I know that an associate veterinarian who's juggling a hectic schedule, a crazy personal life, and pressure-packed workdays can easily get lost in the minutia of the moment. Before you realize it, weeks, months, and even years can float by. At the same time, critical decisions?about your career, your cash flow, and your potential?can get pushed to the back burner, or worse, never even considered.
I know that an associate veterinarian who's juggling a hectic schedule, a crazy personal life, and pressure-packed workdays can easily get lost in the minutia of the moment. Before you realize it, weeks, months, and even years can float by. At the same time, critical decisions—about your career, your cash flow, and your potential—can get pushed to the back burner, or worse, never even considered.
Tom A. McFerson, CPA
Don't leave your future to chance! Instead, take a step back from your busy life at least once a year and ask yourself the following questions. Ideally, you'll mull over these issues while you're away from the job—preferably on a sandy beach or a frigid ski slope. The farther you are from the worries of work and home, the easier I think you'll find it to give your goal-setting the attention it deserves.
The answers to these questions may come easily, or agonizingly slowly. Either way, it's the process of considering, analyzing, and making the decisions that's important.
A place to think
As an associate veterinarian, generally speaking, you're a free agent. Because you're not tied to a practice by ownership, you have the flexibility to pick up and walk away whenever you choose. So here's one of the most crucial decisions you make each year: Do I want to keep working here?
I recommend that you approach this question by first analyzing your skills. For example, ask yourself:
Does no mean it time to go?
Next, look at your environment:
The next step is to review your compensation:
Finally, think about the future:
The decision to stay or leave your practice may be clear-cut or extremely hazy. And practical factors may interfere. For example, you may want to leave but have no place to go. The important thing is to analyze the facts, look at your choices, and make a decision. Figuring out how to put the decision into action will come later.
Whether you remain at your current practice or begin to look around, you need to continually ask yourself how you could increase your value and make yourself a more desirable associate or partner. It stands to reason that the more you offer, the more someone will be willing to pay. And generally speaking, your marketability depends on your ability to generate revenue or to offer specialized expertise.
How do I improve my production?
The following questions get at the heart of your ability to produce. Answer the questions thoughtfully to get a clear picture of where you stand now, then think about what steps you could take to improve in each area.
Developing a niche or expertise is another way to increase your marketability. These factors will influence your decision whether to pursue this path:
Improving your professional abilities is never a bad thing. And no matter what skills you're considering, you'll need to address these core issues:
The age-old question for associates: flat salary or production-based salary? One is steady and conservative; the other can be more erratic but potentially more rewarding.
Your preferred compensation method is likely determined by your risk tolerance. If you don't need the guaranteed, base salary, you'd probably prefer a production-based salary for its potential upside. If you need the steady paycheck, you'll choose the flat salary.
Some things to consider:
At your current practice, production-based pay may not be an option, or it may be your only option. Even so, knowing whether you prefer a flat salary or a production-based salary, and communicating that to the practice decision-makers, is an important step for your career. If you don't like your current compensation structure, ask your boss for a change. If he or she refuses, and you've decided this change is important to your future, then that may be a reason to move on and find a practice that's more flexible in this area.
Nurturing the nest egg
This is a critical decision that every associate should address periodically. Do you want to be an associate and let someone else handle the headaches of business ownership? Or do you have the burning desire to be the lead dog on the sled?
If you decide you do want to own, think about these questions:
As a practice owner, the day-to-day headaches, stresses, cash flow problems, staffing concerns, and late-night emergencies will all fall in your lap. Of course, you also gain financial rewards, pride of ownership, and the satisfaction of working in a practice that is your practice.
Some veterinarians have to have their own practices, others wouldn't dream of it. And many are on the fence, moving closer or farther away with each passing year. So addressing this question periodically is crucial.
For a successful career, and life, nothing is more critical then stepping back and looking at your trajectory. Asking yourself these 50 questions and making these critical decisions will ensure that you stay on the right track and that, some day, you reach your personal and financial goals.
If you don't set aside time for introspection, you could find you've drifted from your priorities. To stay on track, get away for a while, re-evaluate your goals, and make sure you're working to accomplish them.
For more on increasing your value to yourself and the practice, see "Focus on Associates: What are You Worth?" in the December 2004 issue.
Veterinary Heroes: Ann E. Hohenhaus, DVM, DACVIM (Oncology, SAIM)
December 1st 2024A trailblazer in small animal internal medicine, Ann E. Hohenhaus, DVM, DACVIM (Oncology, SAIM), has spent decades advancing the profession through clinical expertise, mentorship, and impactful communication.
Read More
Veterinary Heroes: Valerie J. Parker, DVM, DACVIM (SAIM, Nutrition)
November 30th 2024Guiding the next generation of veterinary professionals and improving patients’ health through nutrition is the driving force for 2024 Veterinary Hero in nutrition, Valerie J. Parker, DVM, DACVIM (SAIM, Nutrition)
Read More