • Most vets should increase their turnover by at least £1,000 per month – every month!
  • Therefore, one single vet applying the skills taught should pay for this training within 3 months. Multiple vet practices should see that return within 1 month of the training.

Client Care Advisors

  • Increased conversion rate of prospective clients to registered clients
  • Increased conversion rate of “Contact-to-Consult”
  • The average lifetime value of a patient is at least £3,000.
  • One single extra conversion pays for this training alone.
  • CCA’s can convert clients to join the practice’s HealthCare plan. Members of a HealthCare plan spend at least 50% more on average per year.

Nurses

  • Confident veterinary nurses can perform 30% of the consultations often listed on the vets’ diaries. This can relieve many ‘low-value’ consultations to increase capacity on vet diaries.
  • Nurses can convert clients to repeat sales services and products such as nutrition and the practice’s HealthCare plan. Members of a HealthCare plan spend at least 50% more on average per year.
  • Nurses can improve compliance with pet insurance.

Management

  • Pricing: Many practices haemorrhage income due to poorly constructed and maintained pricelists which in turn affects estimating and charging.
  • If training helps increase the margin on a £1,000,000 turnover practice by 1% due to better pricing/charging processes, that represents £10,000 – 4x the value of the training alone.
  • Marketing: The average spend per client per year typically varies between £300-500.
  • Helping managers with tips and tactics that recruit / retain 5-8 clients per year pays for this training alone.
  • Cost savings: 1% margin on £1,000,000 turnover is £10,000. Increasing the practice’s margin by 0.25% pays for this training alone.
  • The main area of cost saving is the cost of sales – which are immediately impacted by ensuring compliance with preferred medical products and laboratory testing.

In short – there are many reasons why the return on investment from this training is a no-brainer.

And just in case you are still not sure, Brian will return the financial value of any shortfall you perceive you had in return from this training after one year!