Q&A: Should I give my veterinary team members financial feedback?
Q: How much should my team members know about my practice's finances?
Don't be afraid to share daily sales with your team members, says Veterinary Economics Editorial Advisory Board member Gary Glassman, CPA. "It's important to share this information so at the end of each day team members can quickly look and see how they did," Glassman says.
He suggests disclosing the break-even point for your practice and creating a spreadsheet with the daily tally. Your team members refer to the document and say, "Here's our daily break-even and here's what we made today." You could also tell your team members how many invoices were generated for the day or month compared to your target.
It's beneficial for employees to receive that financial feedback right away so they know if it was a good day for the practice or a bad day for the pratice.
Sharing this financial information will hopefully motivate your team members to keep doing what they're doing—or to step up their game if sales are down.
