Open Book Buzz: Demystifying Business Transparency

VHMA Manager to Manager

Welcome back to the VHMA Manager to Manager Podcast! Today, we're diving into an interesting aspect of veterinary practice management: open-books management. Join us as we explore how sharing the financial side of the practice with all team members, even the "non-numbers" people, can lead to greater engagement, accountability, and success.

Our guest for today's episode is Kristen Norris, a seasoned CVPM Practice Manager based in Texas. With 14 years of experience in her current practice, including a decade as a practice manager, Kristen is passionate about creating a work environment where team members feel empowered and valued. She firmly believes that fostering transparency and open communication about the practice's financial health is key to achieving this goal.

In this conversation, Kristen shares her insights into how KPIs can help everyone understand their role in contributing to the practice's success. From posting scoreboards in prominent areas of the practice to integrating financial discussions into daily operations, she offers practical strategies for effectively sharing financial information in a way that resonates with team members. We'll also explore the importance of tailoring the information shared to each individual's role and how this approach can lead to increased buy-in and engagement across the team.

Show Notes:

[2:19] - Open-books management does not mean opening the checkbook for everyone. It means being transparent about the health of the business and letting staff feel involved.

[3:24] - Kristen describes the scoreboard she has posted in the main area of the practice that provides a snapshot of the health of the business.

[5:51] - It’s important to take the opportunities to show and talk about how much things cost.

[7:54] - Sharing financials can make a big difference, but we have to be able to explain them in ways that the staff can individually understand.

[10:46] - Some patient care goals can be connected to numbers.

[11:49] - Share different measurements and how they apply to what we provide to clients. Earning money for the practice is not something to be ashamed of.

[14:58] - When it comes to new hires, sharing some data and numbers can improve their onboarding and understanding of their new role in the practice.

[17:05] - Leadership can communicate successes in a similar way to team sports.

[18:55] - It is important for associates to know how they are doing in the practice and sharing numbers can communicate that clearly.

[22:29] - In years past, scripts were commonly used. Now we go with a more relaxed approach, but sometimes we miss some information. Talking points can help.

[24:14] - Celebrating goals does not have to be huge expense. Simple celebrations when goals are met are effective and appreciated.

[26:19] - If you want your team to be involved, you need to provide ways for them to be involved.

Thank you for listening. Remember you are not in this alone. Visit our website for more resources.

Links and Resources:

• VHMA Web Page

• VHMA Coronavirus Resources

• VHMA Facebook

• VHMA Twitter

• VHMA on Linkedin